Could the Real Estate Market Be Turning?

This past months’ market statistics point to a possible turning point in the market. Both inventory and absorption rate are climbing. July should be a month where both fall. In Nassau County inventory rose to 5732 homes on August 1st against 5589 homes last month and 5281 homes last August 1st. The year to year rise is 8%. In our local market in Syosset the change is more dramatic. 121 homes were on the market on August 1st. Last year that number was only 78 homes. That’s a 55% increase. Absorption rate in Nassau county has climbed to 4.7 months of inventory. Last year the absorption rate was 4.4 months. In Syosset the absorption rate on August 1st this year rose to 5 months of inventory. Last year it was 3 months. All this is good news for buyers who have been struggling with low inventory and bidding wars. Sellers who want to sell should be keeping a close eye on this market and be ready to enter the market with aggressive pricing. If you are a seller and are still on the market after 2 or 3 months, it’s time to decide if you are going to sell at market or withdraw for another time. Just be aware a more favorable time to sell might not come for some time.