In Elmhurst there are too many new condos, at the pace of the first months of this year, it will take over 8 years to sell. It is a long road to recovery.
Inventory as at 07/17/09:
44 units of 2-family - median asking price $772,500 (19 months inventory)
23 units of 1-family - median asking price $589,000 (9 months inventory)
65 units of condo - median asking price $425,000 (8 years inventory)
74 units of co-op - median asking price $199,000 (21 months inventory)
Units closed in the first half year of 2009 - 01/01/09 to 06/30/09:
14 units of 2-family - median selleing price $700,000
16 units of 1-family - median selling price $520,000
4 units of condo - median selling price $200,000
21 units of co-op - median selling price $185,000
Units closed in the first half year of 2008 - 01/01/08 to 06/30/08:
21 units of 2-Family - median selling price $690,000
11 units of 1- Family - median selling price $540,000
20 units of condo - median asking price $359,000
26 units of co-op - median selling price $187,500
Source: MLS of Long Island
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