Bethpage School District Homes ~ Mid-Year Market Trend Report ~ June 2008

Bethpage School District Homes Market Trend Report - June 2008 - Mid-Year Recap.  This report shows a statistical comparison between the months of April, May and June 2008, in addition to a year-over-year comparison.  For the mid-year recap, the first and second quarter averages are listed as well for both 2008 and 2007.  This report provides information about homes sold in the Bethpage School District including:  location of homes, list price, sold price and days on market.

While the 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 Bethpage School District, a look at the mid-year trends will be more indicative of the current market trend.  

This report is designed to give factual information about sales in the Bethpage School District.  It should be noted that 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 Bethpage School District.

JUNE 2008 HOME SALES

JUNE 2007 HOME SALES

YEAR-OVER-YEAR COMPARISONS 

MARKET TREND ANALYSIS: 

The one thing that can be said for the Bethpage School District is that the inventory levels are usually very low.  This results in less closings and less data to work with, so the numbers are more easily skewed.  This month, 3 out of 11 homes sold for under $300,000 (which is well below the overall averages).  It is quite possible that this was an anomoly, and the June numbers were hurt by these closings.  The below-market closings were likely from a bank owned or short sale property.

Because of the limited amount of data, the market for homes in the Bethpage School District looks like it goes up and down from month to month.  Up until June, the numbers had been fairly steady, although definitely lower than 2007.

CONCLUSION: 

Looking back over old reports, I noticed that Bethpage home prices were holding steady, even rising a bit, while most other surrounding market areas were seeing a decline in prices.  Other areas appear to have started to rise in 2008 vs 2007, but based on the data, this is not the case in Bethpage.

Home sellers are in an interesting position.  There continues to be a limited supply of homes on the market in the area, and yet the homes that are selling are doing so at a lower price than 2007.  Home sellers that are motivated should price their homes to sell in today's market conditions.  While it's impossible to determine this only from statistics, it does look like sellers in the area tend to price their homes to sell.  This can be determined by seeing that inventory isn't rising significantly, and the average days on market has consistently remained lower than many surrounding areas.

This is an area where many first-time homebuyers are finding opportunities to purchase homes that they can afford.  Any homebuyer that is interested in the area should realize that there is usually a limited supply of inventory, and homes tend to sell quicker than in many other markets.  With everything that is going on in the world of mortgages, homebuyers would be smart to take advantage of the opportunities that are available right now to get into the Bethpage School District.