Kin's Blog: Kin Tsui (Kin Real Estate)

Although the inventory is less than last year and the units in contract is more than last year, but the supply (Inventory over Units going into contract in Nov) jumped on month to month. Prices is slightly higher than last year.

....................... Inventory ..............*........... Units in contract ...................*....... Months Supply(note 1)

................. Nov 09 ....... Nov 08 ......*..... Nov 09 ..... Oct 09 ..... Nov 08

Queens ...... 9352 ........ 11238 .......*...... 640 ......... 838 ......... 437 .......*........ 14.6 (11.5 in Oct)

Nassau ...... 8707 .......... 9711 ........*..... 782 ........ 1068 ......... 576 .......*........ 11.1 (8.5 in Oct)

Suffolk ..... 12067 ....... 13656 ........*..... 802 ........ 1155 ......... 658 ........*....... 15.0 (10.8 in Oct)

..................... Units closed ............................... Median Price on closed properties

................ Nov 09 ......... Nov 08 ..... Oct 09 ....... Nov 09 ........ Nov 08 ........ Oct 09

Queens ....... 659 ........... 489 ........ 707 ........ $348,000 .... $390,000 .... $345,000

Nassau ........ 921 ........... 596 ........ 929 ........ $407,000 .... $410,000 .... $400,000

Suffolk ........ 978 ........... 676 ........ 974 ........ $330,000 .... $335,000 .... $327,000

Note: (1) Based on contracts in Nov 09

Source: Long Island Board of Realtors

Disclaimer: Data represented transactions reported to MLS only, it didn't reflect all transactions in the area.

Units under contract in the three counties were about the same as September, but were a big improvement from last year. Price drop was slowed down. The first-time home buyer credit is working.

....................... Inventory ..............*........... Units in contract ...................*....... Months Supply(1)

................. Oct 09 ....... Oct 08 ......*..... Oct 09 ..... Sept 09 ..... Oct 08

Queens ...... 9624 ........ 11303 .......*...... 838 ......... 864 .......... 572 .......*........ 11.5

Nassau ...... 9109 ......... 9929 ........*..... 1068 ........ 1005 ......... 689 .......*........ 8.5

Suffolk ..... 12510 ....... 13989 ........*.... 1155 ........ 1112 ......... 828 ........*....... 10.8

 ..................... Units closed ............................ Median Price on closed properties

 ................ Oct 09 .... Sept 08 .... Oct 08 ........... Oct 09 ...... Sept 09 ..... Oct 08

Queens ........ 707 .......... 618 ........ 653......... $345,000 .... $341,500 .... $385,000

Nassau ........ 929 ........... 845 ........ 786......... $400,000 .... $405,000 .... $425,000

Suffolk ........ 974 ........... 883 ........ 844 ........ $327,000 .... $338,000 .... $345,000

Note: (1) Based on contracts in Oct 09

Source: Long Island Board of Realtors

There is a 2 bedrooms in Mitchell Gardens Co-op for sale, which is located at 139-16 28 Rd, Flushing, NY11354, between 139 St & 141 St.

The building is a six stories building built in 1952.

The maintenance is $558 which includes electricity, gas, water, heat and real estate tax. The unit is about 850 square feet. The location is just off Whitestone Expressway and few blocks to Union St.

Asking price is $225,000. For Virtual Tour, click here or visit our web site www.KinRealEstate.com

Single family was moving well. 2-family & co-op are over-supply. Condo need over 4 years to sell at current pace.

Inventory as at 10/27/09:

41 units of 2 family - median asking price $743,500 (16 months supply)*

20 units of 1 family - median asking price $579,000 (8 months supply)*

54 units of condo - median asking price $400,000 (54 months supply)*

78 units of co-op - median asking price $197,000 (21 months supply)*

*Based on the closings in the first 9 months in 2009

Units closed in the 9 months period from 1/1/09 to 9/30/09:

23 units of 2 family - median selling price $745,000 (volume decreased by 28% year over year)

22 units of 1 family - median selling price $527,500 (volume increased by 22% year over year)

9 units of condo - median selling price $330,000 (volume decreased by 59% year over year)

33 units of co-op - median selling price $180,000 (volume decreased by 28% year over year)

Units closed in the same period last year from 1/1/08 to 9/30/08:

32 units of 2 Family - median selling price $700,000

18 units of 1 Family - median selling price $556,250

22 units of condo - median selling price $359,000

46 units of co-op - median selling price $192,500

Source: MLS of Long Island

Disclaimer: Data represented transactions reported to MLS only, it didn't reflect all transactions in the area

The inventory level is very high, over 14 months supply, condo may even need almost 4 years to sell all on the market based on the first 9 months sale figure. Median asking price is over-priced.

Inventory as at 10/25/09:

36 units of 2 family - median asking price $717,500 (14 months supply)*

25 units of 1 family - median asking price $594,000 (15 months supply)*

36 units of condo - median asking price $394,500 (46 months supply)*

50 units of co-op - median asking price $234,450 (15 months supply)*

*Based on the closings in the first 9 months in 2009

Units closed in the 9 months period from 1/1/09 to 9/30/09:

23 units of 2 family - median selling price $587,500 (volume decreased by 4% year over year)

15 units of 1 family - median selling price $485,000 (volume decreased by 28% year over year)

7 units of condo - median selling price $311,000 (volume decreased by 30% year over year)

29 units of co-op - median selling price $205,000 (volume decreased by 9% year over year)

Units closed in the same period last year from 1/1/08 to 9/30/08:

24 units of 2 Family - median selling price $682,500

21 units of 1 Family - median selling price $555,000 

10 units of condo - median selling price $361,000

32 units of co-op - median selling price $203,750

Source: MLS of Long Island

Disclaimer: Data represented transactions reported to MLS only, it didn't reflect all transactions in the area

As per data the current inventory level on the 4 catagories are all over 1-year's supply. 2-family is over 4-years' supply. Asking price is too far from median price for 2-family & 1-family.

Inventory as at 10/25/09:

34 units of 2 family - median asking price $799,000 (51 months supply)*

8 units of 1 family - median asking price $583,500 (14 months supply)*

22 units of condo - median asking price $344,000 (12 months supply)*

169 units of co-op - median asking price $229,000 (15 months supply)*

*Based on the closings in the first 9 months in 2009

Units closed in the 9 months period from 1/1/09 to 9/30/09:

6 units of 2 family - median selling price $495,000 (volume decreased by 62% year over year)

5 units of 1 family - median selling price $425,000 (volume decreased by 66% year over year)

16 units of condo - median selling price $293,750 (volume increased by 166% year over year)

100 units of co-op - median selling price $212,250 (volume decreased by 32% year over year)

Units closed in the same period last year from 1/1/08 to 9/30/08:

16 units of 2 Family - median selling price $750,000

15 units of 1 Family - median selling price $600,000 

6 units of condo - median selling price $310,000

148 units of co-op - median selling price $215,000

Source: MLS of Long Island

Disclaimer: Data represented transactions reported to MLS only, it didn't reflect all transactions in the area