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Real estate listings down 35%, but closings and sale prices are up 16% or more in Finger Lakes

The housing market has remained strong throughout the winter, according to a report released by the New York State Association of Realtors.

Closings are up 16%, according to the data from January. Even with COVID-19 protocols- it hasn’t dampened the market overall.

In the Finger Lakes region that’s been particularly the case. New listings have tumbled and stayed low. In fact, the data suggests that in parts of the region listings are down by 35%, but closings are up 18% from last year.

Sale price is also up significantly- climbing nearly 18%.

“People are not putting their homes on the market. They’re getting told to wait before putting their homes on the market,” Skip Ordway, realtor and owner of Ordway Realtors in Farmington told The Daily Messenger. “Buyers are seeing nothing on the market and they’re getting nervous. It gets a little worse every year.”

It’s been a problem since before the pandemic, and while seasonality does help in correcting come May or June- there still is an overall shortage in the market.