The following is the March 2008 Home Trends Market Report for the Half Hollow Hills School District.  This report shows month-by-month comparisons, in addition to year-over-year market trends.  Since this report comes at the end of the first quarter of the year, there is also a comparison of the year-over-year quarterly market trends.  This report provides statistical information about homes sold in the Half Hollow Hills School District including:  location of homes, list price, sold price and days on market.

It is important to note that monthly reports provide a relatively small sampling of homes which often times results in extreme fluctuations that may or may not be indicative of the market trend for the Half Hollow Hills School District.  The quarterly market trend has more data, and as such, gives a more accurate look at the current market trend.  However, it should be noted that the market data is still relatively small and subject to extreme fluctuations based on sales that are atypical of the rest of the sales in the Half Hollow Hills School District. 

This report is designed to give factual information about sales in the Half Hollow Hills School District.  As is the case with many school districts on Long Island, the Half Hollow Hills School District has a very broad spectrum of home prices (starter, mid-level, luxury), and the value of individual homes cannot be determined by evaluating broad market trends.  If you are interested in finding out the market value for your particular home, you should consider having an actual market analysis done. 

These reports are done by school district rather than town because school districts play a very important role in home prices on Long Island.   

Below the actual data you will find an analysis of the real estate trends for homes in the Half Hollow Hills School District.

MARCH 2008 HOME SALES

MARCH 2007 HOME SALES

MONTH-BY-MONTH & FIRST QUARTER YEAR-OVER-YEAR COMPARISONS 

MARKET TREND ANALYSIS: 

The Half Hollow Hills School District is an area that is prone to extreme fluctuations from month-to-month and year-over-year due to the fact that starter homes and luxury homes can be found in close proximity.  That being said, there are other factors that point towards a softer market in the area.  Inventory is rising, which is putting pressure on home prices.  This has caused the ratio of sales price to list price to deteriorate.  Where March of 2007 was a very strong month for home sales in the area, there has been noticeable weakening this year.  The average days on market is over five months now, compared to less than three months in March of 2007.  The overall local market has trended down for the first quarter of 2008 vs. the first quarter of 2007 as well.

CONCLUSION:

Many homebuyers think of the Half Hollow Hills School District as an area that is beyond their budget.  For the most part, this was true for a lot of them, but it might not be the case any longer.  If a buyer is looking to get into this area, there are some very good opportunities at prices that are comparable to other areas that are perceived to be less expensive.  Just this month, three homes sold for less than $400,000.  While these are obviously starter homes, it still shows that opportunities exist for buyers of various price ranges to buy a home in the area.

Sellers that are motivated should make sure to price their home for the competitive market conditions that currently exist in the Half Hollow Hills School District.  Buyers that are interested in getting into the area should be actively looking to do so in the near future.  Interest rates are near historical lows, the economic stimulus package has raised the loan limits for both FHA and Jumbo loans, there is a good amount of inventory and prices have come down.  This is a window of opportunity that wasn't previously open, and may not be this way for very long.