Its no secret that the pandemic has taken a toll on many industries; some for the better and some for the worse. The real estate market has been no different, but the effects have been much different than what most expected at the start of the pandemic. Let’s take a look at some stats outlining figures for January-June 2020 in comparison to the same figures for January-June 2021 in Cattaraugus, Chautauqua, Wyoming, Warren, McKean, Allegany, and Erie counties.
Its interesting to see the average sale prices of homes significantly increased across most of the counties in the report. For example, there was an average YoY increase of 31.81% in the average sales price of single family homes across New York counties (Chautauqua, Cattaraugus, Allegany, Wyoming and Erie), with Cattaraugus County seeing the largest increase of 55.76%. Notably, the town of Ellicottville, which is one of Cattaraugus County’s largest vacation home markets, saw an astonishing 105.72% YoY increase in average sales prices of single family homes which was a major contribution to the county’s large increase.
The Pennsylvania counties also saw a spike in average sale prices. McKean County had a 31.90% YoY increase in the average sale price of single family homes, while Warren County had a 23.07% YoY increase.
When it came to the average number of days on the market, each county saw a decrease, meaning homes sold quicker than they did this time last year. The largest decrease took place in Allegany County, with the number of days on the market decreased by 32 days. Take a look at the stats for all of our New York counties:
The Pennsylvania counties saw an even more dramatic difference! In McKean County, the average days on the the market fell by 113 days in comparison to 2020, while in Warren County, the average was decreased by 63 days; proving once again that homes are selling much more quickly than this time last year.
Its very apparent that the overall trend in all markets shown is that homes are selling for more money in less amount of time, creating a great time for homeowners to consider listing their home for sale. Of course, this does create a much more competitive market for buyers, but with the help of a knowledgeable real estate agent and solid financing, buyers can still get into their dream home. For more information about the current real estate market, contact ERA Team VP today!