Tuesday, October 28, 2008

Skaneateles Real Estate - The Weekly Update

Let's just say, "Not much has changed!" and go and enjoy the snow that's falling outside my window. You can go and enjoy it - I will when it becomes light and fluffy and December.

There are currently 137 active listings in the Skaneateles area. Last week 8 new ones came on the market; this week we have only one. It's in the town, mid-$300s, and a renovated home. I think listings will slow now for a bit which will drive people to the existing homes and reduce our inventory. Supply and demand!

On the "sold" or "soon to be closed" side there are 10 marked contingent and 10 marked pending. No house moved into this category this past week according to the computer.

Closings year-to-date now number 44, as opposed to 82 at this time last year. One property did close this past week: lake rights, close to the village. It had started on the market in April of 2007, took a break over the winter, and then has been marked sold for a number of months. The issue is the price. It started in the high $700s - and closed in the low $500s. That is a huge difference.

Part of the reason is that pricing waterfront, especially lake rights, is difficult. No two homes are alike. How do you value a few feet of waterfront? In this case, as in others on the lake, the rights are not within easy reach - so do they count? Yes, in the summer and probably not in the winter. So prices are based on what else has sold that could possibly be similar. But each sale is a one-time snapshot - that buyer bought it at a certain time under certain conditions. Those conditions as well as the house are not replicable.

But! Skaneateles has gained in value steadily over the years, "they aren't making any new waterfront," and we have gorgeous homes. Bring in the offers!