Tuesday, September 30, 2008

Skaneateles Real Estate - The Weekly Update

And that was the week that was...and I want it gone, removed from my memory! The ups and downs, the "Yes, we'll go ahead," the "No, I want to think about it" deals. Just like the stock market, and the Congress, and every conversation!

But here we are, a new update. The world keeps spinning and I keep writing - albeit with a heater next to me and the rain falling, but we keep going. Always.

There are currently 147 active listings in the Skaneateles area of the multiple listing service. There are 5 new ones: 2 re-lists, 1 country with Marcellus schools, and another with lake rights. The fifth is new construction - 4 bedrooms, 2.5 baths, 2300 sf. for only $349,000. Interesting.

Contingent sales show 10 marked as such with 2 new ones. One of these sold within a day of listing it and the other has been on the market for almost a year. Both were on the very low end of prices. One word of caution: with all the fragility of the market, some of the active listings could actually be contingent on financing. I doubt if any agent is totally comfortable if a mortgage is involved taking it completely off the market without at least a chance for a conversation with another agent.

There were no new closings this past week - 35 have been closed year-to-date.

I spent a pleasant half hour here looking at numbers which intrigue me. The following is a comparison of Skaneateles with three other westside of Syracuse towns: Camillus, Marcellus and Elbridge.

In the computer, 834 total closings show for Skaneateles. Remember, we have only 35 so far with 147 active listings. The median list price of the closed homes this year is $425,000 and the selling price is $387,500. This is a decrease of slightly under 9%. Naturally some of this is skewed if the orginal price (in another listing) were actually higher.

For Camillus, a much larger area and population, 2,335 properties were listed as closed. This year alone they have closed 213 homes with a phenomenal 192 active listings. However, the median listing price is only $139,900 but the selling price is $136,000, a decrease of 2.7%

Marcellus has 533 properties closed in the computer. Of these, 48 have closed this year and they have 82 active. The median list price was $159,900 and the sales price was $150,000. This is a 6% difference.

Little Elbridge has an amazing 44 closed properties year to date and only 41 active. Altogether there have been 502 closings during the time the computer has scanned. The median list price was a respectful $124,900 with a median selling price of $122,000. Like Camillus, the town is having a phenomenal year. I hope to add to that total and raise the selling price in the next month!

What's to come? Who can predict! My guess is that the market is like the stocks - prices come down and you begin to itch to get into the game, the deals are too good to pass up. As I watch Skaneateles grow before my eyes - the renovation and expansion of the Old Stone Mill, the condos coming into Jordan Street, the shops filling with so many, many tourists - I have to believe that the abundance will continue.