Binary skutterudite $CoSb_3$ compounds were prepared by the arc melting and hot pressing processes and their thermoelectric properties were investigated in the range from 300 to 600 K. Annealing effect was correlated to phase transformation and homogenization. Thermoelectric properties of the arc-melted and hot-pressed $CoSb_3$ were discussed and compared. Undoped intrinsic $CoSb_3$ prepared by the arc melting showed p-type conduction, while it showed metallic behavior with increasing measuring temperature. However, hot pressed specimens showed n-type conduction, possibly due to Sb evaporation. Thermoelectric properties were remarkably improved by annealing In vacuum and they were closely related to phase transformation.