what are the list price and sale price trends in ithaca ny? what are the hot parts of town?

Asked by Brian, Portland, OR Mon Nov 5, 2007

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Ithaca Buyer, Home Buyer, Ithaca, NY
Mon Jan 28, 2008
Brian: I don't think it's true (and don't believe) that Ithaca is holdinng up well -- Check the Trulia site itself, you will find that almost everything is down, from average sale price to price per sq ft to median sale price. The drop rate is as large as -66%! The only up trend is "listing price". Thus mathematically it will further reduce the list/sold raito, which is more important to buyers. (The only exception is two-bedrom house market, mostly due to the larger population of young starting families in Ithaca).

My own experience has been the same. The "CMS" (comparable market survey) that I have received universally indicated that there have been about -10% reduction between list price and sale price. I am looking for 300k - 400k house market (4 bedroom).

Linda Santos' comments were based on "the same number of sales", which is important to a realtor like her, but really not relevant to potential buyers -- we care how much reduction should we offer, and how much house (sq ft) we will get with the purchasing price.

So from a buyer's point, clearly Ithaca is following the national down trend. (I also checked zillow and homegain and other sites, all pointing to the same trend) -- prices are dropping. Similarly, new housing prices are dropping in the form of "upgrades", but have not dropped as much as old houses (similar to the national trend as well).

There are quite a lot potential buyers out there in ithaca. We are just waiting. If houses are priced right (e.g., $/sq ft), they will be sold fast. (I saw several houses in Cayuga Heights were sold within months). But more houses have been sitting there for at least a year! (new houses even longer, 2-3 year!).

Disclaimer: I am not a realtor, but I have done lots of homework. I am just another Ithaca potential buyer.

Hope this helps.
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Linda Santos, , Ithaca, NY
Sat Dec 15, 2007
Hi Brian,
Ithaca is holding up very well in the arena of Real Estate. When compared with overall sales here in 2006, we are pretty much level and on target to finish the year with about the same number of sales as last year. The trend in list to sold prices is not changing much at all. The average list/sold price for the last few years has been in the high 90%s. If there is any change there this year, it may be to the tune of about 1%.
Hope that helps. Contact me if you have any further questions!

Best regards,

Linda Santos
Remax In Motion
607-277-1500 x 229
Web Reference:  http://www.ReInMotion.com
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