The Housing Market
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7/8/2008
The Deer Park area is rich with many different cultures and offers a wonderful central location on Long Island. The housing market here, like most other towns has taken a hit over the past two years and looks as if that trend will continue into 2009 (according to numerous experts, both nationally and locally).
According to the Multiple Listing Service of Long Island, there are 215 homes on the market as of July 8, 2008. In the month of June, there were 14 Closings last month with an average sale price of $367,928.
At the current rate of sales (14 per month), given the amount of inventory (215),there is 15 months of inventory. This means, that if no other homes came on the market, it would take 15 months to sell off every home in Deer Park.
Wow. With the National Association of Realtors projecting a 12.7% decline in prices in Nassau and Suffolk, it is clear that now may be the best time for a prospective seller to price their home aggressively to sell.
Thomas | East Patchogue, NY