Tuesday, May 13, 2008

Skaneateles Real Estate - The Weekly Update

Interesting experience, today, looking at the numbers. I thought I had made a mistake because there are, once again, no properties listed as sold within the past week. I checked the past month - nothing there either. Not a good sign, I thought, knowing that I have a property coming on the market in the next couple days. Look further back - only 2 "k"ed in the multiple listing system.

So I tried "P" for pending. This means the homes have had home inspections, checks with the code enforcement office for projects the new owners would like to do, repairs designated, etc., and now all they are doing is waiting for the bank to set up closing. "Pending" is a good thing, in other words. There are only 5 homes listed in the system under Skaneateles in this category: 2 waterfront, 1 large parcel, 1 being built, and 1 regular old house.

But this week there are 127 properties for sale, with 6 new listings. Not surprisingly 3 of the 6 are re-lists ("Let's try again now that it's spring.")

I still say at some point the houses are going to sell, and then there will be a deluge. One of these new ones is coming on the market under the assessed value - and I believe this is the way it will play out. New houses will come on with "right pricing" and be snatched up. Others will come down or the owners will wait for the prices to catch up to them.

Whatever happens, it will be a fascinating next few months!