National Trends Allude Jamestown
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9/14/2007 - While real estate offices across the country are facing the worst housing slump in nearly 16 years, the Jamestown region reflects none of the slumping housing sales.
''As far as national trends, our area is not like the national trends only because our appreciation here is so low that when you get a recession it doesn't really affect our market a lot,'' said Richard Benedetto of Real Estate Advantage. ''Our market is stable and it's the lake-front properties and second-home buyers that help keep the area up on real estate.''
Statistics from the Chautauqua County Board of Realtors show that most houses take about 60 days to close – four to five weeks for financing and three to five weeks to close. The numbers vary whether the house is a cash purchase or paid for through financing.
''Locally, as compared to a year ago, we've actually increased 29 percent in the number of single family sales,'' said Jan Murray, executive officer of the Chautauqua County Board of Realtors. ''In terms of sale prices, we've actually increased a tenth of a percent from $69,950 to $70,000.''
On a national level, comparing home sales between July 2006 and July 2007, there was a 9 percent decrease, and the price decreased by a sixth of a percent overall.
''The figures you see on a national level you will never see here because of our economy,'' Benedetto said. ''But as far as residential properties go, if we see a change of 2 or 3 percent a year there's really not much farther down we can go because our market has always been so conservative.''
In the past year, Jamestown has had a total of 346 closings on single-family homes. Lakewood, Falconer and Celoron had 54, 26 and 9 closings, respectively. The average cost was $68,764.49, while the average for Chautauqua County as a whole was $109,526.11.
''Right now we have a very active real estate market,'' said Tom Turner, owner of Century 21 in Lakewood. ''Other than some pockets here and there across the country we are doing as well as any other market. Nationally, real estate has gone down overall as a whole, but we're in an area where it's never been that great, but it's never been that bad, either.''
For those trying to sell their home, the market shows a much more favorable comparison to other parts of the country such as Santa Ana, California, where statistics show houses could be on the market for up to four years.
''Overall in the county, houses remained on the market for 119 days in 2006, and showed only a slight increase for 2007 with an average of 133 days on the market,'' Ms. Murray said.
''As far as national trends, our area is not like the national trends only because our appreciation here is so low that when you get a recession it doesn't really affect our market a lot,'' said Richard Benedetto of Real Estate Advantage. ''Our market is stable and it's the lake-front properties and second-home buyers that help keep the area up on real estate.''
Statistics from the Chautauqua County Board of Realtors show that most houses take about 60 days to close – four to five weeks for financing and three to five weeks to close. The numbers vary whether the house is a cash purchase or paid for through financing.
''Locally, as compared to a year ago, we've actually increased 29 percent in the number of single family sales,'' said Jan Murray, executive officer of the Chautauqua County Board of Realtors. ''In terms of sale prices, we've actually increased a tenth of a percent from $69,950 to $70,000.''
On a national level, comparing home sales between July 2006 and July 2007, there was a 9 percent decrease, and the price decreased by a sixth of a percent overall.
''The figures you see on a national level you will never see here because of our economy,'' Benedetto said. ''But as far as residential properties go, if we see a change of 2 or 3 percent a year there's really not much farther down we can go because our market has always been so conservative.''
In the past year, Jamestown has had a total of 346 closings on single-family homes. Lakewood, Falconer and Celoron had 54, 26 and 9 closings, respectively. The average cost was $68,764.49, while the average for Chautauqua County as a whole was $109,526.11.
''Right now we have a very active real estate market,'' said Tom Turner, owner of Century 21 in Lakewood. ''Other than some pockets here and there across the country we are doing as well as any other market. Nationally, real estate has gone down overall as a whole, but we're in an area where it's never been that great, but it's never been that bad, either.''
For those trying to sell their home, the market shows a much more favorable comparison to other parts of the country such as Santa Ana, California, where statistics show houses could be on the market for up to four years.
''Overall in the county, houses remained on the market for 119 days in 2006, and showed only a slight increase for 2007 with an average of 133 days on the market,'' Ms. Murray said.
For more information on Chautauqua County Real Estate or Living visit: www.chautauqualakehomes.com
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