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

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

MARCH 2008 HOME SALES

MARCH 2007 HOME SALES

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

MARKET TREND ANALYSIS: 

The trend for home sales in the Jericho School District largely depends on the types of homes that are on the market at any given time.  There is a limited amount of statiscal data due to the amount of closings in any given month, and the numbers can be easily skewed by the sale of a luxury home.  For example, the average list price and sales price was significantly higher in March of 2007 vs. March of 2008, but most of this is due to the sale of a home for $6.5 million.  It is best to evaluate each home sale with comparable homes.

CONCLUSION:

The Jericho School District is comprised of a wide variety of homes, and there is a large gap between the homes at the lower end of the market and the luxury homes at the high end of the market.  Each home seller and homebuyer should evaluate the homes that are selling in their sector of the market.  Opportunity does exist for homebuyers that are looking to get into the area due the economic stimulus package, which has raised the FHA and Jumbo loan limits through the end of 2008.  This won't have much impact on the luxury homes in the market, but it may create an opportunity for those looking at homes in a lower price range.