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

Jericho 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 Jericho 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 Jericho 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 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.

JUNE 2008 HOME SALES

JUNE 2007 HOME SALES

YEAR-OVER-YEAR COMPARISONS 

MARKET TREND ANALYSIS: 

There is such a disparity between the various segments of the Jericho School District real estate market, that determining overall trends is nearly impossible to do, especially when you factor in the limited amount of closings that take place each month.  At the mid-year point, we can compare year-over-year statistics, but even those can be heavily skewed by a multi-million dollar sale, or some sales in the entry-level $500K range.

CONCLUSION: 

Although it is difficult to determine the actual trends for reasons mentioned above, we can still take a look at the overall numbers and compare 2008 to 2007.

The one number that is worth noting is the rise in inventory numbers and the diminishing closing numbers.  During the first half of 2007, 96 new listings came on the market and 72 closings took place.  This kind of absorption rate is a positive sign for sellers, and usually translates into higher prices.  During the first half of 2008, 138 new listings came on the market, and 33 closings took place.  The rise in inventory usually will put pressure on prices.

However, because of the sale of multi-million dollar luxury homes, and the limited amount of data, the average list price and average sales price showed a significant improvement.  These overall numbers will not likely translate to all segments of the market.

All homeowners that are interested in selling their home should have a market analysis done to see omparable sales, and not just market trends.  This is true of all areas, but especially in Jericho, where the market trends are so easily skewed.

Because the overall trends are difficult to determine, homebuyers looking to buy in the area should strongly consider hiring their own representation so that they can have the comparables analyzed before making a purchase offer.