ERA Team VP Real Estate Chautauqua Institution Market Report 2022

A MESSAGE FROM OUR BROKER

We are pleased to share our Team VP Real Estate 2022 Annual Chautauqua Institution Market Report and trust you will find it to be a helpful tool whether you actively participated in the market in 2022 or just enjoy staying informed on the state of Chautauqua Institution real estate

2022 was another amazing year for real estate and produced the second-highest volume of sales in American history behind 2021 The high demand for real estate in Chautauqua certainly kept pace with the rest of the country, however, the supply of available properties was significantly lower than even the national market

As you will see in our report, the average sale price for a single-family home in Chautauqua increased year-over-year from $746,374 to $919,240 (a 23% gain), primarily fueled by that supply and demand imbalance You might expect the big jump in the average sale price to correlate to a similar jump in total Chautauqua sales volume, however, the inventory challenges led to a year-over-year 38% decline in total properties sold (from 75 to 46), and a 36% decline in total sales volume (from $35,657,686 to $22,272,574) Other key indicators that reflected the dynamics of the 2022 market included a low dayson-market count of 68 for single-family homes and 84 for condos/townhomes and an extremely high list-to-sale price ratio of 99 6% for single-family homes and 98 5% for condos/townhomes

The factors to continue to keep an eye on as we look to the 2023 season and beyond are interest rates, inflation, and inventory The rising rates we have experienced over the past several months seem to have had little effect on demand, particularly in the vacation property market, and most experts predict rates to begin declining in the latter part of 2023 into 2024, and inventory to remain relatively low for the very near term with only a gradual increase in new listings hitting the market

We would welcome the opportunity to have a more in-depth conversation about the market, so please feel free to reach out to any of our team members or me! At Team VP, we are more than thankful for the support you have shown us over the years We will stay focused on our company core values (Be the Best, Do the Right Thing, Never Stop Learning, Work as a Team, Have Fun!) and will continue to do our best to earn the position as your trusted real estate advisors for all things Chautauqua real estate

Bill Soffel Broker/Owner ERA Team VP Real Estate

We welcome you to visit our office this Summer Come see us at 1 Morris Avenue, on the corner of Bestor Plaza. You will find our experienced real estate agents specializing in Chautauqua Institution as well as our vacation rental management team available to meet your needs for the 2023 Chautauqua Season What a special year 2023 will be inside Chautauqua, we look forward to experiencing it with you

COMPANY VOLUME COMPARISON

The diagram to the right highlights ERA Team VP's share of the market in terms of total sales volume. You can see that we generated nearly 50% of the sales in CHQ in 2022

**Information based on real estate sales total transactions 1/1/202212/31/22 "Other Firms" represents real estate firms outside of Chautauqua Institution. Firms shown here have offices in Chautauqua.

CHQ TOTAL SALES VOLUME

The bar graph provided illustrates the total amount of real estate sold in Chautauqua Institution over the past 10 years

**This information is based on real estate sales total sales price 1/1/2013-12/31/22.

45%

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LOW INVENTORY & HIGH DEMAND

After a record low in 2021, 2022 still encountered the same issues with buyers & sellers Low inventory and high demand made way for another great year for the average days on market

The average days on market for single-family homes in Chautauqua came in at 68 and 84 for condos/townhomes.

3.1.23 IN 2022 IN 2022 IN 2022 IN 2022

2022 saw an almost perfect match in list price to sale price, coming in at 99 6% for single-family homes and 98.5% for condos/townhomes. This again proves that the demand is still very much there

LET TEAM VP HELP YOU WITH ALL OF YOUR RENTAL MANAGEMENT NEEDS!

Since 1983, our family owned and operated company has been helping families find Chautauqua vacation rentals with a personal touch We strive to provide uncompromising service, quality accommodations, and outstanding representation to our clients and customers

Team VP knows that exceptional homes require exceptional rental management service. We understand that it takes clean, well-maintained homes to guarantee happy owners and repeat guests We know that cuttingedge technology is a must, from online rental property services for guests, to our first rate presentation of rental properties We also believe that a smile at the front desk and a friendly voice on the phone go a long way

RENTAL MANAGEMENT

SERVICES

Housekeeping & Linen Services

Maintenance & Repair Services

24/7 on-call service for owners & guests

Accidental Damage Plan with up to $1,500 in coverage

Collection and submission of required County Bed Tax

Fully insured & bonded housekeeping & repair personnel

Jesse Lescynski Dir ofAssoc Mgmt

Courtney Riter Housekeeping

Kathryn Cox Housekeeping

Bob Benjamin Maintenance

Deanna Bowen VacationRentalManager

Leigh Britton Housekeeping

Jada Carlson Dir ofVacationRentals