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Real Estate Blog
Real Estate Blog
Tuesday, April 12 2011

  Real Estate Question of the Day:
"When Is a Decrease in the Number of Contract Sales a Positive Sign?" 

By Michael Ardolino, Broker
April 12, 2011

Sounds a bit counter-intuitive, right?  Well, here’s the inside story:

 

Last week, the Multiple Listing Service of Long Island posted its latest figures, covering the month of March.  One of the stats that came to light was that for Suffolk County, the number of sales contracted went down by 12.9% as compared to last March.  However, last March, the federal tax credit for homebuyers was still in place.  This skewed the figures by artificially “bunching” sales as buyers rushed to close before the expiration of the credit.

 

Joseph E Mottola, the CEO of the Multiple Listing Service of Long Island put it this way:

 

“The number of contracted sales this March compared to last March is encouraging because current numbers reflect activity in an unsubsidized market without federal incentives in place.”

 

Another very telling piece of information from MLS is that for Suffolk County, the average sales price of closed sales went up by 2.1% in March of this year as compared to last March.  Again, things are moving in the right direction.  (See the graph below.)

 

Finally, as we reported last month, housing affordability--which factors in mortgage rates, housing prices, and income--is still very high.  (See the graph below.) This points again to the tremendous buying opportunity that exists right now.   There is still plenty of inventory from which to choose, and mortgage rates, although trending up, are still low.  In addition, many observers expect that mortgage qualification guidelines are likely to become even more stringent, and that a down payment of 20% could become the norm. 

 

For potential buyers who are still on the fence, or potential sellers who are contemplating moving up, I have only one question:

 

“If not now, when?”

 

 

******************

As always, I am committed to keeping you abreast of market conditions.  As a nationally recognized real estate expert with decades of professional experience, I’ll continue to provide updated information.  For additional data, visit www.Ardolino.com, where you’ll also find my blog.  If you need help understanding how real estate news affects you, call me at 631-941-4300 or e-mail: Michael@Ardolino.com.

 

All Rights Reserved

Copyright © 2011 by Michael Ardolino

Posted by: Michael Ardolino AT 03:58 pm   |  Permalink   |  0 Comments  |  Email
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Michael Ardolino
Team Ardolino/Realty Connect USA
764 Route 25A
Setauket, NY 11733
Office: 631-941-4300
Direct: 631-941-6262
Fax: 631-675-1857
Email:
Michael@Ardolino.com 

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