Nov

11

Long Island Real Estate Market: Numbers That Add Up To “WOW”

Filed Under Sellers |

Throughout the Long Island real estate market, sellers are wondering where the market is going. In order to make any prediction, one only has to look at what has happened to the industry during the past year.

According to the Multiple Listing Service of Long Island, in October 2007, there were 2,871 real estate offices throughout Long Island (Queens, Nassau, Suffolk). As of October 2008, there are 2660 real estate offices still in business. That’s a whopping 211 office closings in one year.


According to the Multiple Listing Service of Long Island, $12,787,251,000 worth of real estate was sold during the months of January through October of 2007. Compare this to the $8,755,692,338 of real estate sold during January through October of 2008. That is a tremendous decline of over 4 Billion (with a “B”) dollars.

The average home sold for $456,500 this year in October. October of last year, the average home sold for $521,200. That’s a 12.5% decline in prices from October 2007 to October 2008. And in September of 2008, homes sold throughout Long Island for an average $478,100. Comparing that to October of this year, that’s over 4% decline in prices on one month!

So if an owner asks me where I think the market is going, the answer is simple - down. Period. No one has a crystal ball, but I can safely say that and not think twice about it. Sure there are some bright spots which have been discussed in previous articles, but ultimately, if you have plans to move on in life, holding on until next Spring or even Spring, 2010, you’ll be faced with a significant loss of equity.

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Click the image to enlarge.

If your current real estate agent is not keeping you up to date with these facts, tell them you want the information you need to make the best decision for you and your family. If you’re in the midst of deciding whether or not you want to sell, it is imperative that you call a qualified real estate agent in your area. Since I already have the information at my fingertips, why not call me right now at 631.831.9048 and let’s discuss how I will sell your property fast, with no hassles while your neighbors sit on the market, watching their equity fly out the window.

(c) Copyright 2008, www.tommcgiveron.com

By Thomas McGiveron, Licensed Real Estate Salesperson



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