According to the Multiple Listing Service of Long Island, 40 homes sold in Port Washington in the first quarter of 2010 (11 in January, 16 in February, and 13 in March). The average listing price at the time of sale was $744,000 (compared to the original asking price of $774,000), and the average sold price was $694,000. The homes ranged from the low at $170,000 to just under $1.8 million. The average tax bill was $12,500 and average days on the market was 118.
As of April 1, there were currently 187 homes available (55 of those pending sale). The absorption rate is about 14 months. What that means is if no new homes come on the market, it would take 14 months to deplete the inventory. A healthy market is considered to be about 3-6 months, so our market is still sluggish. It is a big improvement over last year at this time though, when homes in Port were selling at a much slower pace, about 8 homes per month (the number of homes available and pending were about the same last year).
Port sellers are getting an average of 90% of their original asking price, which is about the same as last year at this time. And the average price of a home during last year's first quarter was (amazingly) almost exactly the same as this year's first quarter - $695,000. For comparison to the rest of Long Island, the average price of a home is currently $546,000. That is a 17% jump from last year at this time.
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