Long Island Relocation>> Long Island Real Estate

The following is the weekly update of Long Island Bank Owned Homes.  Each week, I will be providing an updated list of the bank owned homes that came on the market on Long Island during the previous week.  This weekly list is broken down by price ranges.  Under each price range, you will find a list of towns that had bank owned homes newly listed during the week.  Each town is listed as a hyperlink, which can be clicked on for more information about the community with the bank owned homes (demographics, census bureau information, etc.).

Because of the number of bank owned homes coming on the market each week, it is not feasible to give details about each newly listed bank owned home in this format.  If you are a homebuyer or investor interested in finding a bank owned home on Long Island, please feel free to contact me, and I will be happy to customize a search to fit your specific needs. 

The following is a Long Island Market trend report featuring market trend reports from six school districts in Suffolk County and six school districts in Nassau County for March and for the first quarter of 2008.  The March Market Reports provide a year-over-year summary (2007 vs. 2008), in addition to a month-over-month summary, and a comparison of the first quarter of 2007 and 2008.

Each monthly market report compares and contrasts the coinciding month from the previous year, as well as the preceeding month from this year.  By the time that 2008 is completed, you will be able to see the trends on a monthly, quarterly and annual basis.  The information provided will show the busiest times of the year for listings and sales, as well as the slowest times of the year to listings and sales.

These reports feature the street name, town, listing price, sales price and days on the market for individual homes.  This will allow anyone that reads these reports to track comparable properties throughout the year. 

If you are a consumer living in an area that is not part of these monthly reports, but you are interested in seeing the trends in your particular area, please don't hesitate to contact me.  I would be happy to create a custom report for you.  All of my contact information is listed at the bottom of this page.

Below, you will find links to each of the 12 market reports that were created for March 2008 and the first quarter of the year.

SUFFOLK COUNTY

Hauppauge School District Homes ~ Market Trend Report ~ March 2008

Commack School District Homes ~ Market Trend Report ~ March 2008

Three Village School District Homes ~ Market Trend Report ~ March 2008

Smithtown School District Homes ~ Market Trend Report ~ March 2008

Kings Park School District Homes ~ Market Trend Report ~ March 2008

Half Hollow Hills School District Homes ~ Market Trend Report ~ March 2008

The following is the March 2008 Home Trends Market Report for the Jericho School District.  This report shows month-by-month comparisons, in addition to year-over-year market trends.  Since this report comes at the end of the first quarter of the year, there is also a comparison of the year-over-year quarterly market trends.  This report provides statistical information about homes sold in the Jericho School District including:  location of homes, list price, sold price and days on market.

It is important to note that monthly reports provide a relatively small sampling of homes which often times results in extreme fluctuations that may or may not be indicative of the market trend for the Jericho School District.  The quarterly market trend has more data, and as such, gives a more accurate look at the current market trend.  However, it should be noted that the market data is still relatively small and subject to extreme fluctuations based on sales that are atypical of the rest of the sales in the Jericho School District. 

This report is designed to give factual information about sales in the Jericho School District.  As is the case with many school districts on Long Island, the Jericho School District has a very broad spectrum of home prices (starter, mid-level, luxury), and the value of individual homes cannot be determined by evaluating broad market trends.  If you are interested in finding out the market value for your particular home, you should consider having an actual market analysis done. 

These reports are done by school district rather than town because school districts play a very important role in home prices on Long Island.   

Below the actual data you will find an analysis of the real estate trends for homes in the Jericho School District.

MARCH 2008 HOME SALES

MARCH 2007 HOME SALES

MONTH-BY-MONTH & FIRST QUARTER YEAR-OVER-YEAR COMPARISONS 

MARKET TREND ANALYSIS: 

The trend for home sales in the Jericho School District largely depends on the types of homes that are on the market at any given time.  There is a limited amount of statiscal data due to the amount of closings in any given month, and the numbers can be easily skewed by the sale of a luxury home.  For example, the average list price and sales price was significantly higher in March of 2007 vs. March of 2008, but most of this is due to the sale of a home for $6.5 million.  It is best to evaluate each home sale with comparable homes.

CONCLUSION:

The Jericho School District is comprised of a wide variety of homes, and there is a large gap between the homes at the lower end of the market and the luxury homes at the high end of the market.  Each home seller and homebuyer should evaluate the homes that are selling in their sector of the market.  Opportunity does exist for homebuyers that are looking to get into the area due the economic stimulus package, which has raised the FHA and Jumbo loan limits through the end of 2008.  This won't have much impact on the luxury homes in the market, but it may create an opportunity for those looking at homes in a lower price range.

The following is the March 2008 Home Trends Market Report for the Syosset School District.  This report shows month-by-month comparisons, in addition to year-over-year market trends.  Since this report comes at the end of the first quarter of the year, there is also a comparison of the year-over-year quarterly market trends.  This report provides statistical information about homes sold in the Syosset School District including:  location of homes, list price, sold price and days on market.

It is important to note that monthly reports provide a relatively small sampling of homes which often times results in extreme fluctuations that may or may not be indicative of the market trend for the Syosset School District.  The quarterly market trend has more data, and as such, gives a more accurate look at the current market trend.  However, it should be noted that the market data is still relatively small and subject to extreme fluctuations based on sales that are atypical of the rest of the sales in the Syosset School District. 

This report is designed to give factual information about sales in the Syosset School District.  As is the case with many school districts on Long Island, the Syosset School District has a very broad spectrum of home prices (starter, mid-level, luxury), and the value of individual homes cannot be determined by evaluating broad market trends.  If you are interested in finding out the market value for your particular home, you should consider having an actual market analysis done. 

These reports are done by school district rather than town because school districts play a very important role in home prices on Long Island.   

Below the actual data you will find an analysis of the real estate trends for homes in the Syosset School District.

MARCH 2008 HOME SALES

MARCH 2007 HOME SALES

MONTH-BY-MONTH & FIRST QUARTER YEAR-OVER-YEAR COMPARISONS 

MARKET TREND ANALYSIS: 

As is the case with many of the areas on Long Island, the home trends in the Syosset School District fluctuate from month-to-month.  However, the quarterly numbers year-over-year, have shown a modest decline in home prices.  The average days on market is slightly lower this year, and the ratio of sales price to list price remained relatively stable as well.   Inventory is also on the rise, but only by a marginal amount, as compared to the first quarter of 2007.

CONCLUSION:

Homeowners are facing more competition with the rise in inventory.  Like most areas, the homeowners that are motivated to sell their homes should price the home accordingly.  Homebuyers looking to buy a home in the Syosset School District will benefit from relatively low interest rates, and prices that have come down a bit.  In addition, the economic stimulus package has raised the FHA and Jumbo loan limits until the end of 2008.  All of these factors make for an excellent buying opportunity for those looking to get into the area.

The following is the March 2008 Home Trends Market Report for the Plainview - Old Bethpage School District.  This report shows month-by-month comparisons, in addition to year-over-year market trends.  Since this report comes at the end of the first quarter of the year, there is also a comparison of the year-over-year quarterly market trends.  This report provides statistical information about homes sold in the Plainview - Old Bethpage School District including:  location of homes, list price, sold price and days on market.

It is important to note that monthly reports provide a relatively small sampling of homes which often times results in extreme fluctuations that may or may not be indicative of the market trend for the Plainview - Old Bethpage School District.  The quarterly market trend has more data, and as such, gives a more accurate look at the current market trend.  However, it should be noted that the market data is still relatively small and subject to extreme fluctuations based on sales that are atypical of the rest of the sales in the Plainview - Old Bethpage School District. 

This report is designed to give factual information about sales in the Plainview - Old Bethpage School District.  As is the case with many school districts on Long Island, the Plainview - Old Bethpage School District has a very broad spectrum of home prices (starter, mid-level, luxury), and the value of individual homes cannot be determined by evaluating broad market trends.  If you are interested in finding out the market value for your particular home, you should consider having an actual market analysis done. 

These reports are done by school district rather than town because school districts play a very important role in home prices on Long Island.   

Below the actual data you will find an analysis of the real estate trends for homes in the Plainview - Old Bethpage School District.

MARCH 2008 HOME SALES

MARCH 2007 HOME SALES

MONTH-BY-MONTH & FIRST QUARTER YEAR-OVER-YEAR COMPARISONS 

MARKET TREND ANALYSIS: 

The trend in the Plainview - Old Bethpage School District for home sales is interesting, to say the least.  On one hand, inventory is rising, and there have been less closings, particularly in comparison to the first quarter of 2007.  The other number that is rising is the days on market.  Both of these numbers usually go hand-in-hand with a softening of home prices, but this is not the case here.  Home prices for March were the highest that they've been all year long, and the home prices in the first quarter of 2008 are very close to the home prices for the same time last year.  The bottom line for most people is sales price, and based on the statistics, the sales prices are holding their levels.

CONCLUSION:

It would appear that homeowners are now pricing their home more competitively, at least the ones whose homes are actually selling, as evidenced by the improvement in the ratio of sales price to the list price.  With inventory rising, it is important for homeowners to be priced for a competitive environment, and homes should be in the best condition possible to attract offers.

Homebuyers have an opportunity now to find the home that best fits their needs due to the amount of inventory available in the Plainview - Old Bethapage School District.  The opportunity is magnified by the fact that the economic stimulus package has raised the loan limits on FHA and Jumbo loan limits until the end of 2008, and also by the fact that interest rates are still near historical lows. 

The following is the March 2008 Home Trends Market Report for the Bethpage School District.  This report shows month-by-month comparisons, in addition to year-over-year market trends.  Since this report comes at the end of the first quarter of the year, there is also a comparison of the year-over-year quarterly market trends.  This report provides statistical information about homes sold in the Bethpage School District including:  location of homes, list price, sold price and days on market.

It is important to note that monthly reports provide a relatively small sampling of homes which often times results in extreme fluctuations that may or may not be indicative of the market trend for the Bethpage School District.  The quarterly market trend has more data, and as such, gives a more accurate look at the current market trend.  However, it should be noted that the market data is still relatively small and subject to extreme fluctuations based on sales that are atypical of the rest of the sales in the Bethpage School District. 

This report is designed to give factual information about sales in the Bethpage School District.  If you are interested in finding out the market value for your particular home, you should consider having an actual market analysis done. 

These reports are done by school district rather than town because school districts play a very important role in home prices on Long Island.   

Below the actual data you will find an analysis of the real estate trends for homes in the Bethpage School District.

MARCH 2008 HOME SALES

MARCH 2007 HOME SALES

MONTH-BY-MONTH & FIRST QUARTER YEAR-OVER-YEAR COMPARISONS 

MARKET TREND ANALYSIS: 

Based on the January and February year-over-year statistics, it appeared that the market was softening in the Bethpage School District.  However, March 2008 showed a vast improvement over March 2007.  The numbers for March of 2008 were extremely strong.  While the first quarter of 2008 was weaker than the first quarter of 2007, it is mostly due to the numbers from January and February.  If March is any indication of the trend in the area, things are definitely looking up.

CONCLUSION:

One month does not make a trend, but homeowners in the Bethpage School District should be pleased with the March numbers.  The most positive statistic is that 12 new homes came on the market during the month, and there were also 12 closings.  It is very rare in the current market to have a month where inventory did NOT increase.  Home prices are based on supply and demand, just like any other product.  When inventory is high, prices are usually dropping, and when inventory is low, prices are usually rising.  The fact that the ratio of sales price to the list price rose by 3 percentage points is also a good sign, and sales prices were higher than any other time this year.

Homeowners are pricing their homes to sell in the area, as average days on market is decreasing, and sitting a level that is lower than most areas.  Homebuyers should take into account that the media may focus on the softening national real estate market, but the fact of the matter is that the market in the Bethpage School District is showing some very positive trends.  Any homebuyers waiting for a market "bottom" may end up missing out on an opportunity to buy while interest rates are still low. Furthermore, the economic stimulus package has raised the loan limits for both FHA and Jumbo loans until the end of 2008.

The following is the March 2008 Home Trends Market Report for the Hicksville School District.  This report shows month-by-month comparisons, in addition to year-over-year market trends.  Since this report comes at the end of the first quarter of the year, there is also a comparison of the year-over-year quarterly market trends.  This report provides statistical information about homes sold in the Hicksville School District including:  location of homes, list price, sold price and days on market.

It is important to note that monthly reports provide a relatively small sampling of homes which often times results in extreme fluctuations that may or may not be indicative of the market trend for the Hicksville School District.  The quarterly market trend has more data, and as such, gives a more accurate look at the current market trend.  However, it should be noted that the market data is still relatively small and subject to extreme fluctuations based on sales that are atypical of the rest of the sales in the Hicksville School District. 

This report is designed to give factual information about sales in the Hicksville School District.  If you are interested in finding out the market value for your particular home, you should consider having an actual market analysis done. 

These reports are done by school district rather than town because school districts play a very important role in home prices on Long Island.   

Below the actual data you will find an analysis of the real estate trends for homes in the Hicksville School District.

MARCH 2008 HOME SALES

MARCH 2007 HOME SALES

MONTH-BY-MONTH & FIRST QUARTER YEAR-OVER-YEAR COMPARISONS 

MARKET TREND ANALYSIS: 

Overall, the market trend for the Hicksville School District is relatively flat.  The monthly numbers tend to fluctuate up and down, but an examination of the numbers from the first quarter of 2008 vs. the first quarter of 2007 show that home prices have remained steady.  Inventory has increased, but only slightly.  Average days on market is basically the same as it was this time last year, and the ratio of sales price to list price only decreased slightly.  However, the ratio of list price to sales price showed a noticeable deterioration in March.  This could be a one-month anomoly, more than a trend.  This will be determined in future months.

CONCLUSION:

Home prices have remained steady in the Hicksville School District, but many homes that come on the market are not selling due to being overpriced.  The homes that are selling are properly priced for a competitive market, and in "showroom" condition.  If you are a homeowner that is motivated to sell your home, you should price the home accordingly.

Homebuyers will have good selection of homes to choose from, and there are some opportunities for first-time homebuyers that didn't exist previously.  Interest rates are near historical lows, and the economic stimulus package has raised the rates on FHA and Jumbo loan limits until the end of 2008.  This could be very helpful to homeowners that have less of a down payment, but have the income to qualify for a loan.

The following is the March 2008 Home Trends Market Report for the Levittown School District.  This report shows month-by-month comparisons, in addition to year-over-year market trends.  Since this report comes at the end of the first quarter of the year, there is also a comparison of the year-over-year quarterly market trends.  This report provides statistical information about homes sold in the Levittown School District including:  location of homes, list price, sold price and days on market.

It is important to note that monthly reports provide a relatively small sampling of homes which often times results in extreme fluctuations that may or may not be indicative of the market trend for the Levittown School District.  The quarterly market trend has more data, and as such, gives a more accurate look at the current market trend.  However, it should be noted that the market data is still relatively small and subject to extreme fluctuations based on sales that are atypical of the rest of the sales in the Levittown School District. 

This report is designed to give factual information about sales in the Levittown School District.  If you are interested in finding out the market value for your particular home, you should consider having an actual market analysis done. 

These reports are done by school district rather than town because school districts play a very important role in home prices on Long Island.   

Below the actual data you will find an analysis of the real estate trends for homes in the Levittown School District.

MARCH 2008 HOME SALES

MARCH 2007 HOME SALES

MONTH-BY-MONTH & FIRST QUARTER YEAR-OVER-YEAR COMPARISONS 

MARKET TREND ANALYSIS: 

Inventory is on the rise in the Levittown School District, although it hasn't made a noticeable impact on housing prices.  Home prices are down from February, but slightly higher than January.  Home prices are down for the first quarter of 2008 compared to 2007, but by a very minimal amount.  Rising inventory would usually indicate dropping prices, but not in this case.  The most logical explanation for this is that there are homeowners that are pricing to sell, and those are the homes that are selling, while overpriced homes are languishing on the market.  The ratio of sales price to list price is consistent, and the days on market is only up slightly.

CONCLUSION:

Homeowners that want to sell their homes in the Levittown School District need to realize that there is a lot of competition out there, and pricing properly is the key to success.  In addition, the homes that are in the best showing condition are the ones that get the best offers.  This is true of all areas, but particularly in an area with inventory on the rise.  Homebuyers will have a large number of homes to choose from, and should be able to find a home that best fits their needs.  First-time homebuyers will likely gravitate towards the area, as there are some homes selling for under $300,000.

The following is the March 2008 Home Trends Market Report for the Three Village School District.  This report shows month-by-month comparisons, in addition to year-over-year market trends.  Since this report comes at the end of the first quarter of the year, there is also a comparison of the year-over-year quarterly market trends.  This report provides statistical information about homes sold in the Three Village School District including:  location of homes, list price, sold price and days on market.

It is important to note that monthly reports provide a relatively small sampling of homes which often times results in extreme fluctuations that may or may not be indicative of the market trend for the Three Village School District.  The quarterly market trend has more data, and as such, gives a more accurate look at the current market trend.  However, it should be noted that the market data is still relatively small and subject to extreme fluctuations based on sales that are atypical of the rest of the sales in the Three Village School District. 

This report is designed to give factual information about sales in the Three Village School District.  As is the case with many school districts on Long Island, the Three Village School District has a very broad spectrum of home prices (starter, mid-level, luxury), and the value of individual homes cannot be determined by evaluating broad market trends.  If you are interested in finding out the market value for your particular home, you should consider having an actual market analysis done. 

These reports are done by school district rather than town because school districts play a very important role in home prices on Long Island.   

Below the actual data you will find an analysis of the real estate trends for homes in the Three Village School District.

MARCH 2008 HOME SALES

MARCH 2007 HOME SALES

MONTH-BY-MONTH & FIRST QUARTER YEAR-OVER-YEAR COMPARISONS 

MARKET TREND ANALYSIS: 

The home prices in the Three Village School District have more fluctuation than most other areas.  This is mainly due to the fact that there is a wide disparity between home prices for starter homes and the prices for high-end luxury homes.  This makes it much more difficult to identify market trends based on price.  In this type of market, it is much more prudent to look at numbers such as inventory, ratio of sales price to list price and average days on market.  Based on these numbers, it shows that the market is slightly declining.  Inventory is increasing on both a monthly and quarterly year-over-year basis.  During the first quarter of 2008, the ratio of sales price to list price deteriorated, while the average days on market increased.  All of these signs point towards a buyer's market for the area.

CONCLUSION:

It is essential that homeowners looking to sell their homes take a good look at the comparables for other homes in their immediate area and price range.  Being that the Three Village School District is so large, it is difficult to use such a broad spectrum report to determine a market trend.  It's possible that part of the market could be rising while another segment of the market could be declining.  Although this is true in all areas, the laws of supply and demand are much more impactful in this area.  If there are a limited amount of luxury homes, the market may very well command top dollar.  On the other hand, if there are a large number of similar starter homes, the buying public will gravitate towards those homes in the best condition and priced the most competitively.

If you are a buyer looking to get into the Three Village School District, there are some very good buying opportunities.  The increase in inventory bodes well for buyers as it pressures sellers to price their homes competitively.  The economic stimulus package, which raised FHA and Jumbo loan limits until the end of 2008 should be a great incentive for those looking to buy in the area.  Mortgage rates are still near historical lows, inventory is up and prices have come down a bit, making this an ideal time to be buying a home in the Three Village School District.

The following is the March 2008 Home Trends Market Report for the Commack School District.  This report shows month-by-month comparisons, in addition to year-over-year market trends.  Since this report comes at the end of the first quarter of the year, there is also a comparison of the year-over-year quarterly market trends.  This report provides statistical information about homes sold in the Commack School District including:  location of homes, list price, sold price and days on market.

It is important to note that monthly reports provide a relatively small sampling of homes which often times results in extreme fluctuations that may or may not be indicative of the market trend for the Commack School District.  The quarterly market trend has more data, and as such, gives a more accurate look at the current market trend.  However, it should be noted that the market data is still relatively small and subject to extreme fluctuations based on sales that are atypical of the rest of the sales in the Commack School District. 

This report is designed to give factual information about sales in the Commack School District.  As is the case with many school districts on Long Island, the Commack School District has a very broad spectrum of home prices (starter, mid-level, luxury), and the value of individual homes cannot be determined by evaluating broad market trends.  If you are interested in finding out the market value for your particular home, you should consider having an actual market analysis done. 

These reports are done by school district rather than town because school districts play a very important role in home prices on Long Island.   

Below the actual data you will find an analysis of the real estate trends for homes in the Commack School District.

MARCH 2008 HOME SALES

MARCH 2007 HOME SALES

MONTH-BY-MONTH & FIRST QUARTER YEAR-OVER-YEAR COMPARISONS 

MARKET TREND ANALYSIS: 

The market trend for homes in the Commack School District shows that home prices are declining slightly, and that the market is very much a buyer's market.  Overall, market conditions deteriorated for the month of March, as list price, sales price and ratio of sales price to list price all declined.  The average time on market remained relatively close to what it has been over the past few months, and also in the first quarter of 2007.  Inventory has been increasing at about the same rate as it did for January and February, but at a higher rate than the first quarter of 2007.

CONCLUSION: 

If you are a seller in the Commack School District, there is competition due to the inventory.  The homes that are selling are usually doing so in around four months.  Sellers that are motivated should be pricing their homes for the current market conditions, and take into account the other homes that are on the market, as they are competing for the same buyers.

If you are a buyer looking for a home in the Commack School District, you have an opportunity to find a home at a good price and/or in move-in condition.  The increase in the FHA and Jumbo loan limits, which are in effect until the end of 2008, should prove beneficial for those that are looking for financing to move into the area.  Mortgage rates are still relatively low, so this is an excellent time to be shopping for a home in the Commack School District.