The real estate market in Madison County recorded nine residential property sales during the first week of February, reflecting a dynamic range of prices and locations. Activity spanned from rural towns to more developed areas, with a median sale price of $315,000 for a home in Munnsville, highlighting varied buyer interest across the county.
Key Takeaways
- Nine residential properties were sold in Madison County during the week of February 2.
- The median sale price for the period was $315,000, based on a transaction in Munnsville.
- Sale prices ranged from a low of $118,000 in Canastota to a high of $315,000, seen in both DeRuyter and Munnsville.
- Transactions were recorded in various communities, including Chittenango, Eaton, Oneida, and Bridgeport.
A Snapshot of County-Wide Transactions
The first week of February provided a clear picture of the varied housing landscape in Madison County. The nine transactions show a market with multiple entry points for buyers, from affordable homes to properties commanding higher prices. The sales were geographically dispersed, indicating a broad-based market rather than one concentrated in a single hotspot.
Analysis of the sales data reveals significant differences in property values based on location, size, and condition. For instance, the price per square foot fluctuated dramatically, from as low as $49 in Canastota to a high of $337 in DeRuyter. This wide variance underscores the diverse character of the county's individual towns and villages.
Understanding Price Per Square Foot
Price per square foot is a common metric used to compare property values in a real estate market. It is calculated by dividing the sale price of a home by its total square footage. While useful, this figure can be influenced by many factors, including the age of the home, recent renovations, lot size, and specific location features. A higher price per square foot often indicates a more desirable location, modern amenities, or a smaller, more efficiently designed home.
Top Sales and Market Indicators
Two properties tied for the highest sale price of the week at $315,000, though they offered very different living experiences. This median price point provides a benchmark for the market's current standing, suggesting stable value in well-maintained properties across different community types.
DeRuyter and Munnsville Lead in Price
In DeRuyter, a compact 936-square-foot home at 503 Shady Lane was acquired by Joseph Zavaglia for $315,000. This three-bedroom, one-bathroom property commanded the week's highest price per square foot at $337, suggesting unique features or a prime location drove its value.
Meanwhile, a property at 5045 Cole Street in Munnsville also sold for $315,000. This 1,488-square-foot home, purchased by William J. Laforce and Eileen Laforce, features two bedrooms and two bathrooms. Its price per square foot was $212, reflecting a more conventional valuation for its size compared to the DeRuyter sale.
Market Median Details
The Munnsville property on Cole Street, which sold for $315,000, was identified as the median sale for Madison County during this period. This means it represents the midpoint of all transaction values, with half the sales occurring above this price and half below.
Exploring the Range of Sales
Beyond the top sales, other transactions highlight the variety available to buyers in Madison County. Properties in Eaton, Madison, and Chittenango also saw significant investment, while sales in Canastota and Bridgeport offered more accessible price points.
Notable Transactions Across the County
A detailed look at the other sales from the week of February 2 reveals a broad spectrum of market activity:
- Eaton: A 1,577-square-foot home at 3096 State Route 26 was purchased by James A. Dapson and Coby J. Dapson for $290,000. This three-bedroom, two-bathroom house sold for $184 per square foot.
- Madison: Pierre Business Group Inc. acquired a large 2,712-square-foot property at 3992 Center Road for $275,000. The home includes five bedrooms and one bathroom, with a value of $101 per square foot.
- Chittenango: Nicholas Bello and Kaytlyn Bello purchased a 1,928-square-foot home at 624 Valley Drive for $255,000. This four-bedroom, two-bathroom property came out to $132 per square foot.
- Morrisville: John Haskett bought a 2,174-square-foot home from Ann E. Gregory at 9 Marshall Heights for $242,000, translating to $111 per square foot for the three-bedroom, two-bathroom residence.
Affordable Options in the Local Market
The recent sales data also confirms the presence of affordable housing options within the county. Transactions in Oneida, Bridgeport, and Canastota were all completed for under $170,000, providing entry-level opportunities for homebuyers.
These sales are crucial for maintaining a balanced market, allowing first-time buyers and those on a budget to invest in homeownership. The most affordable transaction of the week was a large home in Canastota, demonstrating that value can be found across the region.
Spotlight on Sub-$200,000 Sales
Several properties sold at prices that are increasingly rare in many markets:
- Oneida: A home at 229 Boston St. was bought by Andaria F. Hilloveido for $165,000. The 1,449-square-foot house has three bedrooms and one bathroom, valued at $114 per square foot.
- Bridgeport: Mark L. Smith purchased a 1,320-square-foot property at 1380 Lestina Beach Road from Brian and Mayann Doyle for $160,000. This three-bedroom, one-bathroom home sold for $121 per square foot.
- Canastota: The week's most affordable sale was at 3038 State Route 31, where a 2,426-square-foot home was transferred from Albert Finocchiaro to Joanne A. Finocchiaro for $118,000. At just $49 per square foot, this three-bedroom, two-bathroom property offered significant space for the price.
Overall, the sales from the first week of February illustrate a healthy and diverse real estate market in Madison County, with opportunities available for buyers across a wide range of budgets and preferences.
