I wrote last on April 1st, and repeated a blog written 9 years ago. The world was a different place then - no pandemic, Trump just a crazy real estate guy, WelchAllyn was still WelchAllyn, and there were very few million dollar homes. It's different today.
Currently there are 16 single family properties for sale in the Skaneateles area of the multiple listing service. Sixteen. Of these, 6 are in the Village. They range in price from $245,000 to 7.5 million. Eleven of these properties are over a million. Ten are waterfront. The median price is 2.9 million.
There are 19 homes under contract. The median price in this category is $479,000, with only one over a million under contract.
If you look at Skaneateles Schools, you can add 4 in Spafford. Wow! Only 20 to choose from if you want the school district.
There are 30 single family homes sold so far this year. Their prices range from $73,000 to 1.8 million. The median is $369,000. Seven are in the Village.
So let's compare:
In 2012 I said there were only 98 listings. I predicted 2 Village listings would sell in the next 4 months. These days, you can guess in the next 4 days.
Similarly, 25 homes were under contract. Only 20 had closed. That range was $128,000 to $980,000. The median then was $269,000. Of these, 40% were in the Village while today the percentage is 25%.
The greatest difference are the number of single family homes for sale. HUGE! And that 2012 figure was coming off highs close to 150 homes. Imagine! And yet the prices were relatively high, certainly the highest in Onondaga County and really, the median is only $100,000 lower than 2021's current median.
Inventory. It's all inventory. I'd also add in the higher pricing of homes. It's not the same market at all.
Oh yes - my favorite part is how low the rates were: 5%! Today you can get a mortgage for a little over 3%. Who knew? And.......what's coming?
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