ELLICOTTVILLE, N.Y. — The pandemic has taken a toll on a lot of businesses, but some have seen an unexpected boost during the past year.
The real estate market in Ellicottville is one example — homes are selling fast and selling for above the asking price. Low inventory is pushing people to pull the trigger on buying a home instead of waiting too long and risking losing a desired property.
Low interest rates are also tempting to buyers in the market for a new home, especially vacation homes.
"We've watched the last few years in Buffalo with this crazy market, and we often thought when is that going to happen here? And it finally has," said Melanie Pritchard, associate broker for ERA Team MVP Real Estate.
She and her mother, fellow associate broker Cathleen Pritchard, had hoped for a hot housing market, but they never expected it would come in the midst of a global pandemic.
"The trends are totally the reverse of what we thought would happen when this all came about. It increased our market considerably. I've been in business over 38 years, and I've never seen a market like this," said Cathleen Pritchard.
The Pritchard team says everything in Ellicottville is selling these days: homes in the village, condominiums, new construction, villas, chalets, and even vacant lots. Even properties that have been on the market for years are selling quickly.
They said they're seeing buyers of all ages and all price points.
The majority of buyers are from the greater Buffalo area, but some are from Cleveland or Pittsburgh — people looking for a vacation getaway that's within driving distance.
"They know if there's another pandemic, and they can't cross state lines and they don't want to fly somewhere, Ellicottville is the perfect place to come to," said Melanie Pritchard.
She adds that the ability to work from home is also a factor when it comes to buying. People can have extended stays if a commute isn't a factor because they're working remotely. Some may even choose to move there permanently.
There is a downside to the booming real estate market — low inventory.
The Pritchards say their office typically has about 200 listings at any given time, but now they've got around 70.
"We used to struggle having to convince buyers that something was a good buy, and they'd better jump, and they would dilly dally and wait," said Pritchard.