Kin's Blog: September 2010

Corona 1 bedroom co-op at 58-03 Calloway St, #6P. Built in 1968. About 750 square feet. Maintenance $596 which included gas, water, heat & real estate tax.

The 6-stories building is managed by Mark Greenberg.

The location is within walking distance to Queens Center Mall, Rego Park Mall & Rego Center.

It is sold for $107,000 in August, 2010.

The inventory level is normal based on the sales for the 12-months period from September 09 to August 10, except the co-op (15 months).

If we take a look of the sales in last two-months, then the situation look a little bit more worse.

Inventory as at 09/25/10:

8 units of 2-family - median asking price $659,500 (10 months supply)*

30 units of 1-family - median asking price $597,000 (6 months supply)*

18 units of condo - median asking price $268,500 (8 months supply)*

178 units of co-op - median asking price $189,000 (15 months supply)*

*Based on the closings in the period 9/1/09 - 8/31/10.

Units closed in the period 9/1/09 to 8/31/10:

9 units of 2-family - median selling price $500,000

54 units of 1 family - median selling price $505,500 

25 units of condo - median selling price $270,000

142 units of co-op - median selling price $163,000

Units closed in the period 7/1/10 to 8/31/10:

0 units of 2-family (~ months supply)#

10 units of 1 family - median selling price $514000 (6 months supply)#

4 units of condo - median selling price $261,000 (13 months supply)#

21 units of co-op - median selling price $165,000 (16 months supply)#

#The current inventory level based on the last two-months sales.

Date source: MLS of Long Island

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

Queens inventory built up a little bit and is now more than 15 months supply; median price dropped.

Units closed of all three counties were lower than last year.

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

.............. Aug 2010 ....... Aug 2009 ...!... Aug 2010 ..... Jul 2010 ..... Aug 2009

Queens ..... 10321 .....,..... 9905 ......!..... 675 ............ 657 ......... 758 .........!........ 15.3

Nassau ..... 10004 .......... 9702 .......!...... 841 ........... 808 ......... 952 .........!........ 11.9

Suffolk ..... 13610 ......... 12893 ......!...... 921 ........... 880 ........ 1090 .........!........ 14.8

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

................ Aug 2010 ......... Aug 2009 ..... Jul 2010 ......*..... Aug 2010 ........ Aug 2009 ......... Jul 2010

Queens ....... 531 .............. 638 ............. 544............*..... $343,000 ........ $390,000 ....... $355,000

Nassau ........ 778 .............. 907 ............ 652 ...........*...... $445,000 ....... $420,000 ....... $435,000

Suffolk ........ 768 .............. 998 ............ 662 ...........*...... $326,800 ....... $350,000 ....... $340,000

Note: (1) Based on contracts in Aug 2010

Source: Long Island Board of Realtors

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

The graph above showed the total number of exiting home sales in Queens, Nassau & Suffolk. Usuallly the activity in Febuary is lowest in a year.

From the graph you may see:

Febuary 2008 is 47% lower than July 2007.

Febuary 2009 is 52% lower than July 2008.

Febuary 2010 is 39% lower than July 2009.

Number of sales in July 2010 is 1858, if the coming Febuary in 2011 repeat the history and let say just lower than this July by 40%, the number will be 1115.

There are over 2400 real estate offices (over 10,000 agents) in the area, we need more stimulus.