Thursday, July 22, 2010

Skaneateles Real Estate - The Weekly Update

I opened up our hotsheet today to check on the new listings. I do it every day - to miss one day is to possibly miss a new home that would be perfect for one of my clients. I check several areas - to do them all would not be efficient. Obviously I look at Skaneateles, Marcellus, Elbridge and Camillus. Spafford, Niles, Owasco and Aurelius give me a view of waterfront for Skaneateles, Owasco and Cayuga Lakes. Other places like Sennett, Brutus and Auburn I just like to watch. Dewitt is in there for comparative purposes, plus mutli-families that several of my clients enjoy buying.

The purpose of this rather lengthy paragraph is to give you a sense of what I do, why and to set up what happened today. Today there were 8 new listings since the last time I checked (yesterday morning). But there were 16 revised prices - kind of gives you the idea of how the market is progressing. People are getting anxious and want to sell. This is a signal, buyers, to buy and buy now!

There are currently 148 active listings in the Skaneateles area of the multiple listing service. Of these, 30 are in the village - a higher number than we've seen in the past since "village" became a separate entity earlier this year. There are also 43 properties tagged as "waterfront." Almost a third of all the listings therefore....

Six new properties came on, of which half are waterfront - or at least lake rights. Two others are "to be built" on town lots. The last is a village home with almost an acre of land. Prices are above the average - ranging from the mid-$300,000 to over 1.5M.

Four homes are marked contingent, continue to show. One new one was "sold" - it had listed in the mid-$100,000. Three are under contract, do not show, while 11 are pended, verging on closing.

So far this year 35 properties have closed. Of these, 4 are waterfront. This compares with 7 each of the last two years and 9 before the market dropped. The number of closings is not as low as 2008 nor as high as 2007. It's fallen off sharply from last year - only one closing in July so far.

That closing was high for not having waterfront or being in the village. Almost new construction (not that old) it closed in the mid-$600,000 range. The owners redeemed what they paid for it which is always good news. Of course a profit would have been nice, I am sure, but right now I will bet they are satisfied.

I have been busy, and I am guessing everyone else has been, too. I have been in the office virtually every night this week attempting to finish everything before going home to a great meal. That Bob will have made, I should add. I do believe the tide has turned and homes will begin selling rapidly - and what sells today will close in September. We'll see!