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Fall 2017 Market Report – Are Buyers Tiring of Low Inventory

Real Estate Agent with Century 21 American Homes

We are at the beginning of the fall real estate market in Syosset and the question is – Are buyers giving up on this market or is there just nothing for them to buy?  The number of homes put under contract has fallen to the lowest level since January. While there is a natural falloff in activity in the fall from the height of market activity in the spring and summer months this year looks different.  Inventory levels on Oct 1st have dropped 27% in Syosset from the levels of last year this time. Will the buyers put their purchases on hold and just hope for a better spring market or will they grab up what they can and complete their purchases by year’s end?  54 listings were taken in June and July this year.  57% were sold in an average of 41 Days. Of the 50 listings put on the market since Sept 1 less than 30% have sold.  Looks like buyers should not give up – their best buying opportunity since the start of the season may be here.  Sellers, sharpen your pencils, if you want to sell before the end of the year.  A price adjustment may be in your future.