The Numbers Behind the Improving Five Towns Market

Last week, I wrote that experts were saying now is the time , and that my personal experience is saying that the market is definitely picking up. It's much busier now than the same time last year.

Some people were dubious of my claims, so I did some number crunching from the Multiple Listing Service of Long Island. The statistics are very interesting, as you can see in the table below:

HOMES THAT CLOSED IN THE FIRST QUARTER OF 2011 vs 2012* (CLOSED means the sales is done and the title has passed to the new owner)

Jan. 1 to March 1

# of Homes CLOSED

Avg List Price

Avg Original Price

Avg Sales Price

Average Days on Market

2011

56

$ 630,968

$ 676,634

$ 567,063

136

2012

71

$ 643,596

$ 693,138

$ 571,121

159

HOMES THAT WENT INTO CONTRACT IN THE FIRST QUARTER OF 2011 vs 2012* (WENT INTO CONTRACT means that the buyer and seller have signed the contract and the home is off the market pending closing. Steps between might include mortgage, appraisal, taking care of open permits, liens etc.)

Jan. 1 to March 1

# of Homes WENT UNDER CONTRACT

Avg List Price

Avg Original Price

Avg Sales Price

Average Days on Market

2011

3

$ 492,000

$ 517,000

N/A

212

2012

68

$ 625,364

$ 659,468

N/A

149

I was not so surprised by the SOLD homes; I knew that things were busier. I was AMAZED by the difference in the number of homes that went under contract in 2011 versus 2012.

Part of it is attributable to the weather, as last winter was harsh and this winter was mild. The other part is optimism on the economy, and the fact that it appears that our market might have bottomed.

What does this mean? It means whether you are looking to buy or sell, now is the time.

That got me to thinking, how many homes are currently listed? And how many were listed in the same time periods this year and last…

In the first quarter of 2011, 183 homes came on the market.*

In the first quarter of 2012, 176 homes came on the market.*

It’s all about supply and demand. Right now we have the demand — and in some neighborhoods we just don’t have the supply.

Want specifics on your neighborhood? Just contact me and I will be happy to share them.

Click here to see Five Towns homes for sale.

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Let me know how I can help make your real estate dreams come true.

Questions? Comments? I’d love to hear from you.

Donna Galinsky
Pugatch Realty Corp
Five Towns Real Estate Guide
516-317-9253

*Figures are based on home sales in the Five Towns of Atlantic Beach, Cedarhurst, Hewlett, Hewlett Bay Park, Hewlett Harbor, Hewlett Neck, Inwood, Lawrence, North Woodmere, Woodmere and Woodsburgh.