Happy New Year!
After a warm start to our winter, and a strong ending for 2015 home sales, I thought you would appreciate a few facts to give you an overall picture of the real estate market in our zip code 11777.
As I write this on January 21, 2016, there are currently 62 houses listed for sale on our MLS. With a total of 78 sales in 2015, that is an absorption rate of 9.5 months—indicating it is still a buyers market in our area. In other words, it will take 9.5 months for all of the current inventory to be absorbed (or SOLD).
However, because the median list price of $620,000 is so much greater than the median sales price from 2015, The absorption rate looks quite different when broken down by price range. Out of the 78 sales last year, 65 of them were under $600,000! So in the active price range the absorption rate is right at the balanced level of 5.5 months. (Please note that this is a guide, and averages are just that—estimations—since every house and its location is unique)
Our many clients rely on us to help them sort through the complicated decisions they face, and you can too. We would love to help you in 2016!
Give us a call or visit www.LongIslandHouseValues.com to get a free market valuation of your home!
Our guide: If the absorption rate is: 6 months… the market is at the balanced benchmark,
Under 6 months…it is a sellers market, Above 6 months… it is a buyers market
The source of the data displayed is public record provided by the MLS of Long Island as of Jan 21, 2016.
Amanda Eckart | Celebrate Your Home Group
Keller Williams Realty Homes & Estates