The inventory level is very high, over 14 months supply, condo may even need almost 4 years to sell all on the market based on the first 9 months sale figure. Median asking price is over-priced.
Inventory as at 10/25/09:
36 units of 2 family - median asking price $717,500 (14 months supply)*
25 units of 1 family - median asking price $594,000 (15 months supply)*
36 units of condo - median asking price $394,500 (46 months supply)*
50 units of co-op - median asking price $234,450 (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:
23 units of 2 family - median selling price $587,500 (volume decreased by 4% year over year)
15 units of 1 family - median selling price $485,000 (volume decreased by 28% year over year)
7 units of condo - median selling price $311,000 (volume decreased by 30% year over year)
29 units of co-op - median selling price $205,000 (volume decreased by 9% year over year)
Units closed in the same period last year from 1/1/08 to 9/30/08:
24 units of 2 Family - median selling price $682,500
21 units of 1 Family - median selling price $555,000
10 units of condo - median selling price $361,000
32 units of co-op - median selling price $203,750
Source: MLS of Long Island
Disclaimer: Data represented transactions reported to MLS only, it didn't reflect all transactions in the area
