As per data the current inventory level on the 4 catagories are all over 1-year's supply. 2-family is over 4-years' supply. Asking price is too far from median price for 2-family & 1-family.
Inventory as at 10/25/09:
34 units of 2 family - median asking price $799,000 (51 months supply)*
8 units of 1 family - median asking price $583,500 (14 months supply)*
22 units of condo - median asking price $344,000 (12 months supply)*
169 units of co-op - median asking price $229,000 (15 months supply)*
*Based on the closings in the first 9 months in 2009
Units closed in the 9 months period from 1/1/09 to 9/30/09:
6 units of 2 family - median selling price $495,000 (volume decreased by 62% year over year)
5 units of 1 family - median selling price $425,000 (volume decreased by 66% year over year)
16 units of condo - median selling price $293,750 (volume increased by 166% year over year)
100 units of co-op - median selling price $212,250 (volume decreased by 32% year over year)
Units closed in the same period last year from 1/1/08 to 9/30/08:
16 units of 2 Family - median selling price $750,000
15 units of 1 Family - median selling price $600,000
6 units of condo - median selling price $310,000
148 units of co-op - median selling price $215,000
Source: MLS of Long Island
Disclaimer: Data represented transactions reported to MLS only, it didn't reflect all transactions in the area
