Property Mixed For First Six Months of 2019

Lance Evans

The first six months of 2019 have seen mixed results in terms of real estate sales in Jefferson, Lewis, and St. Lawrence counties. Overall, 2019 single family home sales are up slightly in the tri-county area, while days on the market (the time from when the listing contract is signed until the purchase offer is signed) declined when compared to January to June 2018. Depending on the location the median price for a home either stayed relatively flat or rose. It should be noted that the “median price” is the middle point for real estate prices. It is not the same as the average price. The median price is the price in the very middle of a data set, with exactly half of the houses priced for less and half priced for more. 

    Sales of other types of property (commercial, land, and multi-family) in the tri-county area declined year over year. Again depending on the county, the price and the days on the market varied. 

    Looking at Jefferson County, sales of all property and single-family homes rose slightly with an increase of 1 to 2 percent over the previous year with 582 properties selling of which 489 were single-family. The change in year to year days on the market was flat with the number for all property up a day to 127 and down a day for single-family home sales to 107. The biggest change was median price which rose 5.4 percent to $128,000 for all property types and 8 percent to $140,500 for single family units. 

    Lewis County was a different story with declines seen in the units sold and a rise in the days on the market for all property and for single-family homes. Property sales for all types dropped 26 units to 105 and days on the market increased to 214, up over a month from 2018. The price stayed about the same, declining 1 percent to a median of $90,000. The number for single-family homes were similar with a drop of 23 units year over year, a decline of about 1 percent in median price to $110,000. There was a seven day increase to time on the market to 146 days. 

    The market was mixed in St. Lawrence County. The overall number of units sold declined by over 3 percent to 334, while the median sale price also went down by about 6 percent to $80,000. A bright spot in property sales was the thirty-four day drop in time on the market to 194 days. By contrast, single family home sales increased by 9 percent to 313 units. Similar to all property sales, the price declined, however it was only a 2 percent decline to $90,000. Days on the market also fell by over a month to 184 days. 

    These figures are in line with New York State data which is similarly mixed. Statewide, the median price of single family homes increased 5.8 percent over the period in 2018. Days on the market dropped 3.7 percent and the number of units sold decreased 5.2 percent. 

    The National Association of Realtors (NAR) notes that, through May, sales for the year are down about 1.1 percent while the median price increased 4.8 percent and days on the market were flat. Narrowing it to the Northeast (Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Vermont), NAR said that this region experienced the biggest increase in sales. 

    What does this mean to buyers and sellers in our area? Overall, the tri-county market is healthy through the first six months. If the trend continues, housing sales will be equal to last year with modest increases in price and sales happening a little faster. With interest rates still relatively low, it may be a great time to buy. 

    One word of caution, in certain areas within the tri-county region, sales, median price, and/or days on the market may vary greatly from the above figures. Similarly, certain types of property or price ranges may also experience stronger or weaker sales. Your best source of information is a Realtor. He or she can give you a much more focused report that will fit your needs and desires. 

August 2016: Economic Snapshot

Economic Indicators

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Local Realtor ‘un-franchises’ industry with new business

Jason Smith, right, has opened a new realty North Country Specialists, 24685 St Route 37, Watertown, with co-workers Michael Ablan, left, and Jeff Powell. The team sells commercial and residential real estate throughout the north country. By Amanda Morrison, Watertown Daily Times.

Jason Smith, right, has opened a new realty North Country Specialists, 24685 St Route 37, Watertown, with co-workers Michael Ablan, left, and Jeff Powell. The team sells commercial and residential real estate throughout the north country. By Amanda Morrison, Watertown Daily Times.

Realtor Jason G. Smith will celebrate the grand opening of his new business, Cooperative Real Estate North Country Specialists, 24685 State Route 37, on Sept. 1. [Read more…]

July 2016: Economic Snapshot

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June 2016: Economic Snapshot

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May 2016: Economic Snapshot

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May 2016 Feature Story: Real Estate

Jefferson, Lewis home prices dip

Slight increase in Q1 median price for St. Lawrence County

By Ted Booker, NNY Business

The median price of Jefferson County homes sold during the first quarter fell by $33,000 compared to the same period in 2015, a trend that suggests more foreclosed homes are being snapped up.

The median price fell by 22 percent from $147,000 to $114,000, and the 25 lowest-priced homes during the first quarter sold from $9,000 to $40,000, according to Lance M. Evans, executive officer of the Jefferson-Lewis Board of Realtors. Those home sales were among 137 made over the period, down by 12 units, or 8 percent, from the 149 sold in the first quarter of 2015.

Mr. Evans said homes in the county that were foreclosed on by banks appear to be in high demand among investors and landlords that see value in rehabilitating them.

“We’ve had a lot more investors who are picking up properties for great bargains,” he said last month. “A lot of these houses are going to be turned around, flipped or rented. But they need to be fixed up first.”

The decline in the number of homes sold over the period comes as the market in the county continues to be impacted by the abundance of new rental housing options, Mr. Evans said. New rental complexes built over the past five years to meet demand at Fort Drum have contributed to the buyer’s market.

“You’re starting to see more specials out there for free months of rent,” he said.

Compared with the same period last year, the first-quarter median home price in Lewis County dropped by $39,500, or 34 percent, from $117,000 to $77,500, according to the Jefferson-Lewis board. The number of homes sold over the period, however, climbed by 17 units, or 74 percent, from 23 to 40.

Mr. Evans said that Lewis County, like Jefferson, also had several homes sell for under $50,000 in the first quarter, causing the median price to dip from last year.

In St. Lawrence County, however, the first-quarter median price home price increased slightly by $2,750, or 3 percent, from $79,250 to $82,000, according to the county Board of Realtors. And over the same period, the number of homes sold increased by 31 units, or 34 percent, from 90 to 121.

Debra J. Gilson, a broker for County Seat Realty in Canton who serves as president of the St. Lawrence board, said that mild winter weather helped spur more first-quarter home sales across the county.

Because it takes about eight weeks to close on home sales, she said, many deals initially made in November and December are included in first-quarter statistics. Realtors across the county enjoyed similar success during the winter by selling a lot of homes, she said.

“A typical December would be about four transactions, but I had 12 sales on the books for December alone,” she said. “I attribute a lot of that to the mild weather and also to the low interest rates that buyers know will go up.”

The Jefferson-Lewis board has 335 Realtor members and the St. Lawrence board has 184, Mr. Evans said.

August 2015 Feature Story: Real Estate

Region sees gains in Q2 home sales

More certainty about Drum boosts ’15 outlook

By Ted Booker, NNY Business

Second quarter home sales in Jefferson, Lewis and St. Lawrence counties are up from the same period last year. [Read more…]