The market is extremely over-supplied. We are talking about years' supplies. 100% of single family and 35% of 2-family sold were foreclosure. Do you see any "Green Shoot"?
Inventory as at 07/16/09:
184 units of 2-family - median asking price $659,000 (3 years supplies)
38 units of 1-family - median asking price $497,000 (6 years supplies)
75 units of condo - median asking price $315,000 (18.75 years supplies)
53 units of co-op - median asking price $162,000 (3.31 years supplies)
Units closed in the first half year of 2009 - 01/01/09 to 06/30/09:
31 units of 2-family - median selleing price $460,000 (11 units were REO)
3 units of 1-family - median selling price $320,000 (All were REO)
2 units of condo - median asking price $234,000
8 units of co-op - median selling price $148,750
Units closed in the first half year of 2008 - 01/01/08 to 06/30/08:
33 units of 2-Family - median selling price $662,000
1 units of 1- Family - median selling price $460,000
2 units of condo - median asking price $278,750
14 units of co-op - median selling price $141,000
Source: MLS of Long Island
