Bad news is there was less units sold in August than July, but the good news is the sales was better than last year. Inventory built up a little bit. Median price on closed sales was still dropping .
The sales in the past few months might be boosted by the First Time Home Buyer Credit. Some buyers might be lured to buy sooner. I am afriad the demand may be decelerated in the coming months.
While the stock market bounced almost 50% since March, I think it is time to be fearful when others are greedy.
....................... Inventory ............*........... Units in contract ................*....... Months Supply
................. Aug 09 ...... Aug 08 ......*..... Aug 09 ..... Jul 09 ..... Aug 08
Queens ...... 9905 ........ 11171 .......*..... 758 ......... 827 .......... 676 ......*........ 13.1
Nassau ....... 9702 ....... 10435 .......*...... 952 ........ 1058 ......... 829 ......*........ 10.2
Suffolk ..... 12893 ........ 14650 .......*.... 1090 ........ 1144 ......... 935 .......*....... 11.8
Median Price on closed properties:
................ Aug 2009 .... Aug 2008
Queens ... $390,000 ... $410,000 (-4.88%)
Nassau .... $420,000 ... $477,500 (-12.04%)
Suffolk .... $350,000 ... $370,000 (-5.41%)
Source: Long Island Board of Realtors
yeah. no matter what the market, we start seeing a decline after September.
But the buyers that are out there after September are in general a little more serious then those coming out during the summer.