Wednesday, December 31, 2008

Skaneateles Real Estate - The Yearly Update

I must take a moment to run through the past week. There are 115 active listings in the Skaneateles area. There is one new waterfront listing, actually a re-list down almost 10% from the original list price. One home has sold and gone directly to pending - the list price is currently 35% off the original price. Nothing closed.

Now it's time for the fun to begin!

Skaneateles had 64 closed properties for 2008, as compared with 103 in 2007. The median price was a resounding $410,000 as compared to $300,000 the year before. The least expensive property closed for $68,000. The most expensive closed for $2,066,250 and was not surprisingly waterfront. In 2007 the least expensive was $43,000 but the most was 4.9M. It's the one on West Lake Street currently being remodeled.

Camillus by comparison closed 267 this year as opposed to 299 properties last year. They were well ahead of their number until the fall when things seemed to slow. The median price remained virtually the same, however, at about $137,000.

Elbridge closed 60 single family homes this year as compared with 54 the year before, a nice increase. The median price also rose from $106,000 to $118,720.

Marcellus sold 59 this year and 60 last year. The price was slightly lower ($148,000 in 2008, $155,500 in 2007) but not appreciably different. Stability. Always a good thing, at least in this market.

Waterfront in Skaneateles was certainly the big thing this past year. Almost 36% of the sales were waterfront of some kind, whether lake rights or right down on the water. The previous year the number was 26%. Multi-million dollar properties were big in 2007 - 11 homes closed for over $998,000. In 2008, there were only three. So why the increase in the median price? There were a lot of homes, waterfront and non- in the 500k to 700K range.

Next year will be better, I predict! I resolve on my end to close more homes (I've got a couple in mind right now) and sell all my listings. I need your help - come and buy in Skaneateles!

Happy New Year!