Inventory level of 2-family houses is higher than single-family, condo and co-op indicating the lack of demand of investment properties or the more strict requirement by lenders than before.
Inventory as at 05/20/10:
25 units of 2-family - median asking price $789,000 (25 months supply)*
6 units of 1-family - median asking price $684,000 (9 months supply)*
19 units of condo - median asking price $335,000 (10 months supply)*
171 units of co-op - median asking price $229,000 (13 months supply)*
*Based on the closings in the previous 12-months.
Units closed in previous 12-months period 5/1/09 to 4/30/10:
12 units of 2-family - median selling price $703,500
8 units of 1 family - median selling price $457,500
21 units of condo - median selling price $290,000
147 units of co-op - median selling price $198,000
Units under contract in April 2010:
2 units of 2-family.
2 units of 1-family.
1 unit of condo.
36 units of co-op.
Date source: MLS of Long Island
Disclaimer: Data represented transactions reported to MLS only, it didn't reflect all transactions in the area.