Nationwide, the housing market in 2016 showed that homebuyers are getting younger, despite concerns that millennials were not interested in homeownership.

Reports released in late 2016 showed the average homebuyer in the United States for the year was 36 or younger. Furthermore, the market will consist of first-time homebuyers as just over half of prospective buyers for 2017.

This seems to be true for Cattaraugus County in neighboring New York state.

Joe Chamberlain, broker/owner of Chamberlain Realty, noted he has seen an increase in first-time buyers as opposed to those homeowners seeking a new home due to job changes or other circumstances.

“Our business was very good for 2016. The market was strong, and we had a lot of first-time homebuyers,” Chamberlain said. “There were not as many relocations for higher-paying jobs.

“We are hoping for the same as last year, and we are expecting the same. There were more sales in the average market, as opposed to the higher-dollar homes.”

Chamberlain noted he received real estate reports that showed the average sale price for 2016 was $105,000 for a home, down from the average sale price of $118,000 for 2015. The number of closings, however was higher. In 2016, 699 houses were successfully closed, while in 2015, the number of closings was 600. Less new listings and a lower inventory were also the case in 2016, compared to the previous year.

Locally for McKean County, news has been predominantly good in the real estate market.

For broker Mike DePalma of Penn Laurel Realty, 2016 brought a breath of fresh air in the form of significant investment in the downtown area. However, the election year may bring with it a repeat of previous elections and their negative impact.

“The Bradford real estate market was very good for in 2016 with the low interest rates. I have been working with an investor that has injected over a half-million dollars in the Main Street and Foster Brook areas,” DePalma said. “In the past 30 plus years that I have been involved in real estate, election years have been up and down — with more down.

“This year with the election behind us and the stock market reaching record highs, along with continued low interest rates, 2017 should bring more of the same. For homeowners looking to sell, early spring is the time to market your home,” DePalma said. “Buyers will be getting income tax returns and like to buy early enough to enjoy their new home for the summer.”

In Warren County, a story of higher demand and lower supply seems to be taking place.

“(2016) was a very challenging year for realtors. While there were/are plenty of buyers, we have very low inventory. The other issues are finding the buyers homes that qualify for FHA, Rural Housing and VA loans. That means homes that have no peeling paint, handrails over two steps, good roofs, updated electric panels from fuses to breakers, heat in second floor bedrooms,” said Karlene Smith, broker/owner of Real Living Real Estate Experts in Warren. “With our older housing stock this can be a challenge. December was the busiest December I have seen in 10 years. As long as the economy remains the same or better and interest rates remain low, we will still have buyers. What we need is quality homes to sell.”

Meanwhile, across the border, improvements to the downtown Olean, N.Y., area are hoped to bring increased interest in the real estate market in the form of start-up companies or small companies that will be looking for opportunity to expand.

“We are hoping that the downtown Olean revitalization is going to draw more people,” said Dennis Pezzimenti, broker/owner of DBP Realty. “We are not looking for huge corporations, but start-ups and companies with 5 to 10 employees to start and room to grow — those types of companies would mean a huge impact for us.”

Pezzimenti explained the loss of companies like the tile plant and AVX have had an impact on the market, since it meant the loss of jobs in the area.

“Cutco and Dresser-Rand are staying consistent, but the loss of small companies and 80 to 100 jobs really affects the job market,” Pezzimenti said.

However, no matter what the situation with the job market or prospective change in the area, Pezzimenti holds onto his optimism.

“We do tend to stay pretty consistent from year to year,” he said. “At the beginning of every year, we hope to have a better year than the previous one.”