On the rise
By TIM LATSHAW OBSERVER Staff Writer
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3/4/2007 - Local real estate agencies appear mostly pleased with last year's market — having largely avoided the bursting of any "bubbles"— and are looking toward a steady year ahead.
After housing markets hit record highs in 2005, predictions of imminent downfall and disaster began making rounds across the country. And while a drop in the sales of existing single family homes did occur last year — a national decrease of 8.1 percent — the housing pictures for the state, and particularly Chautauqua and Cattaraugus counties, look rosier.
In Chautauqua County, 2006 single family home sales decreased only 4.9 percent from the prior year, from 1,103 to 1,049. That percentage places the county in the upper half of performance in the state, who saw an average decrease in sales of 6.5 percent.
While sales of Chautauqua County homes slipped, their median selling prices went up from $69,000 in 2005 to $71,500 in 2006; a 3.8 percent increase compared to a 2.8 percent decrease statewide.
For Chautauqua County Board of Realtors President Earl Johnson, even the slight decrease in sales is encouraging in the scope of state and national figures.
"Chautauqua County did very well," he said. "We experienced an increase in the sales price, which is good, and a much smaller decrease in sales activity than in the state and especially nationwide."
While Cattaraugus County only tends to sell a bit more than half of the homes Chautauqua County does annually, the growth of its housing sales have been impressive percentagewise. The county saw a 9.1 percent increase in single-family home sales from 2005 to 2006 — from 680 to 742 — and saw an even bigger increase of 14.1 percent between 2004 and 2005. The median price of homes also saw an increase of 1.4 percent from $69,050 to $70,000.
Many realtors believe that the area is seeing a comeback of families who are returning to the area from larger cities to take advantage of lower prices and more space.
"Chautauqua County is noted as being one of the areas in the U.S. where you get the best buy for your dollar for a home," said Thomas Hartung, a licensed broker at Hartung Real Estate in Silver Creek.
While taxes seem to be a common complaint in the state, Hartung noted, in terms of buying a home, mortgage rates on an average $70,000 house here compared to the national median average of more than $220,000 makes the purchase much more affordable for families.
"People have sold properties in Florida and are relocating right back where they came from in Chautauqua County," Hartung said. "I've had several customers who have done that."
Bonita Saletta of Midtown Realty Co. in Fredonia has seen at least two homes originally built to house college students taken up by families instead.
"People have moved away and now they're coming back," she said. "And now the college housing that has recently been built, people are buying that housing for family use."
Hartung theorizes that, while Chautauqua County has more attractions to homeowners such as Chautauqua Lake and Lake Erie, the more rural Cattaraugus County is attractive to those who work in Erie County and are seeking open, affordable space.
"The value there is excellent and it's really not too far from the Buffalo market," he said. "Instead of going southwest, they just go south of Erie County."
Although housing figures for the beginning of 2007 have fallen in other parts of the nation, local realtors are not worried about seeing the same slides in this area.
"The market always maintains here," Saletta said. "I don't believe we were in the bubble that burst and we just consistently sell. These areas may be a little higher, a little lower, but there are always sales here."
Johnson agrees. "It's an absolutely excellent time to buy because with the market taking a small slowdown, there is a better than average available inventory or number of homes for sale at this time and interest rates are still very favorable," he said.
Even with good opportunities, however, realtors advise cautious research and the help of knowledgeable professionals when buying a home.
"Become as intelligent as you can and always investigate all the facets of purchasing a home," Hartung said. "Educate yourself about the mortgage process and always have a home inspection. We have very few new homes around here and they all need to be checked out."
After housing markets hit record highs in 2005, predictions of imminent downfall and disaster began making rounds across the country. And while a drop in the sales of existing single family homes did occur last year — a national decrease of 8.1 percent — the housing pictures for the state, and particularly Chautauqua and Cattaraugus counties, look rosier.
In Chautauqua County, 2006 single family home sales decreased only 4.9 percent from the prior year, from 1,103 to 1,049. That percentage places the county in the upper half of performance in the state, who saw an average decrease in sales of 6.5 percent.
While sales of Chautauqua County homes slipped, their median selling prices went up from $69,000 in 2005 to $71,500 in 2006; a 3.8 percent increase compared to a 2.8 percent decrease statewide.
For Chautauqua County Board of Realtors President Earl Johnson, even the slight decrease in sales is encouraging in the scope of state and national figures.
"Chautauqua County did very well," he said. "We experienced an increase in the sales price, which is good, and a much smaller decrease in sales activity than in the state and especially nationwide."
While Cattaraugus County only tends to sell a bit more than half of the homes Chautauqua County does annually, the growth of its housing sales have been impressive percentagewise. The county saw a 9.1 percent increase in single-family home sales from 2005 to 2006 — from 680 to 742 — and saw an even bigger increase of 14.1 percent between 2004 and 2005. The median price of homes also saw an increase of 1.4 percent from $69,050 to $70,000.
Many realtors believe that the area is seeing a comeback of families who are returning to the area from larger cities to take advantage of lower prices and more space.
"Chautauqua County is noted as being one of the areas in the U.S. where you get the best buy for your dollar for a home," said Thomas Hartung, a licensed broker at Hartung Real Estate in Silver Creek.
While taxes seem to be a common complaint in the state, Hartung noted, in terms of buying a home, mortgage rates on an average $70,000 house here compared to the national median average of more than $220,000 makes the purchase much more affordable for families.
"People have sold properties in Florida and are relocating right back where they came from in Chautauqua County," Hartung said. "I've had several customers who have done that."
Bonita Saletta of Midtown Realty Co. in Fredonia has seen at least two homes originally built to house college students taken up by families instead.
"People have moved away and now they're coming back," she said. "And now the college housing that has recently been built, people are buying that housing for family use."
Hartung theorizes that, while Chautauqua County has more attractions to homeowners such as Chautauqua Lake and Lake Erie, the more rural Cattaraugus County is attractive to those who work in Erie County and are seeking open, affordable space.
"The value there is excellent and it's really not too far from the Buffalo market," he said. "Instead of going southwest, they just go south of Erie County."
Although housing figures for the beginning of 2007 have fallen in other parts of the nation, local realtors are not worried about seeing the same slides in this area.
"The market always maintains here," Saletta said. "I don't believe we were in the bubble that burst and we just consistently sell. These areas may be a little higher, a little lower, but there are always sales here."
Johnson agrees. "It's an absolutely excellent time to buy because with the market taking a small slowdown, there is a better than average available inventory or number of homes for sale at this time and interest rates are still very favorable," he said.
Even with good opportunities, however, realtors advise cautious research and the help of knowledgeable professionals when buying a home.
"Become as intelligent as you can and always investigate all the facets of purchasing a home," Hartung said. "Educate yourself about the mortgage process and always have a home inspection. We have very few new homes around here and they all need to be checked out."
Published in the Jamestown Post Journal
For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com
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