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Signs of a Changing Market in Nassau County and Syosset

Real Estate Agent with Century 21 American Homes

September statistics show signs of a changing market. As inventory rises (5597 homes on the market Oct vs 4976 last year Oct 1) along with absorption rates (now standing at 5 months’ worth of inventory), Nassau county did not hit the 1000 mark in houses sold. We haven’t had a September that didn’t have 1000 sales since 2014. In the past 30 days (as of Oct 17th) 241 homes expired and 406 homes were withdrawn from the market- that’s 10% of the Inventory. The picture in Syosset real estate is even more changed from last year when 76 homes were on the market as opposed to the 121 listings we had Oct 1st this year. The absorption rate in Syosset is over six months’ worth of inventory (the tipping point between and seller’s market and a buyer’s market). As interest rates rise and home sales slow there will be new challenges for homeowners looking to sell. Challenges we haven’t seen for a couple of years. Homeowners will need to be aggressive with their pricing in late fall and winter if they expect to be sold before spring. It’s a good time to buy now with more choices on the market with less competition and interest rates are heading up probably ½ point higher by the spring selling season.

Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

John, the market has softened here a bit with rising interest rates...especially at the top of the market. 

Nov 20, 2018 08:46 AM
John Ammirati

thanks for the comment - I smell a market shift

Nov 20, 2018 01:56 PM