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A Good Year for Syosset Real Estate in 2013

By
Real Estate Agent with Century 21 American Homes

The housing recovery was very evident in Syosset in 2013.  310 residential properties were put on the market during the year with an average asking price of $626,000. The properties that sold only reduced their average asking price to $610,000 before they received the offer they accepted. Only 224 residential properties were listed in 2012. Their average asking price was $572,000 and they had to lower their price to $556,000 before they accepted an offer.

237 residential properties closed in 2013 with the average days on the market a quick 56 days. The breakdown by price ranges looks like this

Only 4 houses closed under $400K less than 2% of the total

58 houses closed between $400K and $500K – that’s 24% of the total

77 houses closed between $500K and $600K – that’s 32% of the total

34 houses closed between $600K and $700K – that’s 14% of the total

Between $700K and $1 Million dollars there were 46 closings – 20 % of the market

14 houses closed between $1 Million dollars and $2 Million dollars – 6 % of the closed properties

Only 1 house closed over $2Million dollars and it took 444 days to sell

There are currently 59 residential properties listed for sale in MLSLI in the town of Syosset – the average asking price is $699K.  35% of these properties have been listed more than 4 months.

 

What is in store for 2014?  I don’t have a crystal ball but as interest rates go up and inventory goes down there will probably be less listing and less sales but at a higher price. A good year to sell if you have been waiting for a market recovery.