Units under contract in the three counties were about the same as September, but were a big improvement from last year. Price drop was slowed down. The first-time home buyer credit is working.
....................... Inventory ..............*........... Units in contract ...................*....... Months Supply(1)
................. Oct 09 ....... Oct 08 ......*..... Oct 09 ..... Sept 09 ..... Oct 08
Queens ...... 9624 ........ 11303 .......*...... 838 ......... 864 .......... 572 .......*........ 11.5
Nassau ...... 9109 ......... 9929 ........*..... 1068 ........ 1005 ......... 689 .......*........ 8.5
Suffolk ..... 12510 ....... 13989 ........*.... 1155 ........ 1112 ......... 828 ........*....... 10.8
..................... Units closed ............................ Median Price on closed properties
................ Oct 09 .... Sept 08 .... Oct 08 ........... Oct 09 ...... Sept 09 ..... Oct 08
Queens ........ 707 .......... 618 ........ 653......... $345,000 .... $341,500 .... $385,000
Nassau ........ 929 ........... 845 ........ 786......... $400,000 .... $405,000 .... $425,000
Suffolk ........ 974 ........... 883 ........ 844 ........ $327,000 .... $338,000 .... $345,000
Note: (1) Based on contracts in Oct 09
Source: Long Island Board of Realtors
It is good to see that the tax credit is working. It is good news.