Long Island Real Estate Market - It's Starting to Look UglyFor the Long Island real estate market, as we move forward into the abyss...no scratch that... As we move forward towards certain doom...nope, not going there... As we look toward the dark days that lie ahead...no, no... As we look toward the future...(breathe)...there are definitely going to be some bumps in the road. Okay, that was much better. I recently went ahead and started taking a close look at individual towns throughout the Long Island real estate market and their last 30 days of activity. I focused on a few characteristics and I will share them in this article. They are: I will be delivering an updated foreclosure report in the coming weeks, because ultimately, the situation with home values is going to be crushed by the wave of pending foreclosures throughout the Long Island real estate market. The following is a breakdown of towns that I randomly chose to include in this article. If you want information on a specific town, not featured in the article - leave a comment or call me. Town West Islip Babylon Farmingdale Amityville Huntington Smithtown Brentwood Massapequa Elmont W. Babylon Riverhead Manorville Mastic Now after looking at these numbers, you can see that the amount of closings is significantly low. For example, in Mastic, New York, there are over 500 homes for sale. With only 12 closings in the last 30 days, that translates to less than 2% of the market selling. In Riverhead, New York, there were less than 5 closings during the last 30 days. Additionally, in West Babylon, the average selling price for the previous 30 days was less than $315,000 and in Farmingdale, the average has dipped below $400,000 down to $379,265. While some high end homes closed in towns like Huntington, West Islip and Massapequa, you can tell by their averages that most of the homes in those areas are significantly less in selling prices and, those homes that did sell for over 1 million dollars have lost significant equity value to sell at those prices. With the continued increase of foreclosures throughout the Long Island real estate market, homeowners must take into consideration that it is not going to get better overnight. Anyone who wants to sell their home should know this information and take it very seriously. Labels: Long Island Real Estate Market - It's Starting to Look Ugly |