A single-family home in Cortlandville sold for $305,000, making it the most expensive residential property transaction in Cortland County for the period between September 27 and October 10. During this two-week window, public records show a total of two home sales were finalized in the county.
The recorded sales data indicates an average sale price of $215,000 across the two transactions. The average price per square foot for homes sold during this period was approximately $119, offering a snapshot of the local market's valuation metrics.
Key Takeaways
- Top Sale Price: The highest-priced home sold for $305,000 in Cortlandville.
- Total Transactions: Only two residential sales were officially recorded in Cortland County during the two-week period.
- Average Price: The average price for the homes sold was $215,000.
- Price Per Square Foot: The average cost per square foot was $119, though individual property values varied significantly.
Cortland County Market Activity Overview
The real estate market in Cortland County displayed limited activity in the specified timeframe, with just two residential sales being officially entered into public records. It is important to note that these records reflect when the property title was transferred, and the actual purchase agreements may have been signed at an earlier date.
The low volume of recorded sales can be influenced by various factors, including seasonal market trends, inventory levels, and the time it takes for administrative processes to be completed. Despite the small sample size, the data provides valuable insight into recent property valuations in the area.
Market Snapshot: Late Sept - Early Oct
- Total Homes Sold: 2
- Average Sale Price: $215,000
- Average Price/Sq. Ft.: $119
- Price Range: $125,000 to $305,000
The two sales showed a wide disparity in value, with one property selling for more than double the price of the other. This highlights the diversity of housing stock and pricing within the county, where factors like location, property condition, and size play a crucial role in determining final sale prices.
Detailed Look at the Top Transaction
The most significant sale recorded during this period was a single-family residence located in Cortlandville. This transaction underscores the upper range of the market for standard residential homes in the county.
Property Profile: 3671 Delaware Ave.
The home at 3671 Delaware Avenue in Cortlandville was sold for a total of $305,000. The deal for this property was finalized and recorded on September 8. Built in 1956, the house offers a living area of 1,636 square feet.
This mid-century home features three bedrooms and two bathrooms, a common configuration for properties of its era and size. Its sale price reflects a strong valuation within the local market, suggesting it may have desirable features or be in excellent condition.
Understanding Price Per Square Foot
Price per square foot is a common metric used to compare property values. It is calculated by dividing the sale price of a home by its total square footage. This allows for a more standardized comparison between properties of different sizes. However, it doesn't account for factors like lot size, condition, amenities, or specific location, which also heavily influence value.
Valuation Analysis
The sale price of the Delaware Avenue property breaks down to $186 per square foot. This figure is substantially higher than the period's county average of $119 per square foot, a difference of nearly 56%. Such a premium often indicates that a property has been recently updated, is situated in a particularly sought-after neighborhood, or includes features not common in other available homes.
"A price per square foot of $186 in this market suggests the property is in above-average condition or has a prime location that commands a higher value," noted a local real estate analyst. "It stands out significantly from the county-wide average."
The 1956 construction date places the home in the post-war building boom, a period known for solid construction. Homes from this era are often popular with buyers who appreciate their classic design and potential for modern renovation.
Analysis of the Second Property Sale
The second transaction recorded in Cortland County was for a property in the city of Cortland, which sold for less than half the price of the top sale. This sale provides a look at a more affordable segment of the local housing market.
Property Profile: 53 Morningside Drive
A detached single-family house located at 53 Morningside Drive in Cortland was sold for $125,000. This transaction was also finalized on September 8. The home, built in 1978, is larger than the top-selling property, with a total of 1,952 square feet of living space.
This property features four bedrooms and three bathrooms, offering more space and accommodation than the Delaware Avenue home. Despite its larger size, the final sale price was considerably lower, indicating different market factors at play.
Valuation Insights
The sale of the Morningside Drive home equates to a price of just $64 per square foot. This is significantly below the county average of $119 per square foot and is almost one-third of the price per square foot achieved by the Cortlandville property.
Several factors could contribute to this lower valuation:
- Property Condition: The home may require significant updates or repairs.
- Location: The specific neighborhood may have a different market value compared to Cortlandville.
- Market Dynamics: The sale could have been a distressed sale or an off-market transaction between related parties.
The contrast between the two sales—one at $186 per square foot and the other at $64 per square foot—vividly illustrates the variability within a single county's real estate market. It shows that buyers can find properties at vastly different price points depending on their needs and priorities.
Broader Real Estate Context in Upstate New York
The data from Cortland County aligns with broader trends seen across Upstate New York, where housing markets can vary dramatically from one county to the next. While some metropolitan areas like Syracuse and Rochester have seen significant price appreciation, more rural counties often exhibit more modest and stable market conditions.
Neighboring counties, such as Seneca and Onondaga, have also reported their own unique market dynamics. For example, reports from Onondaga County have shown home sale prices increasing by over $30,000 in certain towns, indicating a more heated market compared to the limited activity seen in Cortland during this period. According to regional reports, some Upstate New York metro areas have even led the nation in certain home-selling statistics, suggesting a competitive environment for buyers.
These regional differences highlight the importance of localized data. While broad national trends provide context, the most relevant information for buyers and sellers comes from specific, street-level transactions within their community.
