There were less inventory than last year. Units in contract is more than last year, but sales began losing momentum after trending up for few months.
It is still hard to tell whether the real estate market hit bottom yet. I won't say unitl this coming season's bottom (around Jan/Feb 2010) is higher than last (Feb 2009).
....................... Inventory ............*........... Units in contract ................*....... Months Supply
................. Jul 09 ...... Jul 08 ......*..... Jul 09 ..... Jun 09 ..... Jul 08
Queens ..... 10044 ...... 11510 .......*..... 827 ......... 957 .......... 765 ......*........ 12.1
Nassau ..... 10117 ...... 10877 .......*.... 1058 ........ 1081 ......... 963 ......*......... 9.6
Suffolk ..... 13097 ...... 15186 .......*.... 1144 ........ 1229 ......... 964 .......*....... 11.4
Median Price on closed properties:
................ July 2009 .... July 2008
Queens ... $355,000 ... $399,900 (-11.23%)
Nassau .... $415,000 ... $458,500 (-9.49%)
Suffolk .... $350,000 ... $389,000 (-10.03%)
Source: Long Island Board of Realtors
Kin, we've noticed the same thing here. Things picked up in April, May, June. Now they seem to be slowing again. I live in a small rural community in Southwest New Mexico. Came from the NJ /NY area.
All the best to you!