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Babylon NY Real Estate Market Report - November 2009

By
Real Estate Agent with Douglas Elliman Real Estate in Babylon NY

Babylon NY Real Estate Market Report For Month Ending November, 2009

This report is for single-family homes only.

Homes Currently On The Market Babylon NY -45 (Up 40% Compared To October)

Average                                                    
$776,019 (Listing Price) (Up 20% Compared To October)

Low     
$310,000 (Listing Price) (Up 5% Comared To October)

High   
$3,500,000 (Listing Price) (Up 50% Compared To October)

The above homes have been on the market for 30 days or less. When a home is priced right, that is, at Market Value, then there is no reason why a home can’t sell in 60 days or less unless there is a defect that would prevent that from happening or a seller wants to try to go above Market Value just to see what happens in the hopes of getting more for their home. That is not going to happen in this market. The market of 2005-2006 is long gone and we will not see that market again in our lifetime unless we get really lucky!


Homes Currently Under Contract
- 7 (No Change Compared To October)

Average
$500,410 (Listing Price) (Up 10% From October)  
$521,710 (Original Price) (Up 10% From October)
Days On Market - 7 (Down From 133 Days In October) This is because homeowners are realizing that pricing their home at market value will bring accepted offers.

Low
$359,000 (Listing Price) (Up 20% Compared To October)
$359,000 (Original Price) (Up 20% Compared To October)
Days On Market - 38 (October was 35 Days on the Market)

High
$1,095,000 (Listing Price)  
$1,095,000 (Original Price)
Days On Market - 262 <------down by 50% Compared to October. Higher-End, Luxury Homes stay on the market longer. Only a small percentage of cosumers can afford them.

Please note that the sold price will not show until after closing.


Homes That Closed
- 8 (Down from 9 in October)

Average
$500,996 (Listing Price) (Up 15% Compared To October)
$479,301 (Sold Price) (Up 20% Compared To October)
Days on Market - 160 (Up 50% Compared To October) <-------Price it right and this will not happen!

Low
$372,000 (Listing Price) (Up 15% Compared To October)
$365,000 (Sold Price) (Up 25% Compared To October)
Days on Market - 44 (Up 5% Compared To October)

High

$749,000 (Listing Price) (Up 20% Compared To October)
$740,000 (Sold Price) (Up 20% Compared To October)
Days on Market - 416 (Up, 300% Compared To October) Gotta price it right!!


Again, please note the differences between the List Price and the Sold Price. Buyers are offering close to market value and that is what you want. Days on the Market are up compared to October. This is because the homes were priced too high in the beginning and they had to reduce their prices to market value. The High column represents Higher-end, luxury homes are always on the Market longer because only about 3% of the country and afford them, let alone the percentage of who can afford them on Long Island. But, November went up considerably compared to October.

You know the saying, "Location, Location, Location"?

When it comes to pricing your home: Market Value, Market Value, Market Value.
I can never stress this enough.

Until next month:

Happy Holidays to all of you and your families!

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