Thursday, October 7, 2010

Skaneateles Real Estate - The Weekly Update

The Apple Fest is this weekend - so beware driving down Route 20 around Lafayette! The trees are magnificent this time of year - always are - and the sun feels so good after a day or two of rain.

This is really a slow week, as I look at the numbers. There are currently 142 active listings in the Skaneateles area of the multiple listing service, of which 32 are in the village. Not a single home came on the market this week - I have to believe this is a first since I started this blog well over two years ago! Nothing was marked contingent, but a very lovely home out in the town with acreage was listed as pending. There are altogether then 26 homes waiting to close, some of which have been waiting a very long time, according to my records.

Two properties closed this week - hooray! One was a lovely place - with acreage - that came down in price tremendously until it found its selling price in the mid-$300,000. Another property - also with acreage - found it right away and sold within a couple weeks of listing. In both these cases, the closed price was about 75% of the original list price.

I had a request from a loyal reader (let's call her LR) to examine the median price of homes sold in the area. This isn't the average, but the middle price. Same number below as above. I searched looking for the list price - but as you can see, the more accurate number would have been the sales price, but this will have to do.

In Skaneateles this year, the median list price of a sold property is $239,000. Last year at this time it was $325,000. In 2008 the number was $387,500. Obviously a great change - but then Skaneateles is different, as we all should know by now.

In Camillus which is having a difficult year (162 ytd) the median list price is $135,000. Last year it was $132,500 and the year before $139,900 on 227 closed sales. Remarkably similar!

So is Marcellus - 2010 $158,900 on 54 sales (more than Skaneateles!), 2009 $162,900 on 43 sales, 2008 $157,000 on 51 sales.

Elbridge is very interesting. This year is their off year - only 25 sales with a median list price of $88,000. The last two years the list price was $119,000 with sales of 37 homes and 47 homes respectively.

Skaneateles is a market unto itself. Certainly none of the other towns had sales of over a million dollars, so a mean price would be vastly different. It is still by far the highest priced area in Onondaga County - I would imagine all of Central New York. And on a brilliant fall day like this one is turning out to be it is clear why people spend the money to be here.