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.
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