Another winter approaches ---Real Estate in Tompkins County NY

Tompkins County woke up to much cooler temperatures this week - a foreshadowing of winter to come. I don't mind the winter; I welcome it. There is just something 'cozy' about the cold temperatures and winterscapes. But we did have a beautiful beginning to autumn- warmer temperatures and beautiful foliage.

So what does this have to do with real estate in Tompkins County? Winter is universally known as a time of year when real estate slows down. I'd like to debunk that myth. Real estate is a changing/shifting market - it is not static. Buyers and sellers and sometimes their emotions dictate the dynamics of the market. Contrary to popular complaints, real estate agents and professionals do not set the prices for the market; buyer's do. That's what market price is --- what a buyer is able to pay for a property. In other words - the actual selling price of a property. Market value (what a property's listing price is) is set by the seller after a comparative/competitive market analysis is done.

Anyway, I digress.

Back to the real estate market in the winter.... it's not a taboo time of year for real estate. It's an ideal time of year to buy. In most cases, sellers are looking to sell before the end of the year and they welcome offers. That doesn't mean that the Tompkins County real estate market isn't in"dire straights". And if you are looking to 'steal' a property, you probably aren't gonna find it here.

So, statistically here's what's going on with Real Estate in Tompkins County...

2008 Residential SOLD
School District	Average List	Average Sold	# of properties sold
Candor	127,450	121,250	8
Dryden	161,949	157,434	69
Groton	142,677	135,916	36
Ithaca City	250,421	243,161	351
Lansing Central	251,965	242,290	56
Moravia	125,025	112,375	14
Newfield	170,680	164,300	13
South Seneca	160,067	162,000	22
Southern Cayuga	140,450	124,233	16
Spencer/VanEtten	119,805	118,060	18
Trumansburg	227,930	230,888	34

Statistics from the Ithaca Board of Realtors MLS.

Granted 2008 isn't over yet but this can give you a pretty good idea of what's going on in terms of residential sold properties.

Stay tuned...