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Bank owned homes are on the rise throughout the nation, including on Long Island,although the numbers are not nearly as high as they are in other markets. This segment of the market predominantly attracts first-time homebuyers and investors, although others are interested as well.
The information provided in this report will include the number of new bank owned homes that came on the market and the number of closings during the month of August, in addition to the first and second quarters and July. Average listing prices and sales prices are also be provided, along with a trend analysis.
If you have any questions about bank owned homes on Long Island, please feel free to contact me directly. If you would like to stay current with the bank owned homes market on Long Island, you can either check back regularly for the latest update, or send me an e-mail requesting to be put onto an e-mail list with the updates. My contact information is listed at the bottom of the page.
The following is the market data for the month of August.
LONG ISLAND BANK OWNED HOMES
TREND ANALYSIS: The bank owned market is unlike any other on Long Island. First and foremost, the emotion that is often times a part of a real estate transaction is removed, as the banks have no attachment to the homes that they are selling. While the majority of bank owned homes are located in the less expensive areas of Long Island, there are bank owned homes in a variety of price ranges. For this reason, it is important to note that the average list price and average sales price are subject to fluctuations, and may or may not be indicative of the actual pricing trends.
The most important numbers to look at on the bank owned homes market trends report are the inventory numbers, ratio of sold price to list price and days on market.
INVENTORY - The amount of bank owned homes continues to rise, and while the number of closings has increased, it has only done so by a very small margin. While this is only a one-month trend, it bears watching, as a rise in inventory may put more pressure on the bank owned home prices.
When looking at bank owned homes, it is important to look at the absorption rates (ratio of listings to closings). For the month of August, the number of homes sold in relation to new listings showed a decline. This may be a one-month anomaly, or it may be an indicator of a softening market. This will become clearer in future months.
RATIO OF SOLD PRICE TO LIST PRICE - Bank owned homes on Long Island are selling, on average, at a ratio of 95-98% of the list price. For the month of August, the numbers were on the low end of the spectrum. However, these are still strong numbers, especially when compared to other segments of the Long Island real estate market. High ratios are an indication that bank owned homes are being priced to sell, which stands to reason since the banks are motivated sellers that do not want to carry inventory.
DAYS ON MARKET - Bank owned homes on Long Island are usually on the market for 90 days or less. For the month of August, the average days on market was 86, which is an improvement over the July numbers. While this number is comparable to some segments of the Long Island real estate market, it is certainly lower than most segments. This is largely because of proper pricing by motivated sellers.
CONCLUSION: Buyers in today's real estate market have been conditioned to think that they have the leverage in a buyer's market. While this is true in a buyer's market, it can be argued that we are actually not in a buyer's market when it comes to bank owned homes. However, if the current inventory trend continues, there may be even more opportunities for buyers than ever before. Despite the weakness this month, bank owned homes are being sold at high ratio to the rate at which they are being listed, and selling very close to listing price, in a comparatively short amount of time.
As is the case with all segments of the Long Island real estate market, there are bank owned homes that are priced to sell and those that are overpriced. Buyers must realize that there will be times when there will be multiple offers on a home, sometimes within a matter of days.
Buying a home is just like buying any other product; it's all about supply and demand. There is an increasing supply of bank owned homes on Long Island, but there is also an increasing demand.
Long Island Real Estate and Relocation Specialist. Please read my blog for tips on how to sell your home for the most amount of money in the shortest amount of time, general real estate advice and consultation on out-of-state relocations.
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Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.