While the real estate markets in most of the country and our metropolitan area are improving, the real estate market has hit a bump in the road to recovery. Nassau County stats are pretty healthy with less inventory than last year at this time (7403 homes available last year vs 7116 this year) and sales more robust (1036 homes sold last year 1203 sold this year). The absorption rate for the county is 5.9 months worth of inventory this year it was 7.1 months last year.
The Syosset market unfortunately is marching to a different drummer. There are 144 homes available on the market this year when last year's total was 124. Actually 144 is the highest inventory since June 2012. Sales for the second month in a row are an anemic 18 homes and this puts the absorption rate of 8 months of inventory. Last year the absorption rate this time of the year was 4.6 months.
A month or two doesn't necessarily make a trend and we have a few good month ahead of us to work off the inventory. If we don't, there will be many disappointed sellers in our market this year.
Comments(0)