Tompkins house sales see uptick for 2010

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ITHACA — House sales in Tompkins County saw an uptick in 2010 with 532 sales, a slight increase from the 524 transactions in 2009, but still below the 10-year average of 606 sales per year experienced between 2001 and 2010.

The range of sales prices during the year was between $25,000 and $770,000. The 532 transactions had an average price of $205,958 and median price of $177,750.

December saw sales for 30 single-family detached residential homes and an average selling price of $189,973, up 14 percent from December 2009.

Last month’s house sales represented 3 percent of the 953 properties actively listed within Tompkins County. Transactions averaged 167 days on the market, or a 29 percent increase from December 2009.

A survey of three Tompkins County lenders found interest rates averaged 5 percent for a 30-year fixed rate mortgage. That resulted in a total monthly home ownership cost of $1,166 for the average home sold in Tompkins County during December.

Of the December transactions, 63 percent of Tompkins County houses sold for less than $200,000, 20 percent between $200,000 and $300,000, and 17 percent between $300,000 and $400,000. The average house sold for 95 percent of its listing price and at a price of $106 per square foot.

The Tompkins County market has experienced a steady increase in the average size of homes sold during the last decade. In 2001, the average square footage of a home sold in Tompkins County was 1,312 square feet, while in 2006 it was 1,537 square feet and in 2010, it reached its highest level yet recorded at 1,825 square feet.