Based on the first six month's data, the inventory level is over 12 months. Single family and 2-family is just half the volume of same period last year. Co-op is what I specialized, the volume shrank about 33%.
Inventory as at 07/15/09:
39 units of 2-family - median asking price $888,000 (18 months supplies)
28 units of 1-family - median asking price $657,000 (12 months supplies)
52 units of condo - median asking price $471,500 (20 months supplies)
80 units of co-op - median asking price $239,000 (15 months supplies)
Units closed in the first half year of 2009 - 01/01/09 to 06/30/09:
13 units of 2-family - median selleing price $738,000
14 units of 1-family - median selling price $593,000
16 units of condo - median asking price $342,000
32 units of co-op - median selling price $215,500
Units closed in the first half year of 2008 - 01/01/08 to 06/30/08:
26 units of 2-Family - median selling price $737,500
33 units of 1- Family - median selling price $570,000
19 units of condo - median asking price $373,000
48 units of co-op - median selling price $210,000
Source: MLS of Long Island
