Positive Signs – North Fork / East End of Long Island Housing | North Fork, Long Island, NY Real Estate Blog OptionsRealty.com

Positive Signs – North Fork / East End of Long Island Housing

September 13th, 2009 category: Real Estate News

We recently read the following article found here, and were encouraged that pricing appears to have found a “floor” in many parts of the country.

When considering the market of homes for sale vs. homes sold on the east end of Long Island, volume of under contract properties over the spring and summer months did NOT show a significant difference over 2008. What was different were sold prices from ‘08 to ‘09, as we tracked the progress of the North fork.

In addition to reviewing such data, we also keep a very close watch on the number of lis pendens (pre foreclosure actions) filed on the east end, seeking to establish if there is a slowdown occurring with properties in jeopardy.

Our reason for paying close attention to this segment of the market is simply to gauge whether or not there is a likelihood of prices continuing to drop, or a “floor” established that suggests that those in jeopardy of losing their homes to foreclosure have decreased (thus offering a more solid pricing “floor” for properties currently on the market). Foreclosure (REO) pricing wreaks havoc, so lis pendens cannot be dismissed as a gauge of the market as a whole.

Because we are not economists, suggesting a bottom (or recovery) is not in our scope of expertise, but taking a few elements provides insight that might assist in the decision of those sellers and buyers deciding to move forward, or wait.

If you’re considering buying a home on the east end of Long Island, there is certainty in numbers that you will pay less than at market heights- an overview of homes closed VERY RECENTLY offer insight; the # of homes under contract (with pricing unknown until they close) provide activity level, and lis pendens figures provide a glimpse of the future. All important data for anyone selling or buying on the east end of Long Island.

It’s very encouraging to see activity levels increased, and pricing showing a moderate month-to-month increase, because it demonstrates that pricing levels are achieving some acceptance with buyers.

This isn’t a quick-call market. Until lis pendens demonstrate the opposite effect (a decrease, vs. increase) only time will tell if it was/is “the right time to buy.” At this juncture, if you locate a home that you love, it works well with your budget, and a short term decrease in value is understood as a potential, it may well be your time.

At this juncture, under contract activity exceeds the previous MONTH, sales pricing exceeds the previous MONTH, and lis pendens activity exceeds the previous MONTH.

Confounding!

To search available 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, Orient Point, Westhampton Beach, Hampton Bays, Flanders, Southampton, Sag Harbor, East Hampton, Montauk, NY.

This entry was posted on Sunday, September 13th, 2009 at 3:03 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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