Saint Albans New York Real Estate Trends Fourth Quarter Report December 31 2011

Saint Albans New York Real Estate Trends Fourth Quarter Report December 31 2011

Saint Albans, New York Real Estate

Saint Albans, New York 11412

The Saint Albans, New York Real Estate Trends-Fourth Quarter Report December 31, 2011 covers Saint Albans, New York Real Estate market activity, year to year, for the 4 year period ended December 31, 2011.

The report focuses on the number of Saint Albans, New York Real Estate homes sold, the median sales price and median days on market with particular attention to foreclosure and short sale data. For the years indicated the periods covered are as indicated in the following table. 

The residential community of Saint Albans is located in the southeastern part of the Borough of Queens in New York City, NY. Saint Albans was part of a land grant to Dutch settlers from the Netherlands given by Governor Peter Stuyvesant in 1655.

 Saint Albans, New York Real Estate Number of Homes Sold

The total number of Saint Albans, New York Real Estate homes sold for the four year period ended December 31, 2011 decreased from 122 in 2008 to 111 in 2011.  Year to year the number of sales rose from 122 in 2008 to 146 in 2009.  The volume of Saint Albans , New York Real Estate sales nas decreased year to year from 146 in 2009 to 111 in 2011.

A closer look at the type of sales over the four year period reveals an increase in the number of Saint Albans, New York Real Estate foreclosures and Saint Albans, New York Real Estate short sales. The number of foreclosures increased from 15 in 2008 to 22 in 2011. The number of short sales increased from one in 2008 to 24 in 2011.

With total Saint Albans, New York Real Estate sales of 111 for 2011, the 22 Saint Albans, New York Real Estate foreclosure sale represents 19.8 % of total sales and the 24 Saint Albans, New York Real Estate short sales represents 21.6 % of total sales. 

Saint Albans, New York Real Estate Median Sales Price Overview

The median sales price of Saint Albans, New York Homes over the 4 year period ended December 31, 2011 declined from $360,000 in 2008 to $280,000 in 2011 for a decrease of 22.2%.

The growth in volume of Saint Albans, New York Real Estate foreclosures, short sales and the economic downturn have been elements in declining median sales prices. The median sales price of Saint Albans, New York Real Estate foreclosures decreased from $290,000 in 2008 to $238,500 in 2011. The Saint Albans, New York Real Estate short sale median sales price deccreased from $245,000 in 2008 to $225,000 in 2011.

Saint Albans, New York Real Estate Days on Market Overview

The Saint Albans, New York Real Estate days on market decreased from 82 days in 2008 to 73 days in 2011.

In My Opinion

The Saint Albans Real Estate market has been experiencing a decline in sales volume from a high in 2009 of 146 to a 4 year low of 111 in 2011. Median sales price decreased from $335,000 in 2009 to a four year low of $280,000 in 2011. This, combined with the 41.4% of home sales made up of distressed properties (foreclosures-19.8%, short sales-21.6%) indicates that Saint Albans may not have bottomed out as of yet.

Even with this, its proximity to the beaches and recreational facilities of Queens and Nassau Counties and short commute to Manhattan helps Saint Albans  remain a strong and vibrant community. Saint Albans is very attractive to first time homebuyers and investors. Prospective buyers and sellers should have a market analysis done to determine property values.