The following is the March 2008 Home Trends Market Report for the Kings Park 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 Kings Park 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 Kings Park 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 Kings Park School District. 

This report is designed to give factual information about sales in the Kings Park School District.  As is the case with many school districts on Long Island, the Kings Park 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 Kings Park School District.

MARCH 2008 HOME SALES

MARCH 2007 HOME SALES

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

MARKET TREND ANALYSIS: 

The Kings Park School District is an area that is prone to extreme fluctuations from month-to-month and year-over-year because of the large disparity between home prices for starter homes and luxury homes.  Additionally, there is a limited amount of market data available due to the amount of closings that take place each month.  The best way to determine the market trend for the area is to look at factors such as inventory, ratio of sales price to list price and average days on market.  In this case, the inventory has remained relatively steady, as has the ratio between sales price and list price.  The most encouraging sign is that the average days on market has shown dramatic improvement this year vs. the first quarter of 2007.

CONCLUSION:

It seems that sellers in the Kings Park School District are pricing their homes much more competitively than they were in 2007, as evidenced by the reduction in average days on market.  This is exactly the correct approach to take in today's market.  As I mentioned previously, the market statistics can be skewed by the sale of a high-end luxury home, but it's a positive sign that the average listing price and sales price has increased slightly in the first quarter of 2008 vs. the first quarter of 2007.  This increase, factored in with the reduced days on market for the homes that sold, are indicators that the market trend is improving.

Buyers that are interested in buying a home in the Kings Park School District should strongly consider doing so sooner rather than later.  Home sellers are pricing the homes more competitively, so homes are selling more quickly.  Inventory is in about average, and mortage rates are still near historical lows.  The economic stimulus package has raised the FHA and Jumbo loan limits for the rest of 2008, so the timing couldn't be better to be buying in the area.