Real Estate Blog
Sunday, June 02 2013
Soaring Stats Continue to Impress
The good news we have been reporting all year just keeps on coming, as our local market continues to heat up.
· The latest MLS figures for Suffolk County, comparing April 2013 to April 2012, are the most impressive stats we have seen in years. The median price of homes in contract was up by 4.9%. The number of sales sprinted up by 18.7%. Pending sales sky-rocketed by 24.4%.
· In the Three Village School District, sales volume is soaring. In April, the number of sales was up by 12.7% over April of last year.
· In our immediate area, there was a 5.6-month supply of inventory in April, which represents a healthy, balanced market. The progress is stunning. In April of 2011, inventory stood at 10.3 months.
Foreclosures remain a challenge, due to judicial procedures employed by New York State that result in lengthy processing times. As recently reported in Newsday, Long Island home prices are rising more slowly than the US average of roughly 10%, due primarily to this issue. Newsday went on to note that Core-Logic recently reported a 3.2% increase in the Nassau-Suffolk home price index. Perhaps slow and steady can win the race.
There is renewed optimism on the part of sellers. There are zealous buyers ready to act. Consumer confidence is up, unemployment is down, and, for now at least, mortgage rates remain low. If you are ready to buy or sell, this is a very opportune time to do so. Contact me at 631-941-6262 or Michael@Ardolino.com.