Inventory built up to over 12 months in the Long Island area. Queens was over 15 months.
July sales volume dropped 47% in Queens, 54% in Nassau & 56% in Suffolk from June.
The National Association of Realtors will release the Existing Home Sales on 8/24/10 Tuesday; let see how our area doing compare with the country.
....................... Inventory ..............*........... Units in contract .............*....... Months Supply(note 1)
................. Jul 10 ....... Jul 09 .......*..... Jul 10 ..... Jun 10 ..... Jul 09
Queens .... 10193 ....... 10004 .......*...... 657 ........ 671 ......... 827 .......*........ 15.5
Nassau ..... 10047 ....... 10117 .......*...... 808 ........ 860 ....... 1058 .......*........ 12.4
Suffolk ..... 13537 ....... 13097 .......*...... 880 ........ 824 ....... 1144 .......*........ 15.4
......................... Units closed ......................*......... Median Price on closed properties
................ Jul 10 ......... Jul 09 ..... Jun 10 ......*..... Jul 10 .......... Jul 09......... Jun 09
Queens ....... 544 ........... 616 ....... 1033 ......*... $355,000 .... $355,000 .... $327,000
Nassau ........ 652 ........... 905 ....... 1419 ......*... $435,000 .... $415,000 .... $415,000
Suffolk ........ 662 ........... 970 ....... 1533 ......*... $340,000 .... $350,000 .... $335,000
Note: (1) Based on contracts in July 2010.
Source: Long Island Board of Realtors
Disclaimer: Data represented transactions reported to MLS only, it didn't reflect all transactions in the area.
Thats a big drop in sales, what do you think the reason is?
It's not a pretty picture out there and I don't think you are in the only area.
Sue of Robin and Sue