Last night I attended a session on market knowledge as part of my company's on-going effort to keep its agents ahead of the competition. I especially enjoyed the session because it was on analyzing and using data smartly.
The presenter--an experienced agent having a banner year--looked at '06 and '07 data for 6 fairly representative communities on Long Island. She found a much more favorable picture materialized. For example, while sales dipped in 4 of the communities, they were up in 2--with one up 17%.
In terms of price, the MLS data shows that '07 prices held steady from '06 levels. Of the six communities, 3 averaged 1.5% higher prices, while the other 3 averaged a minuscule 3.4% drop.
Quite a contrast to the 20% drop suggested by the media, right?
(BTW: She ran the #s for another 6 or so communities suggested by attendees and the pattern held true.)
But what really caught my attention was the condo/coop market. That segment across my region appears to be up--and in some cases up big-time. For example, condo/co-op sales in a Queens community rose 8.7% and prices 10.8%, or an average of $32,000 more than in '06. Part of it is a spillover from the still hot Manhattan market.
However, while the market is doing OK on Long Island, many homes are sitting w/o attracting much attention. The problem? Asking prices out-of-alignment w/local markets. The presenter's advise to agents? Really know your market--and homes accordingly. Good advice for agents everywhere.
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