Tuesday, June 17, 2008

Skaneateles Real Estate - The Weekly Update

Back on May 19th I published the number of agents currently in the multiple listing service. At that time there were 3,104. As of today, there are 2,881.

Times like these are difficult for agents who "do real estate" as a side business or just part-time to stay in the business. Monthly fees, yearly dues all must be put in perspective of what is actually being earned.

Syracuse is still a vital market, and our multiple listing service covers all of central New York. Prices are staying up there - probably because they never were inflated - and we are listed in the "Top 10 Real Estate Markets" of the U.S. However, fewer homes are being sold - about 5% to 10% down from last year.

Skaneateles is a different market. Currently there are 18 closings on the record, down from 39 last year by this date. We also have 152 active listings under single family residential and another 15 condos. Amazingly, there are 80 "lots and vacant land" listings, too. Presumably you could build on these - but in many cases they are listed twice, as single family "to be built" and vacant land.

There were 6 new listings brought on the market this week - of these, 5 were re-lists, homes that hadn't sold or were rented and now are in need of buyers. Three of these are waterfront properties.

Yesterday a friend called and remarked on the number of RE/MAX listings he noticed going down East Lake Road. He was duly impressed, and called to tell me so but also to talk about the number of listings in general.

I decided to take a look this week at the actual 18 closings and see how the companies stood in reference to them. RE/MAX as an office is new to Skaneateles - just opening two years ago while at least two of the companies have been there for as long as I can remember. Our numbers are small - currently 8 of us - but we seem to have established our brand well.

Of the 18 homes that closed this year, 3 were RE/MAX listings and 12 were shared by the two older companies. The other 3 were from smaller companies or without a Skaneateles office. However, RE/MAX had the most closings - 5 - and the remaining 13 were split between the older companies and out-of-towners.

These are not huge numbers or differences, but I was glad to see that if RE/MAX does have a lot of listings then there is the potential of many sales.

And again, I must say things are looking up. I've had more calls and more showings in the past week of my properties than in the past month. At some point the ball will start to roll - since it's 60 days to closing in central New York it's time to buy if you want to get moved in before the school year begins!