First Quarter Home Sales North Fork and East End Long Island

April 2nd, 2009 category: Real Estate News

The following information is obtained from the MLSLI. While deemed reliable, no guarantees.

The following figures represent homes CLOSED on the North fork of Long Island from Jan. 1, 2009 through March 31, 2009.

For purposes of comparison, statistics from the same period in 2008 are included.

The second set of figures is for homes put under contract in the same time frame.

HOMES CLOSED, NORTH FORK LONG ISLAND
JAN 1-MARCH 31 2009: 62
JAN 1-MARCH 31 2008: 73

MEDIAN CLOSED PRICING
JAN 1-MARCH 31 2009: $375K
JAN 1-MARCH 31 2008: $435K

HOMES UNDER CONTRACT, NORTH FORK OF LONG ISLAND
JAN 1-MARCH 31 2009: 75
JAN 1-MARCH 31 2008: 120

MEDIAN LISTING PRICE JAN 1- MARCH 31 2009: $399K (closed pricing for all properties is unavailable, as some haven’t closed).

MEDIAN LISTING PRICE JAN 1- MARCH 31 2008: $482,438K

We are not including days on market- because enough agencies let a listing expire, to be re-entered, the days on market offer little insight. It’s called “refreshing” listings. While outside of the rules of MLSLI, it happens often enough to deem days on market unreliable.

Clearly, sales activity is down for 2009.
The difference in contracts written shows a drop of 42%.

While spring is a “selling season”, buyers appear to be seeking out properties under $400k; the median pricing for the first quarter on closed contracts (while absent all closings) shows a preliminary median price point of $ $337,750.

This figure will change as first quarter contracts close in the coming months; nonetheless, those that have closed are pricing out at roughly 12% below 2008 figures.

Tight lending restrictions continue to wreak havoc with buyers that might buy, but are lacking a sufficient down payment/credit score. Until pricing reaches a level of attainability for “regular” buyers, we may well see continuing price drops. When affordability matches the income of buyers who will qualify under strict guidelines, the “bottom” will be visible. Until then, it’s a moving target.

A “recovery” is not a return to bubble pricing; a “recovery” is a return to conservative lending, with properties that are attainable under these guidelines, with buyers able to purchase under the “new” (old) parameters. While likely frustrating for many sellers intent on higher pricing,

there will not be a return to the bubble pricing anytime soon.

If you don’t have to sell…this market provides a compelling reason to stay put.

If you do need to sell, price it right- it’s the only way that your property is going to be appealing (and attainable) for buyers seeking a home on the North fork.

There are currently 761 homes available (excluding mobile homes) on the North fork of Long Island.

*This blog offers opinions only. Content is subjective.

To search available condos or homes for sale on the North Fork / East End Long Island or condos on the North Fork of Long Island, click “north fork homes”, enter your area of interest and any parameters, and click “go”- properties for sale include Riverhead, Aquebogue, Baiting Hollow, Calverton, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, and Orient Point, NY.

To get more specific local North Fork or East End & Hamptons real estate information, fill out the form below with your questions/comments. We know how to find properties coming on the market, and available. If you’re looking for a foreclosure on any part of Long Island, we’ll help you find it.

This entry was posted on Thursday, April 2nd, 2009 at 5:55 pm and is filed under Real Estate News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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