Ithaca NY Real Estate Market

Something spectacular happened today... I opend up our local daily newspaper and found a positive real estate news story!   This isn't really shocking news since I am immersed in real estate everyday and I am aware of what the market is doing, but it's shocking that they actually reported on it!  There was no doom and gloom regurgitated into the story from the national media---- a reporter actually went out and interviewed four local real estate agencies.... RE/MAX In Motion, Coldwell Banker Shaw Real Estate, Warren Real Estate and Audrey Edelman/Realty USA... the top four real estate agencies I might add,  to find out what is happening in the local marketplace.   What an ingenious idea!   I guess you can say I'm a little tired of hearing the national media doom and gloom so this article was refreshing.  The article points out that Ithaca is sheltered from "the real estate bubble".    Click here to read the article.

Comparing home sales statistics from the first 11 months of 2007 with those from the same period in 2006:
2007 / 2006 / % change
Median selling price: $189.5K / $188.9K / 0%
Sale vs. list price:* 95.31% / 96.03% / -1%
Closed sales: 892 / 959 / -7%
Total dollar volume: $176.0M / $186.7M / -6%

*number reflects percentage of asking price for which the home sold.
Sources: Ithaca Board of Realtors, New York State Board of Realtors.

Lindsay Hart, Dir. of Marketing/Communications RE/MAX In Motion