Smithtown School District Homes Market Trend Report - July 2008. This report shows a statistical comparison between the month of July 2008 and the first and second quarter averages for the year, 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.
These 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.
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.
JULY 2008 HOME SALES
JULY 2007 HOME SALES
YEAR-OVER-YEAR COMPARISONS
MARKET TREND ANALYSIS:
Despite the fact that the numbers are drastically lower than July of 2007, there are positive signs for the prices in the Smithtown School District. The disparity between the average sale and list prices from last July to this July is directly attributable to the fact that there was a home sold for $11 million last year in July. This one sale heavily skewed the market data.
CONCLUSION:
There is still an increase of inventory happening in the Smithtown School District, however, the prices have continued to edge up a bit all year long. The average days on market has shown some improvement, and the gap between closings and new listings narrowed by a slight margin in comparison to the first two quarters of this year. Homeowners that are motivated to sell their homes should take into account the fact that there is a lot of competition in the area, and should price accordingly. Homebuyers should realize that there are homes that are priced to sell, so it is not a good idea to take a "wait-and-see" approach if you find the home that you really want. Some homes are still selling within a matter of weeks.
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