Babylon Real Estate Market Report For October 2009

Babylon Real Estate Market Report For October 2009

This report is for single-family homes only.

Homes Currently On The Market - 10

Mean (Average)                                                    
$628,197 (Listing Price)

Median
$465,500 (Listing Price)

Mode           
$329,990 (Listing Price)

Low     
$329,990 (Listing Price)

High   
$1,600,000 (Listing Price)

The above homes have been on the market for 30 days or less. When a home is priced right, that is, at Market Value, then there is no reason why a home can’t sell in 60 days or less unless there is a defect that would prevent that from happening or a seller wants to try to go above Market Value just to see what happens in the hopes of getting more for their home. That is not going to happen in this market. The market of 2005-2006 is long gone and we will not see that market again in our lifetime unless we get really lucky!

Homes Currently Under Contract - 7

Mean (Average)
$428,111 (Listing Price)  
$477,283 (Original Price)
Days On Market - 133

Median                                       
$409,000 (Listing Price)  
$439,000 (Original Price)
Days On Market - 93

Mode
$299,990 (Listing Price)  
$299,990 (Original Price)
Days On Market - 35

Low
$299,990 (Listing Price)  
$299.990 (Original Price)
Days On Market - 35

High
$569,990 (Listing Price)  
$629,990 (Original Price)
Days On Market - 416 <------Higher-End, Luxury Homes. Stay on the market longer. Only a small percentage of cosumers can afford them.

Please note that the sold price will not show until after closing.
Look at the the Listing Price and Original Price. Once the price was repositioned to Market Value, the homes received offers and now are in contract.

Homes That Closed - 9

Mean (Average)
$393,743 (Listing Price)
$377,667 (Sold Price)
Days on Market - 55

Median
$359,900 (Listing Price)
$345,000 (Sold Price)
Days on Market - 46

Mode
$359,900 (Listing Price)
$295,000 (Sold Price)
Days on Market - 34

Low
$299,900 (Listing Price)
$295,000 (Sold Price)
Days on Market - 34

High
$569,000 (Listing Price)
$545,000 (Sold Price)
Days on Market - 101


Again, please note the differences between the List Price and the Sold Price. Days on the Market are much better here. The High column represents Higher-end, luxury homes are always on the Market longer because only about 3% of the country and afford them, let alone the percentage of who can afford them on Long Island. But, a little over 90 days is not bad for a high-end or luxury home. If they were priced right in the beginning, those homes would have sold a little quicker.