Based on the first six month's data, the inventory level is very high and the median asking price is too high.
Inventory as at 07/15/09:
18 units of 2-family - median asking price $964,000 (54 months supplies, 19% above median sale price)
32 units of 1-family - median asking price $749,000 (17 months supplies, 18% above median sale price)
68 units of condo - median asking price $399,000 (51 months supplies)
112 units of co-op - median asking price $219,444 (22 months supplies)
Units closed in the first half year of 2009 - 01/01/09 to 06/30/09:
2 units of 2-family - median selleing price $810,000
11 units of 1-family - median selling price $635,000
8 units of condo - median asking price $359,000
31 units of co-op - median selling price $180,000
Units closed in the first half year of 2008 - 01/01/08 to 06/30/08:
15 units of 2-Family - median selling price $830,000
22 units of 1- Family - median selling price $682,500
26 units of condo - median asking price $377,500
71 units of co-op - median selling price $195,500
Source: MLS of Long Island
