Skaneateles Real estate - The Mid-Year Update

I was going to write about the places we've been lately, but then I realized that it had been a long time -  May 25th - since I had written an update. Could be because we've been places....hmmmm...
Anyway, without further ado....

There are currently 77 active listings in the Skaneateles area of the multiple listing service.  Of these, 30 are in the Village and 15 are considered waterfront.  Think about that....this whole entire (gorgeous) lake that I can see while sitting here and typing, has only 15 listings?  I haven't heard the usual question about why there are so many "For Sale" signs on East Lake Road.  There aren't any!  It's rather amazing, but goes right along with the low inventory complaint.  Overall, there are 3 homes listed under $100,000 and 10 over a million.  The median is $365,000.

Twelve of the listings are new since the end of May.  Only one is a re-list of a property, which is unusual but indicates that homes are selling, rather than sitting. 

Twenty-five are under contract, waiting to close.  Five of these are under $100,000 and only one is over a million.  The median is $295,000, notably less than the active 365k median.   Six are newly under contract since the last update.

We now have 50 sold and closed single family homes in the Skaneateles area in 2016.  Two are under $100,000 and 5 are over one million.  The median list price is $325,000.  This sold and closed number is just above where we were last year at this time.

Recently I've been working with buyers looking for homes in Skaneateles - waterfront and elsewhere - plus others in Camillus and Marcellus.  I've also sold a home in Auburn.  As we have looked, I have realized that homes are going quickly, but extremely quickly in Camillus especially.  So I checked the statistics today.

Remember, Skaneateles has about a three to one ratio of active to under contract homes (77 to 25).  Turns out that Marcellus is more like two to one (29 active, 14 under contract.)  Auburn is an accelerated market also: 104 active to 67 under contract.  But Camillus!  Oh my!  They have only 86 active listings and 99 under contract!  Wow!  I've never seen anything close to that in Skaneateles. Ever.

Now let's take it a step further.  I checked on the population of these towns.  As you may know, Skaneateles comes in around 7,200.  Marcellus is smaller with 6,200 good souls.  The City of Auburn now has 27,000 or so people.  Camillus, although larger in physical size, has 24,000 people.

So although Camillus is over 3 times larger than Skaneateles, it has close to the same number of active listings and four times as many homes under contract.  Why?  If you have an idea, please write to me at mbrooks@bhhscnyrealty.com.