2/19/2008 - Despite the conditions of the national housing market, the New York state and Chautauqua County markets have remained relatively stable, according to statistics released from the New York State Association of Realtors.
''Our biggest obstacle as realtors right now is the national media constantly talking about a housing slump without mentioning it is regional in nature, and the Northeast has not been dramatically impacted by the slump,'' said Earl Johnson, 2007 Chautauqua County Board of Realtors president.
''According to (National Association of Realtors) Chief Economist Lawrence Yun, national real estate forecasts are not any more useful to local markets than a weather forecast giving the average temperature for the entire nation,'' he said
And Chautauqua County's sales numbers reflect its higher performance than the state overall, according to the report.
Statewide sales totals of existing single-family homes decreased 8.5 percent from 101,194 in 2006 to 92,635 total sales in 2007.
And the statewide median sale price dropped from $248,000 in 2006 to $237,000 in 2007, or 4.8 percent.
In contrast, from 2006 to 2007, the number of existing single-family homes sold in Chautauqua County dropped only slightly from 1,049 to 1.047, or 0.2 percent. And the median sale price actually increased from $71,500 to $73,000, or 2.1 percent.
''This is great news for home buyers as well as home sellers,'' Johnson said. ''Buyers can take advantage of attractive interest rates and affordable prices with the assurance they are making a sound investment. Sellers on the other hand, have not experienced loss of equity from falling home prices.''
And the state's numbers aren't as bad either, according to the report. Last year is considered to be the sixth highest sales total recorded since the NYSAR began tracking data in the 1980s.
''The (state's) market landed softly from the record growth experienced in 2004 to 2006 markets, and as the market returned to a balance between buyers and sellers, the state-wide median sales fell slightly as expected,'' said Duncan R. MacKenzie, NYSAR chief executive officer. ''There is still solid activity in the housing market which we expect to continue into 2008.''
Local realtor Ron LittleJohn said that the area market's greatest strength doesn't necessarily come from a growing resale value, but rather from its stability.
''It's a tricky market right now. I think a lot of people go online and get tied up reading all this stuff about other places, and that scares them,'' Littlejohn said. ''But what's good about our's is that it's stable and you know what you're going to get for your dollar.
''I know some people who went to Florida and looked at a house for $349,000 and later the same year, it was being offered for $259,000. In those places, the price is so inflated you don't know what you're spending your dollar for. I think we've got a steady demand because this is one of the best places to live anywhere. We have a lot of people from out of state shopping our market because our market is priced low. I don't know what exactly the stability is, but it's the source of our strength.''
''Our biggest obstacle as realtors right now is the national media constantly talking about a housing slump without mentioning it is regional in nature, and the Northeast has not been dramatically impacted by the slump,'' said Earl Johnson, 2007 Chautauqua County Board of Realtors president.
''According to (National Association of Realtors) Chief Economist Lawrence Yun, national real estate forecasts are not any more useful to local markets than a weather forecast giving the average temperature for the entire nation,'' he said
And Chautauqua County's sales numbers reflect its higher performance than the state overall, according to the report.
Statewide sales totals of existing single-family homes decreased 8.5 percent from 101,194 in 2006 to 92,635 total sales in 2007.
And the statewide median sale price dropped from $248,000 in 2006 to $237,000 in 2007, or 4.8 percent.
In contrast, from 2006 to 2007, the number of existing single-family homes sold in Chautauqua County dropped only slightly from 1,049 to 1.047, or 0.2 percent. And the median sale price actually increased from $71,500 to $73,000, or 2.1 percent.
''This is great news for home buyers as well as home sellers,'' Johnson said. ''Buyers can take advantage of attractive interest rates and affordable prices with the assurance they are making a sound investment. Sellers on the other hand, have not experienced loss of equity from falling home prices.''
And the state's numbers aren't as bad either, according to the report. Last year is considered to be the sixth highest sales total recorded since the NYSAR began tracking data in the 1980s.
''The (state's) market landed softly from the record growth experienced in 2004 to 2006 markets, and as the market returned to a balance between buyers and sellers, the state-wide median sales fell slightly as expected,'' said Duncan R. MacKenzie, NYSAR chief executive officer. ''There is still solid activity in the housing market which we expect to continue into 2008.''
Local realtor Ron LittleJohn said that the area market's greatest strength doesn't necessarily come from a growing resale value, but rather from its stability.
''It's a tricky market right now. I think a lot of people go online and get tied up reading all this stuff about other places, and that scares them,'' Littlejohn said. ''But what's good about our's is that it's stable and you know what you're going to get for your dollar.
''I know some people who went to Florida and looked at a house for $349,000 and later the same year, it was being offered for $259,000. In those places, the price is so inflated you don't know what you're spending your dollar for. I think we've got a steady demand because this is one of the best places to live anywhere. We have a lot of people from out of state shopping our market because our market is priced low. I don't know what exactly the stability is, but it's the source of our strength.''
For more information on Chautauqua Lake Real Estate & Living visit: www.chautauqualakehomes.com
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