.

The Five Towns Real Estate Market: 2011 vs. 2012

Looking at how this year fares.

I find market statistics to be a very interesting thing. It’s always good to look at this year as compared to last year and see how the real estate market in our area is doing.

The following comparisons are for Jan. 1 to April 30 of 2011 and Jan. 1 to April 30 of 2012 for Atlantic Beach, Cedarhurst, Hewlett, Hewlett Bay Park, Hewlett Harbor, Hewlett Neck, Inwood, Lawrence, North Woodmere, Woodmere and Woodsburgh, as well as the surrounding areas of Lynbrook and East Rockaway.

From Jan 1., 2011, to April 30, 2011 – 123 homes CLOSED (sale is complete and title has passed) in the Five Towns and surrounding areas. The average listing price was $532,030 and the average sale price was $ 487,458 — a difference of 8 percent. The average home was on the market for 131 days.

From Jan. 1, 2012, to April 30, 2012 — 138 homes CLOSED (sale is complete and title has passed) in the Five Towns and surrounding areas. The average listing price was $534,570 and the average sale price was $487,839 – a difference of 10 percent. The average home was on the market for 140 days.

What does this tell me? The increase in SOLD homes was 12 percent over last year's sales for the same period. Listing prices have gone up a touch and sales prices have stayed about the same — this accounts for the difference of 10 percent vs. 8 percent in the prices. Says on the market has gone up slightly.

Homes are selling. Homes that are priced right are selling quickly. The homes that are on the market longest are homes that were priced incorrectly.

Want to know what your Long Island home is worth? Give me a call for a free no obligation CMA.

Donna Galinsky
Pugatch Realty Corp
516-317-9253
FindYourHomeLI.com
SellYourHomeLI.com
Five Towns Real Estate Blog

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.

EM May 30, 2012 at 07:23 PM
The comparison is flawed. 2012 was an unusually hot winter which frontloaded sales that otherwise would have occured in the spring. What does the same statistics look like for 5/1/10 - 04/30/11 compared to 5/1/11 - 04/30/12? I'd bet the market has declined further.
Bojames May 31, 2012 at 12:12 PM
This may be due in part to the high taxes. More so for homes that do NOT have "clergy exemption" ( NYS Real Property Law 460 ) which in Nassau Co. can be as high as $14,900! when the law actually states $1,500. Ask your county rep why this error continues.
Donna Galinsky May 31, 2012 at 01:52 PM
2010 to 2011 to 2012 definitely saw overall price depreciations. What many experts think we are seeing now is the forming of a bottom. Unfortunately we do not know for sure it is a bottom until after it is over. The low interest rates have helped increase home sales. In this area the taxes do have a direct effect on prices. Since people are typically buying a payment amount, the higher the taxes the less they can afford on the house.

Boards

More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something