Smithtown 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 Smithtown 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 Smithtown 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 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.

JUNE 2008 HOME SALES

JUNE 2007 HOME SALES

YEAR-OVER-YEAR COMPARISONS 

MARKET TREND ANALYSIS: 

The June numbers were the best to date this year, in comparison to both the first and second quarter averages.  The average list prices and sales prices rised, days on market decreased, there was less new inventory and more closings than any other time this year.  However, the year-over-year numbers continued to decline.  In 2007 less homes came on the market during the first half of the year and there were more closings.  The average list prices and sales prices were lower this year compared to last year as well.  The ratio of list price to sales price decreased slightly, and days on market stayed about the same.

CONCLUSION: 

The June numbers were much better than the rest of the year to date.  While sales prices increased, perhaps the most positive sign was the fact that less homes came on the market and more closings occured.  Should this trend continue, it is likely that home prices could continue to climb as well.  However, the numbers have been weaker than the 2007 numbers across the board, and it remains a buyer's market.

The most likely reason that the numbers are improving is because more home sellers are pricing their homes for current market conditions.  The sellers that are truly motivated to sell should keep in mind that there is still a decent amount of inventory on the market, and homebuyers are most likely to make offers on the homes that are properly priced, and in the most "show-ready" condition.

Homebuyers that are interested in moving into the area should note that the pendulum might be starting to swing, and home prices may continue to rise.  Given the current mortgage opportunities, and the news about the future of mortgages, homebuyers that are able to afford a home now should be actively looking.  With prices possibly continuing to rise, and a possible rise in mortgage rates, the homebuyers that are still waiting out the market may very well find themselves with less buying power when they finally decide to purchase a home.