Tuesday, August 19, 2008

Skaneateles Real Estate - The Weekly Update

"The times they are a-changin'......"

I hear it everywhere - things are beginning to move! But not yet in the statistics:

There are currently 160 active listings in the Skaneateles area of the multiple listing service. This past week 5 new ones came on the market: 2 were re-lists, and 3 were brand new. Of the 5, an amazing 3 were waterfront properties. Must be that people are reading my blog and realizing that waterfront is still selling!

And selling it is! We now have 29 closed properties - 2 new ones this week. One was a lovely home, totally redone, with lake rights, and another was a very pretty country home that sold for over the list price of $599,000. Not so bad! Also, there is a new "K" - contingent sale - another multi-million dollar lakefront home!

So what else is selling? Not condos - no closed sales this year. Of the 7 lot sales 4 were in the Parkside development off West Elizabeth Street. Well, actually one was on West Elizabeth - take a look - you can't miss it! The other 3 were country sales - lots and just downright acreage.

So what else is happening around Skaneateles? Elbridge has closed 30, Marcellus has 36, and Camillus - so much larger in size - has closed 180 homes this year. We'll get there!

And the price of our homes is still up there - well over $500,000 as compared with well under $500,000 last year. People are just waiting, it seems: for homes to sell, for the election, for summer to end, for prices to come down. If every one of those 160 homes currently active reduced their list price 10% I sincerely believe that the vast majority of them would sell. I wonder what other people - homeowners, Realtors, interested readers - think of that proposition. I've read comments along those lines.....and here's a marvel - the average price of a home would still be higher than last year's average!

So why don't owners reduce the price?
  • Hanging in there and being unwilling to chance leaving money on the table, as they say.
  • The price has already been reduced - no more!
  • The market will turn around and they want to be poised to get their price.
  • There is no need to move - no urgency - the house can be rented or the owners can stay.
I'm sure I've left out other reasons. Please supply them! I would love to hear what others think!