Real Estate Market Activity Report For Long Island New York

The question we are most often asked as Realtors is “How is the real estate market?”  

Of course the answer requires clarification of the question.  Investors are out in force and there is an abundance of short sales and foreclosures for them to select from.  They are anxious to buy at discount and can.

While interest rates are at historic lows, qualifying for a mortgage has never been more difficult.  This fact, when combined with declining prices, has made the option of renting more attractive than ever and the rental market has become explosive.  Our property management division is the fastest growing segment of our business.

So just how is the residential housing market doing here in Nassau County, New York? 

A recent MLS Real Estate Market Report shows the following:

The Median Sales Price in Nassau County is $394,750.00 up 0.4% from this time last year

The Median Pending Price in Nassau County is $405,000.00 down 1.7% from this time last year.

808 Homes sold in Nassau County in May 2012 which is a 23% increase over this time last year

The Median Property Taxes in Nassau County are $9,500.00 up from $9,200.00 in 2011

What you see as you look at these statistics is that the volume is up but the market values are still on a downward trend and rising property taxes are negatively affecting each and every homeowner.  As taxes rise the value of your property will fall.

 

If you are thinking of moving anytime within the next five years, my advice would be not to wait any longer than is necessary.  If your time frame is longer you may benefit from waiting. 

One group that could benefit from selling now is retirees.  You are likely to sell your home today for more money than you could in the foreseeable future. 

Move-up buyers are another group that could benefit the most from the current market situation.  Most of the time, move-up buyers are looking to buy a larger or more expensive home.  The percentage of price decline is greater the higher you go in price range.  The number of buyers for these high-priced homes is smaller.  For people who are moving up, the amount of home available for the money is at an all-time high. Click here: to view all available Long Island Properties.

Every homeowner should be proactive in protecting the value of their property by doing everything in their power to reduce their property taxes. This of course includes their school taxes.  As the value of your home diminishes so should your property taxes.  If you would like a “free market evaluation” to assure that you are not being over taxed, please contact us.

 

If you’re not sure what category you fall into when it comes to selling your home now, or in the future, contact us. We’re always happy to answer any of your real estate questions.

 

 

Real Estate Market Report for Nassau County, New York

Sold Property Counts For Nassau County, New York

May 2010 – May 2011 May 2012

 

Market Report Chart

Current Available Inventory – 9372

Current Median List Price – $449,000.00


Sold Property Chart

 Pending Sales Median Price For Nassau County

May 2010 – May 2011 May 2012

Pending Sales

Pending Sales Median Price For Nassau County

Pending Sales Graft