Archive: Around Town

The Ithaca Board of REALTORS® released figures Monday showing that residential home sales increased by 4 percent in the first quarter of 2014 compared to a year ago, and inventory declined by 1 percent. Cold weather and decreased inventory typically contribute to a decrease in market activity. However, Realtors® are optimistic that the market activity will rise along with the temperatures. This is a good time for sellers to list their homes while the interest rates are low and buyer demand is high.

There were 150 closed sales in the first quarter of 2014, up 4 percent from the first quarter of 2013. March 2014 closed sales were the same compared to a year ago. In the first quarter of 2014 median sales price was $148,500, a decrease of 13 percent compared to the first quarter 2013 median of $170,500. The March 2014 median sales price of $148,750 represents a decrease of 9 percent compared to the March 2013 median of $164,000.

Pending sales declined 1 percent to 233 in the first quarter of 2014 compared to 236 in the first quarter of 2013. March 2014 pending sales were virtually the same (294) compared to March 2013 (293). The first quarter average inventory was down 1 percent (498) over the previous year (502). March 2014 inventory was 554 - a decline of 1 percent over March 2013 (558).

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