Thursday, July 29, 2010

Skaneateles Real Estate - The Weekly Update

I went back and looked at last year's blog for this week. "I think summer came this week." That was my first line. What a difference a year makes! We've had the warmest July on record, I bet!

There are currently 147 active listings in the Skaneateles area of the multiple listing service, of which 31 are in the village. Two (only) are new, both having been FSBOs before engaging the services of a Realtor. One is in the village and a newer (!) home - only 50 years old! It is listed around the $300,000 level. The other is actually in Spafford, down the East side of the lake, for over $500,000.

Two properties "sold" this week - in other words, were marked contingent but with issues still to be worked out - one for under $200,000 and looking like a good deal, and the other a waterfront in the 1.5M range. When it closes, if it closes near to its list price, it will be the highest so far this year for the area. Another mid-$100,000 property also sold - and sold enough to be marked "do not show." Still another one - new construction - went directly to pending. Things are happening!

We now have 37 closed single family homes in the Skaneateles area. Two are new this week, both closing in the low $100,000 range. One was on the market for a year, the other for slightly less. They came within 15% of their original list price, too.

The Post-Standard has been listing the sales and the average price of homes in the Sunday paper. It shows that Skaneateles is now under the $500,000 mark and has been for a while. I checked the sales - yes, $250,000 is the median. There has only been one sale closing over one million so far this year. Prices are indeed coming down. But a word of caution here - the towns surrounding the lake - Niles, Spafford, and Sennett - post listings in the multiple listing service in the Skaneateles area (much to the dislike of the service). The newspaper posts them to the actual towns.

Bottom line - homes are selling, the rates are extraordinarily low, and as we all know the market can change rapidly - so buy now!