Sep

18

Long Island Real Estate Market: High Sales In August!

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I have featured information on the Long Island real estate market for 2 years and I’m still waiting to entitle an article, “Long Island Real Estate Market: We Have Hit The Bottom”. Unfortunately (for sellers), this month, we’re not there yet.

However, for the local market, and many other markets across the country, this spring season brought on a number of contracts which of course closed in August. Remember, a home that closes in one month, went to contract in earlier months. The months of July, August, and a portion of September are great indicators for how busy a market was in May and June.

Long Island saw increasing sales in each subsequent month (with September’s numbers still to be completed).

But of course, I want to examine not only August, 2009, but also compare it to months previous. This will let us know how the month of August really was and how the market is doing overall.

august-09.jpg

Again, I continue to come back to the point of how inventory is affecting the market. Yes, sales are up…way up.

june-09-inventory-vs-sales.jpg

From June to August, we see a solid spike in sales. This is fantastic. More homes are selling. I believe this trend will continue through the rest of the year. Buyers know it’s time to buy. Of course, it’s not good enough. For sellers, 3000 sales would have been very welcomed and real estate brokers would like that too!

The fact of the matter is, in August, 1 in 10 homes sold. So for every 10 homes out there, if you’re a seller in this market, ask yourself this, “Am I going to be that 1 in 10 that sells?”

Let’s go back a bit further.

august-08.jpg

Now sales in August, 2009 appear to have gone up marginally (about 5%) from August of 2008. But the good indicator is the drop in homes for sale (over 3750 less on the market).

I have been telling homeowners all over the Island, that it’s small steps that are getting us back to a recovery in the housing market. At this rate of improvement, we’ll get there, it’s just going to take time. What does this mean? It means that home values are going to continue going down. But if a home is priced right, it will sell, as evidenced by all our increased sales. Buyers are buying.

For a comprehensive home value assessment, call me at 1-877-765-3123, ext. 51.

(c) Copyright, 2009 www.tommcgiveron.com
By Thomas McGiveron, LSA



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  1. Long Island Real Estate Market | Tom McGiveron | Coldwell Banker Realtors on September 22, 2009 10:26 am

    […] bringing things back down to us, read my last articles about the Long Island market: August Update Distressed […]