Nassau County Real Estate at the end of 2009

As we move toward the holiday season and take a look at the real estate market in Nassau county we are thankful that we have rebounded from the poor conditions that existed just a year ago.  Although the national unemployment figures have now cracked over 10% and the economy is definitely not out of the woods yet we see less inventory and more contracts being signed than was the case in the 4th quarter of last year. Closings are still down fractionally but that is due to the horrible 1st quarter of 2009.  We should be finishing the year strongly with a good pipeline filled with contracts and offers and next quarter looks very encouraging in light of the extended tax credit and the new credit of $6500 for existing homeowners.  While first time homebuyers account for one transaction, most existing home buyers are responsible for 2 2 transactions and that is what the real estate market needs now to go from stability to growth.