Long Island Real Estate Market - It's Starting to Look Ugly

For the Long Island real estate market, as we move forward into the abyss...no scratch that...

As we move forward towards certain doom...nope, not going there...

As we look toward the dark days that lie ahead...no, no...

As we look toward the future...(breathe)...there are definitely going to be some bumps in the road. Okay, that was much better. I recently went ahead and started taking a close look at individual towns throughout the Long Island real estate market and their last 30 days of activity. I focused on a few characteristics and I will share them in this article.

They are:
1. Highest-Priced Sold Home in the Area.
2. Average Selling Price in the Area.
3. Number of Units (houses) Sold.

I will be delivering an updated foreclosure report in the coming weeks, because ultimately, the situation with home values is going to be crushed by the wave of pending foreclosures throughout the Long Island real estate market.

The following is a breakdown of towns that I randomly chose to include in this article. If you want information on a specific town, not featured in the article - leave a comment or call me.

Town
Deer Park
$435,000 = Highest-Priced Sold Home
$345,267 = Average Selling Price
15 = Number of Units Sold

West Islip
$994,000
$478,308
13

Babylon
$618,000
$472,125
8

Farmingdale
$575,000
$379,265
17

Amityville
$725,000
$493,688
8

Huntington
$1,600,000
$581,597
39

Smithtown
$810,000
$476,556
23

Brentwood
$450,000
$278,735
26

Massapequa
$1,200,000
$481,940
34

Elmont
$450,000
$357,639
15

W. Babylon
$380,000
$313,091
11

Riverhead
[Only 4 closings in the previous 30 days - data insufficient]

Manorville
$495,000
$406,214
7

Mastic
$295,000
$214,472
12

Now after looking at these numbers, you can see that the amount of closings is significantly low. For example, in Mastic, New York, there are over 500 homes for sale. With only 12 closings in the last 30 days, that translates to less than 2% of the market selling. In Riverhead, New York, there were less than 5 closings during the last 30 days.

Additionally, in West Babylon, the average selling price for the previous 30 days was less than $315,000 and in Farmingdale, the average has dipped below $400,000 down to $379,265.

While some high end homes closed in towns like Huntington, West Islip and Massapequa, you can tell by their averages that most of the homes in those areas are significantly less in selling prices and, those homes that did sell for over 1 million dollars have lost significant equity value to sell at those prices.

With the continued increase of foreclosures throughout the Long Island real estate market, homeowners must take into consideration that it is not going to get better overnight. Anyone who wants to sell their home should know this information and take it very seriously.

If you would like more information on the Long Island real estate market, please feel free to email me at th om as . m c g i v e r o n @ topproducer.com (please remove all spaces - I do this to avoid spambot emailing). Or feel free to leave a comment on this article.

(c) Copyright, tommcgiveron.com

By Thomas McGiveron, Licensed Real Estate Salesperson, New York State

For more information on the Long Island Real Estate Market or to find great resources for your real estate needs, you can also visit a fantastic website, tomsresource.com.

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