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Smithtown School District Homes ~ Market Trend Report ~ April 2008

By
Real Estate Agent with Westcott Group Real Estate Company

Smithtown School District Homes Market Trend Report - April 2008.  This report shows a statisical comparison between the first quarter averages and the month of April for 2008, in addition to a year-over-year comparison.  This report provides 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.

 

APRIL 2008 HOME SALES

 

APRIL 2007 HOME SALES

 

YEAR-OVER-YEAR COMPARISONS 

 

MARKET TREND ANALYSIS: 

The market trend for the Smithtown School District can be difficult to determine because of the disparity between prices of starter homes and luxury homes.  In April of 2008, there were no luxury home sales, which contributed to the decline in both listing and sold price.  In April of 2007, two homes sold for nearly $1 million, whereas the most expensive home sale in April of 2008 was just over $700,000.  Although there are more closings each month in the Smithtown School District than other areas (due to the size of the district), the sample size is still relatively small, and a few sales can alter the statistics.  As is the case in some other districts, Smithtown is a multi-segmented district (starter homes, mid-level, luxury).  Each of those markets may have their own trends.

 

CONCLUSION:

Because of the make-up of the market in the Smithtown School District, the trends tend to fluctuate a bit.  However, there are some numbers that can be evaluated in a broad term - inventory and average days on market.  The inventory in April improved in comparison to the first quarter average of 2008, but declined slightly in comparison to April of 2007.  The average days on market has remained relatively consistent. 

The key number to keep in mind is rising inventory.  This factor necessitates proper pricing in order for homes to sell quickly due to competition on the market.  Overpriced homes usually end up staying on the market longer, and require price adjustments to find a buyer.  Home sellers that do not adjust to the market often times end up having their listing expire without selling or the home gets taken off of the market.  As is the case in most markets, properly priced homes not only sell faster, but also much closer to, at, or slightly above the asking price, whereas overpriced homes generally take longer to sell and have a greater disparity between listing price and sold price.

Home sellers that are motivated to sell their homes should realize that competitive pricing is essential to selling a home, as is having the home in "showing" condition.  Homebuyers will find opportunities in the Smithtown School District, due to the amount of inventory, however, homebuyers should also remember that they will have competition from other buyers for homes that are priced to sell.

 

About The Author

Adam Waldman is a Long Island Residential Real Estate Professional that can assist you with the purchase and/or sale of real estate on Long Island, from bank owned homes to new construction to waterfront property, and everything in between. Adam is also a Relocation Specialist that has created a network of real estate professionals throughout the country in an effort to assist relocating Long Islanders in their transition to new areas. These professionals are experts in the field of relocation and can serve many purposes beyond a simple home search.

Please visit www.TheLIReloGuy.com for your relocation needs and www.AdamWaldman.com for your local needs.

Adam Waldman - RE/MAX Best - 631-357-2036 - adam@AdamWaldman.com

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