Suffolk County 4th Quarter Market Report

Real estate trends vary from market-to-market, so the use of broad statistics doesn't usually give you an accurate assessment of what is going on in your particular market.  In this Suffolk County report, you will find a sampling of six markets broken down by school district, rather than town. 

On Long Island, school districts are very important to determining what's going on in the housing market, and since school district lines are cut in a unique way here, this is the most accurate way of reporting market trends.

When reading these reports, please understand that this is purely based on averages, and that the value of an individual's home cannot be determined strictly by using averages.  The purpose of these reports is to give Long Islanders a sampling of where the market was last time at this year, and where it is now.  For more specific data about your individual home, please feel free to contact me directly.  My contact information is listed at the bottom of the page.

The sample school districts chosen for this market report are as follows:  Hauppauge, Commack, Smithtown, Three Village, Kings Park and Half Hollow Hills.  If you would like a trends report for your particular school district, you may contact me directly as well.

Home prices in the Hauppauge School District trended lower, and inventory increased.  The ratio between the asking price and sales price narrowed considerably, and the average days on market was reduced.  This indicates that while less homes were being sold, the homes that did sell were priced more competitively for the market.

Home prices in the Commack School District trended lower, the amount of new listings increased, while the number of closings remained relatively the same, resulting in a slight increase in inventory.  The ratio of asking price to sales price remained flat, while the days on market increased.

Home prices in the Smithtown School District trended lower, inventory rose as there were more listings and less closings than the previous year.  The ratio between asking price and sales price remained flat, and days on market showed only a minimal increase.

Home prices in the Three Village School District trended lower, but large drop in average sales price was due mostly in part to the fact that only a few million dollar homes closed in 2007 vs. a number of million dollar homes closing during the same time in 2006.  The ratio between asking price and sales price, as well as the days on market remained relatively flat.

There was relatively good news for the Kings Park School District, in comparison to other areas, as the sales prices remained basically flat as most other areas trended lower. This is in spite of the inventory increasing.  The ratio of asking price to list price narrowed, and days on the market was reduced, indicating that the homes that sold in Kings Park were more competitvely priced than in 2006. 

The trends in the Half Hollow Hills School District are a bit contradictory.  The inventory rose by a large margin, but the price of homes trended upwards at the same time.  Part of this is due to the fact that there was one home that sold for almost $4 million, but even without that home, the prices were up significantly.  This can be explained by the fact that a number of homes sold in the $1.7 million range, whereas the million dollar homes sold in 2006 were closer to $1.1 - $1.2 million.  The ratio of asking price to sales price remained flat, as did the days on market.  This would indicate that the high end of the market may be starting to recover already.  Future market reports will show whether this is an actual trend or not.

If you have any questions about these reports or your particular home or school district, please feel free to contact me directly.