Aug

16

Deer Park Real Estate: Market Update August, 2008

Filed Under Sellers |

I’m going to compare June 2008 data with July 2008 data. I never liked math in school and I especially disliked statistics. However, like Mr. Alberding said in my 11th grade Math II Regents class (which I repeated from 10th grade due to complete and utter failure), “These statistics are useful.”

According to the Multiple Listing Service of Long Island as of July 8, 2008:

1. 215 = The amount of homes available for sale in Deer Park (11729)

2. 14 = The amount of Closings for the month of June, 2008 in Deer Park.

3. 15.3 = The amount of months of inventory there is in Deer Park

According to the Multiple Listing Service of Long Island as of August 15, 2008:

1. 219 = The amount of homes available for sale in Deer Park (11729)

2. 12= The amount of Closings for the month of June, 2008 in Deer Park.

3. 18.25 = The amount of months of inventory there is in Deer Park

So in this basic analysis, we see an increase in the number of homes available. The market took on 4 more new listings while selling 2 less homes in the month of July. That means we’re taking on more inventory and selling less (this is not good). The average sale price in Deer Park for the month of July was $378,992 compared to $367,928 for June. Aha! The market is coming around! Prices are going up! No it just means that the group of homes sold in July had a few homes in Deer Park that sold for over $500,000, thus boosting the average sale price higher.

I added the average sale price in there to prove Mr. Alberding’s point. Statistics are more than just averages. In my analysis, I take (3) factors that provid an overall sense of where the market is. Months of inventory allows us to measure against the amount of homes for sale and the actual number of sales in a given month. This gives us our outlook for inventory.

The number one market factor impacting the value of homes on Long Island is the available homes for sale. There’s just so much to choose from and there’s simply not enough buyers to purchase every home.

If you want to sell your home, pricing it right is an absolute must.

Need to know the value of your home? Click Here. I’ll be in touch within an hour.

(c) Copyright 2008, www.tommcgiveron.com

By Tom McGiveron


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