Monday, June 30, 2008

Skaneateles Real Estate - The Weekly Update

I had an interesting week. Several - many - times I used the update information, all the statistics, while speaking with people. I found I could rattle off the number of listings and closings, knew where Skaneateles stood in relation to Camillus and other areas, was conversant with the trends. This weekly update forces me to know what is happening - and knowing that, I feel in control. (Not that I'm a control freak or anything - not me!)

There are currently 162 active listings in the Skaneateles area. Of these, 8 are new this week: 5 brand new (without a history) and 3 re-lists. There were no sales or closings. We still have 19 closings listed for the year in the multiple listing service.

Being that this is the Fourth of July holiday week, I thought a bit of history might be interesting and also give some perspective on the market. And since we're at the mid-point it is a good time to pause and take stock. The results of this search are actually incredibly informative.

Just the facts:

1/1 - 6/30/Year** # of listings in the first half** # of closings in the first half:

2008** 151 **19

2007** 167** 43

2006** 113**53

2005 **71 **37

2004** 61** 39

2003 **64 **35

Now, this does not take into account the number of houses (and these are all single family residences) that were re-listed. It's a simple count, and if homes hadn't been selling in 2004, for example, there would have been re-lists then. But they did sell.

The numbers are fairly stark. We are in a holding pattern. People who used to take a chance and buy a house without a contingency or even with one are not doing anything, taking no risks, because they've seen houses sit without buyers.

The good news is that it can all change in a minute. Think about the weather - it all evens out eventually. We are having a bit of a cloudy spell, that's all. And if I am right about all this - the next half of the year or next year will be good, very good, to make up for lost time.