Market condition in Queens, Nassau & Suffolk

By
Real Estate Agent with EMC Long Island Realty

From the chart above it is obvious that the prices are still in a downward trend.

The chart below showed the volume picking up, hit the peak last year in Queens & Nassau, surpassed the peak in Suffolk. 

But price drop with higher volume is showing more pressure on sellers. Also there are so-called "shadow inventory", which banks own but didn't put on the market yet and also includes homes that owners want to sell but are waiting for a better price, which will hit the market eventually.

The end of First-time homebuyers credit which will end in Nov 30, 2009 may also have a impact on the real estate market.

Is the real estate market hit bottom yet? May be for this year. In longer term, I don't know but I doubt it.

Source: The Multiple Services of Long Island

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Selling your property?

Text Kin 917-923-8838

Email: Kin@KinRealEstate.com

 

 

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New York Queens County
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