Tuesday, November 18, 2008

Skaneateles Real Estate - The Weekly Update

Interesting stuff I've dug up. Now what does it mean? More later.....

Just the facts: there are currently 122 active listings in the Skaneateles area. Two new ones came on this week, one is a re-list and the other prime village waterfront for under one million. Not so bad!

There are only 3 properties marked contingent and 11 still pending. We now have 51 closed properties year-to-date with 2 new ones this week. One was waterfront in the 2 million dollar range, and the other was a home in the town, but just over the village line. Both showed reductions in the original price, but both had other compensating factors.

To date there are 16 waterfront closings out of the 51. Last year there were 89 closed properties with 19 of them being waterfront. As I've said all along, waterfront is still selling, certainly at a faster rate than non-waterfront.

I decided to look at another factor, in part because I was researching the facts for a conclusion on a home I want to sell. Last year by this time the percentage of closed non-waterfront homes under $300,000 was 58% (n = 41). Under $400,000 it climbed to 76% (n= 53).

Now - wouldn't you think that in difficult economic times and a slow real estate market more people would buy in this range? Not so, say my figures. This year - same period of time - of our 35 non-waterfront properties the number is 16 and the percentage is 45%. Under $400,000 the number is 22 and the percentage is 63%. Statistically significant? I would think so, especially if you consider these are the non-waterfront homes.

In others words, more people are buying pricier homes. My guess related to the type of home being purchased and for what reason. The under $300-$400,000 market generally means homes for families in Skaneateles. The higher priced are reserved for people who want an investment or can afford to take a chance even when the market is soft. They also may be the buyers looking for a deal.

I received a phone call today from an agent with whom I am working a deal to be closed next week I hope. Without any lead from me, she began lamenting the lack of buyers in this price range. I had started the blog last night and had to stop to run to the Syracuse game, so the numbers were fresh in my mind. She works out of an office in another area even - so Skaneateles, you are not alone!

So what does this mean for the home I want to sell in this range? It will be difficult - but it's such a good deal!