Commack School District Homes ~ Market Trend Report ~ March 2008

The following is the March 2008 Home Trends Market Report for the Commack School District.  This report shows month-by-month comparisons, in addition to year-over-year market trends.  Since this report comes at the end of the first quarter of the year, there is also a comparison of the year-over-year quarterly market trends.  This report provides statistical information about homes sold in the Commack School District including:  location of homes, list price, sold price and days on market.

It is important to note that monthly reports provide a relatively small sampling of homes which often times results in extreme fluctuations that may or may not be indicative of the market trend for the Commack School District.  The quarterly market trend has more data, and as such, gives a more accurate look at the current market trend.  However, it should be noted that the market data is still relatively small and subject to extreme fluctuations based on sales that are atypical of the rest of the sales in the Commack School District. 

This report is designed to give factual information about sales in the Commack School District.  As is the case with many school districts on Long Island, the Commack School District has a very broad spectrum of home prices (starter, mid-level, luxury), and the value of individual homes cannot be determined by evaluating broad market trends.  If you are interested in finding out the market value for your particular home, you should consider having an actual market analysis done. 

These reports are done by school district rather than town because school districts play a very important role in home prices on Long Island.   

Below the actual data you will find an analysis of the real estate trends for homes in the Commack School District.

MARCH 2008 HOME SALES

MARCH 2007 HOME SALES

MONTH-BY-MONTH & FIRST QUARTER YEAR-OVER-YEAR COMPARISONS 

MARKET TREND ANALYSIS: 

The market trend for homes in the Commack School District shows that home prices are declining slightly, and that the market is very much a buyer's market.  Overall, market conditions deteriorated for the month of March, as list price, sales price and ratio of sales price to list price all declined.  The average time on market remained relatively close to what it has been over the past few months, and also in the first quarter of 2007.  Inventory has been increasing at about the same rate as it did for January and February, but at a higher rate than the first quarter of 2007.

CONCLUSION: 

If you are a seller in the Commack School District, there is competition due to the inventory.  The homes that are selling are usually doing so in around four months.  Sellers that are motivated should be pricing their homes for the current market conditions, and take into account the other homes that are on the market, as they are competing for the same buyers.

If you are a buyer looking for a home in the Commack School District, you have an opportunity to find a home at a good price and/or in move-in condition.  The increase in the FHA and Jumbo loan limits, which are in effect until the end of 2008, should prove beneficial for those that are looking for financing to move into the area.  Mortgage rates are still relatively low, so this is an excellent time to be shopping for a home in the Commack School District.