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

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

MARCH 2008 HOME SALES

MARCH 2007 HOME SALES

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

MARKET TREND ANALYSIS: 

So far, it's been an up-and-down trend for the year for home sales in the Smithtown School District.  While there is a decent amount of activity in the area, the fluctuations in the market are usually caused by a handful of luxury home sales.  Inventory for the first quarter of 2008 is rising, particularly in comparison to the first quarter of 2007, although there has been improvement this March vs. last March.  Year-over-year, both list price and sales price is down, as is the ratio of sales price to list price.  Days on market has remained relatively constant throughout this year, and also in comparison to the first quarter of 2007.

CONCLUSION:

It is definitely a buyer's market in the Smithtown School District.  Homeowners that are motivated to sell MUST price their homes competitively and/or have the homes in "showroom" condition.  There is significant competition, and that competition should be factored in when pricing your home before listing.  This is definitely not the time to be testing prices to see how the market responds.  Those that are priced to sell will have the most activity on their homes, and will receive the most traffic, and eventually, the best offers.

Buyers are in a good position when looking for a home in the Smithtown School District.  There is a decent amount of inventory, and home prices have come down.  In addition, the increase in FHA and Jumbo loan limits until the end of 2008.  Interest rates are still near historical lows, making this an ideal time to be looking for a home in the area.