Wednesday, August 12, 2009

Skaneateles Real Estate - The Weekly Update

These are the "dog days" of summer. I have one dog under my feet as I write, another stretched out on the cooler flooring of the kitchen. Neither one has moved in a while. Outside nothing else seems to move, either. Except maybe the waterfall in the pond. It's artificial, but everything else where water could flow is running. Such rains! But the humidity, lack of a breeze, and warmth have put everything to sleep.

Even the listings. Well, actually the sales.

There are currently 143 active listings in the Skaneateles area of the multiple listing service. Seven "new" ones have come on the market in the past week. Actually, the phrasing should be "have returned to the market." Some have come with a reduction in price, others with a change of agency. Three waterfront, three town properties, and a village one thrown in.

There are no new sales - or pending sales - or closed properties. "Dog days."

I opened my yahoo home page this morning to find an article from SmartMoney written by Anna Maria Andriotis about the red flags you would find in your neighborhood that indicate property values will plunge.

The first was that properties are falling into disrepair because people can't afford to keep them up. Not in Skaneateles!

The second was a substantial increase in foreclosures. While we've seen a few, there is nothing like some subdivisions around the country in which the crows and cougars camp out, so not in Skaneateles!

Unemployment increases - the major company in the area moves or closes its doors - is another indicator of hard times in the housing market. Although WelchAllyn says it won't hire as much, it is in no way near to closing and actually is quite a healthy company. And the waterfront isn't going anywhere, so.....not in Skaneateles!

The last part suggests that homes linger longer on the market than they did in the past. That's certainly true. But the suggestion that the most vulnerable homes are those purchased between 2003 and 2008 is definitely not (always) true in Skaneateles! I've sold them - and profits were made.

What is certain is that prices are coming down. Today when I opened my hotsheet, the list of changes in the multiple listing system that occurred since the last time I checked, 17 homes had been listed while 23 had a reduction in price. Usually the ratio is the other way around. But I sell everywhere, and check many towns, so it's not all Skaneateles.

And besides, these are the "dog days" of summer.