Thursday, March 18, 2010

Skaneateles Real Estate - The Weekly Update

The sunshine is just pouring in and the NCAAs are about to begin - Spring has Sprung!

There are currently 2,021 listings in all of Onondaga County. So far 432 homes have sold, as compared with 441 last year by this date. As I started to explore last week, only 3 homes above the $400,000 list price have sold so far. This compares with 15 homes last year, of which 6 were in Skaneateles. So while the number of homes hasn't changed appreciably, certainly the price of homes has - so far!

In Skaneateles there are currently 105 homes listed as active in the "town" of Skaneateles and 27 in the village. I put "town" in parenthesis because any home that touches on Skaneateles in any way - not physically, but perhaps with a view of the lake or simply in the general vicinity, gets put into the town classification. It could be in another county - Cayuga, Cortland - but still show up in Skaneateles. Why not? This helps agents to search - and we are aware this happens.

This past week several homes came on the market. In the village a lovely home came on priced under $500,000. Two years ago it might have been over that mark, but for now - 3,000 sf, 5 bedrooms, 3 full baths, Victorian - it is under. Time will tell if that number is correct! Another home came on as a re-list - much smaller at half the price.

The town ones are interesting. Four homes were listed as "to be built"s in the mid $200,000 to mid $300,000 range. In other words, a builder purchased a lot and is giving four different options - and probably more - for you to build. They show up as 4 new listings however. A fifth listing is a recently-built, existing house - priced well over $600,000 and coming on the open market for the first time. Huge!

Three new homes have been listed as sold. Two are in the Marcellus School District, $200,000 range. The other is one that's been on the market for years, literally. The views from this home are spectacular, the interior intriguing. Congratulations to the agent for sticking this one out!

There are now 5 closed properties in the Skaneateles area. The latest is a home that listed in the high $500,000 and then suffered water damage. It sold for $325,000, it's list price. And it sold rapidly. When the price is right......there are people out there looking.

Last year at this time there were 15 homes closed in the Skaneateles area. Combining that information with the Onondaga County pricing information I think a case could be made for a price correction in Skaneateles and a slow down because of the average price of a home here. I do see it picking up - Skaneateles is a beautiful area - "town" and village - and protected for years to come from the rapid growth and commercialization of other areas. It will continue to be a desired place to live - for families, single people, retirees, and second home-buyers. Buy now!