Smithtown School District Homes Market Trend Report - August 2008. This report shows a statistical comparison between the month of August 2008, the first and second quarter averages for the year, the month of July and 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.
AUGUST 2008 HOME SALES
AUGUST 2007 HOME SALES
MARKET TREND ANALYSIS:
There is no doubt that the market declined from 2007 to 2008 in the Smithtown School District. However, home prices have continued to show improvement during the course of the year, with the August numbers being the highest to date. The lower sales prices year-over-year can be attributed, at least in part, to the number of million dollar homes that sold. The August 2007 numbers are significantly higher because there was one sale of nearly $4 million.
While the market has seemingly stabilized during the course of 2008, there is still cause for concern for home sellers. The inventory numbers have been on the rise all year long. August is usually the month that helps deplete inventory, as homebuyers are looking close on homes in time for the school year. This did not happen this year, so selling a home in the area going forward may be more of a challenge than originally anticipated. Home sellers must take this inventory trend into account, and price their homes to sell if they are truly motivated to move. Those that are looking to "test the market," should set realistic expectations as to the likelihood of a sale. Homebuyers have an excellent opportunity to get into the area with the amount of inventory that is available.
CONTACT: Adam Waldman, RE/MAX Best, 631-357-2036, firstname.lastname@example.org