Home Sales Volume on the North Fork of Long Island DOUBLES in Oct. 2009 over Oct. 2008
November 3rd, 2009 category: East End LI Foreclosures, Real Estate News
The following statistics were taken from MLSLI (the Multiple listing service of Long Island). While imperfect, an obvious improvement has emerged over October 2008 in purchase activity for 2009:
Under contract properties on the North fork of Long Island, October 2008: 25
Median closed pricing: $424,450.
The median listed price in 2008 was $439,000.
Under contract properties on the North fork of Long Island, October 2009: 50
Median list price at time of contract: $424,990.*
*until properties close, contracted pricing is unavailable.
Towns included for this activity, and sold activity found below: Riverhead, Baiting Hollow, Calverton, Jamesport, S. Jamesport, Laurel, New Suffolk, Mattituck, Cutchogue, Southold, Peconic, Greenport, E. Marion, Orient.
That is double the number of contracts written over 2008. Before a celebration, however, it must be noted that October of 2008 (along with it’s September preface) was a “frozen” market- the true measure of how dire the banking industry had become was in evidence, with buyers scurrying to the sidelines in hopes of waiting things out to see exactly how the real estate market was going to react (or, COULD react) under such dire circumstances. So, the fantastic news is that we are no longer in that dreadful, shell shocked time, and buyers are responding to the resultant price drops afforded by forward thinking sellers. May we NEVER (at least, in our lifetimes) see such a truly horrific banking month…
Closed properties on the North fork of Long Island, October 2008: 46
Median closed pricing: $514,950.
Closed properties on the North fork of Long Island, October 2009: 39
Median closed pricing: $387,000.
Reality check: buyers are completing transactions, but they are seeking lower pricing. Sellers providing this bit of realistic pricing are seeing a sale come to fruition. Prices remain in a declining position, but buyers are willing to purchase if the price is right!
Congratulations to all sellers/ new homeowners on the North fork of Long island in October, 2009!
**while deemed a great gauge of trends, please consult your Realtor for a full market analysis.
To search available homes for sale, foreclosures, bank owned, REO 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.
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