I am posting this with permission of my broker, who reviews the sales prices and other market statistics in Mineola and surrounding towns on a daily basis. He rarely publishes his findings, rather he uses the findings for his appraisal work. However, he thought this would be worthwhile to get out to the local public to show the difference between the work we do on a regular basis to determine true Market Value by a Certified General Appraiser (him), before we list properties for sale. You will find it has led us to sell properties more rapidly than local competitors. This is because we not only spend a great deal on marketing and tending to our listings, but we also try to provide each seller with an appraisal of his or her property that is in conformity with the Uniform Standards of Professional Appraisal Practice (USPAP). These appraisals are generally 30+ pages in length and make BPOs look like a waste of time. Below is the e-mail to me from the broker in our office. However, if I can ever assist you in the sale of your house, give me a call at 516-317-5303. My partner Sheri Cambareri & I will do our best to provide you with the highest level of service in the industry. In addition, my brker will help by appraising the property for sale Combining his appraisal with our own local knowledge (I was born and raised in Mineola), we can help make the selling process painless and profitable, rather than a roller-coaster ride.
Call Tara Downing 516-317-5303 or Sheri Cambareri @ 516-510-9281
ACTUAL SALES DATA - ONE-FAMILY HOUSES IN MINEOLA
GOOD NEWS - NO DOWNTURN MONTH-OVER-MONTH IN PRICES
JULY OF 2011 HAD A HIGHER AVERAGE SALES PRICE THAN AUGUST, SEPTEMBER AND OCTOBER OF 2010
AND PRICES PAID PER SQUARE FOOT OF HOUSE SIZE HAS REMAINED FAIRLY CONSTANT
SHOWN IN THE FOLLOWING GRID IS A MONTH-BY-MONTH BREAKDOWN OF SALES OF ONE-FAMILY HOUSES IN MINEOLA THAT SOLD FOR MORE THAN $100,000. THAT MINIMUM WAS CHOSEN SO THAT FAMILY SALES AND OTHER ARMS-LENGTH SALES WE NOT INCLUDED. THESE ARE THE ACTUAL SALES. BELOW THIS GRID IS A COPY FROM OUR LOCAL MLS OF WHAT ONE WOULD FIND IF THEY RELIED SOLELY ON MLS DATA. REMEMBER, MLS ONLY SHOWS INFORMATION FROM BROKERS' SALES, NOT PRIVATE SALES.
MINEOLA SALES DATA FROM AUGUST OF 2010 THROUGH JULY OF 2011 - SINGLE-FAMILY HOUSES ONLY
The figures in this graph were created in an Excel chart by the author and culled from all sales in Mineola as recorded and reported by CoreLogic's Win2Data property record database. All sales data are based upon actual filed deeds. CoreLogic acquired the Win2Data system from First American Real Estate Solutions. The author (me - David V. Farrell) has been a subscriber to Win2Data and its pre-computerized predecessors for more than 20 years. None of the information shown above (or in the graph below) is based upon or reliant upon accurate reporting from Realtors, and all sales are included, not just those brokered within the MLS of Long Island.
In graphical format, it will appear that the fluctuation in sales prices month-over-month is fairly high. However, the worst month had average sales prices of $392,444 and the best month sales prices average $454,000. This is merely a 15% range from top to bottom, and the worst month is less than five percent below the average for the year, while the best month was 11 percent above the average. However, on a Price per Square Foot Basis, sales ranged from $263 per square foot in April of 2011 to a maximum of $328 in November of 2010. The range is 25%, but prices paid per square foot is highly dependent on house sizes.
Larger houses sell for a lower price per square foot than smaller houses in almost every part of Long Island (and the rest of the nation) as larger houses have added area to heat, cool, maintain, insure and on which they area taxed.
Here is a graph of the average sales prices month-over-month over the same time period as in the gird shown above:
A perusal of the same data on our local MLS wold have provided the following summarized results:
According to a search done August 12, 2011 by me (same guy as above), there were only 76 sales. They had an average sales price of $420,408. As such, MLS missed 8.4% of the actual sales activity. In addition, their average sales price reported is $8,819 higher than the true average and is off by more than 2%. This might not seem important, but a national rise or fall of 2% in Market Value would, effectively, add or remove billions of dollars in value.
The interesting facts worth culling from the MLS statistics is that of the 76 houses on which they report, the average number of days on the market was 96 (3 months), and the average Real Estate Taxes were $7,496.
IF YOU WANT TO FIND OUT ACTUAL VALUES - CALL A REAL ESTATE BROKER WHO IS ALSO A NEW YORK STATE CERTIFIED GENERAL APPRAISER. DAVID V. FARRELL, BROKER OF VILLAGE PROPERTIES OF MINEOLA, APPRAISER & AUCTIONEER. 516-741-7350. Cell #516-987-3329. Thank you.