Today’s Real Estate in the Adirondacks
The market in the Northern Adirondack Park is a bit different today then previous years. Demand has weakened, mortgage rates have doubled and inventory has dwindled. But, is it all doom and gloom? We think not! We still see incredible value in Adirondack real estate. Falling in love with our area isn’t hard and living here is even more special. Vacationers will continue to migrate to the region and our future looks
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The big question we all face is when will supply return? Although it’s hard to predict, we see the market essentially returning to 2019 levels with a balanced supply and demand by the 2nd quarter of 2024. Until then, it will continue to be a Seller’s market.
Tupper Lake and our partnership with The Gillis Team only cements our brokerages reach to serving all of the Adirondacks and just not the Village of Lake Placid. There are some incredible housing developments on the horizon along with exceptional waterfronts offerings coming up on prestigious lakes in 2023/2024. Be sure to ask us about private listings opportunities as discrete Seller’s ofter prefer not to broadcast their intentions of selling to the general public.
Our marketing and sales professionals represent the cornerstone of our business. Today, we have 40 licensed real estate brokers and salespeople who all live, work and play in all areas of the Adirondacks.
bright. Although it’s hard to predict, we see the market essentially returning to 2019 levels with a more balanced supply and demand returning around the 2nd quarter of 2024. Until then, it will continue to be a Seller’s market given the scarcity of waterfront, residential and vacant land listings.
At Merrill L. Thomas, Inc. we will continue our commitment to marketing property for our Seller’s using advanced technology in photo and video and immersive experiences. Our recent office expansion into
”We hope you find our 2022 Market Report most informative. If you are interested in learning more about the current real estate environment please don’t hesitate to reach out to us at our Lake Placid or Tupper Lake offices. You may also visit adirondackestates.com to get in touch with one of our real estate experts. We wish you a wonderful new year.
Roby Nick
REAL ESTATE
OUR
PROFESSIONALS
NICHOLAS & ROBERT POLITI OWNERS & REAL ESTATE BROKERS
KELSEY STANTON SALES ASSOCIATE
JOHN “JACK” FAVRO SALES ASSOCIATE
RICHARD SAMPSON BROKER ASSOCIATE
DENISE BUJOLD SALES ASSOCIATE
KRISTINA WHEELER SALES ASSOCIATE
WHIT BISSELL SALES ASSOCIATE
JONATHAN GORGAS SALES ASSOCIATE
JENNIFER LEDGER SALES ASSOCIATE
MICHAEL MARTINEAU SALES ASSOCIATE
JILLIAN LOCKE SALES ASSOCIATE/ RENTAL MANAGER
LESLIE BROWNELL BROKER ASSOCIATE STEVE DETWILER BROKER ASSOCIATE
SUSIE WATKINS SALES ASSOCIATE
MICHAEL RAYMALEY SALES ASSOCIATE
STUART “STU” RUTTAN SALES ASSOCIATE
ANNE BREWER SALES ASSOCIATE
ZOWIE LUCAS SALES ASSOCIATE
DIANE BRENNER RENTAL MANAGER
KELLY LOCKE
SALES ASSOCIATE
MICHAEL DAMP BROKER ASSOCIATE
MARIE W. MORGAN SALES ASSOCIATE
GARY LANZONI BROKER ASSOCIATE
JOANN REED
SALES
ASSOCIATE
JEFFERY HARRIS BROKER ASSOCIATE
HANNAH TORRANCE
SALES
ASSOCIATE MARKETING
KELSEY CASSIDY
SALES ASSOCIATE
DONNA MUNDINGER SALES ASSOCIATE
ROBERT GILLIS BROKER ASSOCIATE
JOSEPH SALAMY SALES ASSOCIATE
MICHELLE BLAIR SALES ASSOCIATE
CECELIA ALLEN SALES ASSOCIATE
SUSAN VIROSTEK SALES ASSOCIATE
REBECCA HUFFMAN RENTAL MANAGER LISA GILLIS BROKER ASSOCIATE
LINDA PICKERING SALES ASSOCIATE
MARK BUTLER SALES ASSOCIATE
HEIDI CHENEY SALES ASSOCIATE
KATIE FADDEN OPERATIONS MANAGER
FREDRICK SHORT SALES ASSOCIATE
WALTER PORTER SALES ASSOCIATE
ADIRONDACK CHAMPLAIN VALLEY SALES VOLUME COMPARISON $775M 2018 Source of all data contained in this report is the Adirondack Champlain Valley, Multiple Listing Service. Information is deemed reliable but not guaranteed. Consult your Merrill L. Thomas, Inc. Broker for more information. 2019 $736M $1,106M 2020 $1,350M 2021 2022 $1,107M
TRANSACTION VOLUME COMPARISON ADIRONDACK CHAMPLAIN VALLEY 3844 2018 Source of all data contained in this report is the Adirondack Champlain Valley, Multiple Listing Service. Information is deemed reliable but not guaranteed. Consult your Merrill L. Thomas, Inc. Broker for more information. 2019 3690 4402 2020 4576 2021 4068 2022
MERRILL L. THOMAS, INC. SALES VOLUME COMPARISON 2018 2019 $175M $110M Source of all data contained in this report is the Adirondack Champlain Valley, Multiple Listing Service. Information is deemed reliable but not guaranteed. Consult your Merrill L. Thomas, Inc. Broker for more information. $122M 2020 $179M COMPANY RECORD BREAKING YEAR FOR SALES VOLUME 2021 2022 $171M
MERRILL L. THOMAS, INC. TRANSACTION VOLUME COMPARISON 2018 2019 231 Source of all data contained in this report is the Adirondack Champlain Valley, Multiple Listing Service. Information is deemed reliable but not guaranteed. Consult your Merrill L. Thomas, Inc. Broker for more information. 209 COMPANY RECORD BREAKING YEAR FOR TRANSACTIONS 2020 294 281 2021 288 2022
MEDIAN PRICE YEAR OVER YEAR LAKE PLACID PRICE CATEGORY 2021 SALES 2022 SALES % CHANGE UNDER $500K 69 25 -64% $500k - $999K 60 49 -18% $1M - $1.99M 23 15 -35% $2M - $2.99M 2 0$3M - $4.99M 4 6$5M - $9.99M 1 1OVER $10M - -SALES TRANSACTIONS 159 83 -48% MEDIAN PRICE $545,000 $650,000 +19% DOLLAR VOLUME $128,946,122 $81,505,599 -37% HOME SALES YEAR OVER YEAR LAND SALES 2021 SALES 2022 SALES % CHANGE SALES TRANSACTIONS 34 16 -53% MEDIAN PRICE $300,000 $255,000 -15% DOLLAR VOLUME $17,800,000 $4,515,750 -75% Source of all data contained in this report is the Adirondack Champlain Valley, Multiple Listing Service. Information is deemed reliable but not guaranteed. Consult your Merrill L. Thomas, Inc. Broker for more information. PROPERTY ADDRESS SOLD PRICE 42 CHIPMUNK LANE $5,350,000 29 RICKARD WAY $4,500,000 153 RUISSEAUMONT WAY $4,300,000 25 POINT O VIEW WAY $3,675,000 133 RUISSEAUMONT WAY $3,300,000 TOP 5 HOMES SALES IN 2022 19%
SARANAC LAKE PRICE CATEGORY 2021 SALES 2022 SALES % CHANGE UNDER $500K 150 78 -48% $500k - $999K 14 14$1M - $1.99M 6 2$2M - $2.99M 4 1$3M - $4.99M 2 2$5M - $9.99M - -OVER $10M - -SALES TRANSACTIONS 176 97 -45% MEDIAN PRICE $295,000 $273,500 -7% DOLLAR VOLUME $76,995,677 $41,402,810 -46% HOME SALES YEAR OVER YEAR LAND SALES 2021 SALES 2022 SALES % CHANGE SALES TRANSACTIONS 37 22 - 40% MEDIAN PRICE $60,000 $68,000 +13% DOLLAR VOLUME $4,759,400 $1,872,750 - 60% Source of all data contained in this report is the Adirondack Champlain Valley, Multiple Listing Service. Information is deemed reliable but not guaranteed. Consult your Merrill L. Thomas, Inc. Broker for more information. PROPERTY ADDRESS SOLD PRICE 3942 STATE ROUTE 30 $4,000,000 8 DEERPATH LANE $3,850,000 187 OSEETAH WOODS RD $2,000,000 719 BARTLETT CARRY ROAD $1,425,000 67 RIVERSIDE DRIVE $`1,325,000 TOP 5 HOMES SALES IN 2022 7% MEDIAN PRICE YEAR OVER YEAR
WILMINGTON PRICE CATEGORY 2021 SALES 2022 SALES % CHANGE UNDER $500K 13 13$500k - $999K 6 5$1M - $1.99M - -$2M - $2.99M - -$3M - $4.99M - -$5M - $9.99M - -OVER $10M - -SALES TRANSACTIONS 19 18 -5% MEDIAN PRICE $328,000 $335,000 + 2% DOLLAR VOLUME $7,427,600 $7,797,900 +5% HOME SALES YEAR OVER YEAR LAND SALES 2021 SALES 2022 SALES % CHANGE SALES TRANSACTIONS 21 18 -14% MEDIAN PRICE $77,000 $129,000 +67% DOLLAR VOLUME $2,142,000 $3,209,500 +50% Source of all data contained in this report is the Adirondack Champlain Valley, Multiple Listing Service. Information is deemed reliable but not guaranteed. Consult your Merrill L. Thomas, Inc. Broker for more information. PROPERTY ADDRESS SOLD PRICE 30 ABBEY WAY $1,195,000 6205 NYS ROUTE 86 $899,000 83 MOUNTAIN VIEW LANE $725,000 104 OUTLOOK LANE $699,000 1749 HASELTON ROAD $600,000 TOP 5 HOMES SALES IN 2022 5% MEDIAN PRICE YEAR OVER YEAR
JAY / UPPER JAY PRICE CATEGORY 2021 SALES 2022 SALES % CHANGE UNDER $500K 43 30 -30% $500k - $999K 8 7 2% $1M - $1.99M 1 -$2M - $2.99M - -$3M - $4.99M - -$5M - $9.99M - 1OVER $10M - -SALES TRANSACTIONS 52 38 -27% MEDIAN PRICE $290,000 $340,000 +17% DOLLAR VOLUME $17,438,000 $19,876,800 +14% HOME SALES YEAR OVER YEAR LAND SALES 2021 SALES 2022 SALES % CHANGE SALES TRANSACTIONS 84 43 -50% MEDIAN PRICE $14,000 $22,500 +60% DOLLAR VOLUME $2,759,000 $1,384,900 -50% Source of all data contained in this report is the Adirondack Champlain Valley, Multiple Listing Service. Information is deemed reliable but not guaranteed. Consult your Merrill L. Thomas, Inc. Broker for more information. PROPERTY ADDRESS SOLD PRICE 6394 ROUTE 86 $6,590,000 #7 WHITETAIL LANE $825,000 64 JAY MOUNTAIN ROAD $725,000 62 SPRINGFIELD ROAD $690,000 32 SENECA TRAIL $609,000 TOP 5 HOMES SALES IN 2022 17% MEDIAN PRICE YEAR OVER YEAR
TUPPER LAKE PRICE CATEGORY 2021 SALES 2022 SALES % CHANGE UNDER $500K 77 56 -27% $500k - $999K 6 3$1M - $1.99M 2 2$2M - $2.99M - -$3M - $4.99M - -$5M - $9.99M - -OVER $10M - -SALES TRANSACTIONS 84 61 -27% MEDIAN PRICE $162,000 $167,450 3% DOLLAR VOLUME $20,055,580 $14,971,304 -25% HOME SALES YEAR OVER YEAR LAND SALES 2021 SALES 2022 SALES % CHANGE SALES TRANSACTIONS 18 6 -34% MEDIAN PRICE $32,000 $28,500 -11% DOLLAR VOLUME $1,274,000 $408,900 -68% Source of all data contained in this report is the Adirondack Champlain Valley, Multiple Listing Service. Information is deemed reliable but not guaranteed. Consult your Merrill L. Thomas, Inc. Broker for more information. PROPERTY ADDRESS SOLD PRICE 441-443 BIG WOLF ROAD $1,680,000 12 GULL POND ROAD $1,129,000 38 GULL POND ROAD $800,000 34 GULL POND ROAD $775,000 24 COUNTY LINE ISLAND $725,000 TOP 5 HOMES SALES IN 2022 3% MEDIAN PRICE YEAR OVER YEAR
KEENE VALLEY PRICE CATEGORY 2021 SALES 2022 SALES % CHANGE UNDER $500K 12 9 -25% $500k - $999K 5 5$1M - $1.99M 3 1$2M - $2.99M - -$3M - $4.99M - 1$5M - $9.99M - -OVER $10M - -SALES TRANSACTIONS 20 16 -20% MEDIAN PRICE $470,000 $465,000 -1% DOLLAR VOLUME $11,131,000 $10,992,169 -1% HOME SALES YEAR OVER YEAR LAND SALES 2021 SALES 2022 SALES % CHANGE SALES TRANSACTIONS 20 10 -50% MEDIAN PRICE $135,000 $160,000 +18% DOLLAR VOLUME $3,185,000 $1,641,000 -48% Source of all data contained in this report is the Adirondack Champlain Valley, Multiple Listing Service. Information is deemed reliable but not guaranteed. Consult your Merrill L. Thomas, Inc. Broker for more information. PROPERTY ADDRESS SOLD PRICE 64 BAXTER MOUNTAIN LANE $3,395,000 186 JOHNS BROOK LANE $1,250,000 211 JOHNS BROOK LANE $1,200,000 88 OWLS HEAD LN $655,000 1144 HURRICANE ROAD $575,000 TOP 5 HOMES SALES IN 2022 1% MEDIAN PRICE YEAR OVER YEAR
BOQUET VALLEY PRICE CATEGORY 2021 SALES 2022 SALES % CHANGE UNDER $500K 26 61 +135% $500k - $999K 1 6$1M - $1.99M 0 2$2M - $2.99M - -$3M - $4.99M - -$5M - $9.99M - -OVER $10M - -SALES TRANSACTIONS 27 69 +155% MEDIAN PRICE $200,000 $230,000 +15% DOLLAR VOLUME $5,651,125 $19,960,050 +253% HOMES SALE YEAR OVER YEAR LAND SALES 2021 SALES 2022 SALES % CHANGE SALES TRANSACTIONS 17 31 +95% MEDIAN PRICE $45,000 $42,500 -5% DOLLAR VOLUME $1,039,000 $2,753,300 +165% Source of all data contained in this report is the Adirondack Champlain Valley, Multiple Listing Service. Information is deemed reliable but not guaranteed. Consult your Merrill L. Thomas, Inc. Broker for more information. PROPERTY ADDRESS SOLD PRICE 637 CORLEAR DRIVE $1,300,000 71 CORLEAR DRIVE $1,200,000 1446 LAKESHORE DRIVE $827,000 382 BAY LANE $780,000 2868 ESSEX ROAD $700,000 TOP 5 HOMES SALES IN 2022 15% MEDIAN PRICE YEAR OVER YEAR
LONG LAKE PRICE CATEGORY 2021 SALES 2022 SALES % CHANGE UNDER $500K 14 15 +7% $500k - $999K 1 5$1M - $1.99M - -$2M - $2.99M 1 -$3M - $4.99M - -$5M - $9.99M - -OVER $10M - -SALES TRANSACTIONS 16 20 +25% MEDIAN PRICE $288,000 $317,500 +10% DOLLAR VOLUME $7,141,000 $7,724,990 +8% HOME SALES YEAR OVER YEAR LAND SALES 2021 SALES 2022 SALES % CHANGE SALES TRANSACTIONS 8 -MEDIAN PRICE $56,500 -DOLLAR VOLUME $1,317,000 -Source of all data contained in this report is the Adirondack Champlain Valley, Multiple Listing Service. Information is deemed reliable but not guaranteed. Consult your Merrill L. Thomas, Inc. Broker for more information. PROPERTY ADDRESS SOLD PRICE 49 FAWN WAY $995,000 909 DEERLAND RD $800,000 62 MIX LANE $749,999 28 FOX WAY $550,000 64 JIM BIRD LN $531,250 TOP 5 HOMES SALES IN 2022 10% MEDIAN PRICE YEAR OVER YEAR
PROPERTY TYPES RESIDENTIAL RESIDENTIAL Median Sold Price % List vs Sold Days on Market VACANT LAND WATERFRONT SHORELINE STATS - OVER $1M IN 2022 $2,500,000 BLUE JAY CAMPGROUND $1,680,000 BUTTERFLY CAMP $4,000,000 BUFFALO HEAD LODGE Source of all data contained in this report is the Adirondack Champlain Valley, Multiple Listing Service. Information is deemed reliable but not guaranteed. Consult your Merrill L. Thomas, Inc. Broker for more information. NOTABLE MLT WATERFRONT SALES IN 2022 28 $1,795,000 204- 1 $1,800,000 Transactions 93% ROAD ACCESS BOAT ACCESS ROAD ACCESS VACANT LAND BOAT ACCESS 1 -$3,750,000 FORESTMERE $4,300,000 CROW’S NEST $3,850,000 CAMP TWO PINES TUPPER LAKE BIG WOLF LAKE UPPER SARANAC LAKE PAUL SMITH’S LAKE PLACID KIWASSA LAKE
The team of agents at Merrill L. Thomas, Inc. has represented thousands of sellers of Adirondack real estate over the past 30 years. Whether you are looking to sell your condo, residential home, great camp, vacant property, or commercial business our seasoned professionals can confidently guide you through a successful transaction from start to finish. Our agents work day in and day out to exceed the expectations of their clients. Their local knowledge, exclusive insight into the market and superior integrity have made Merrill Thomas the leader in Adirondack Real Estate.
THINKING OF SELLING?
Our selling process typically begins with a determination of a reasonable asking price. Your agent can provide local knowledge on what is happening in the current market, and provide a sample of comparable listings. These are key factors in getting your property sold in a timely manner and with minimum hassle. We’ll prepare a Comparative Market Analysis along with a report full of valuable information, insider tips, and a list of our recommended industry associates that you can’t find online.
HOW ABOUT PURCHASING?
Today, our agents provide a wealth of relevant facts, tips, knowledge and experience that you can rely on in the home buying process. Buying a property requires keen local knowledge of market trends, neighborhoods, zoning and current events. Merrill L. Thomas, Inc. has provided buyers with the right market details for over 75 years.
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