Not all price ranges are created equal in the Syosset real estate market. As we put winter behind us and look forward to spring, I broke the Syosset market into 3 price ranges: under $1 million, from $1 Million to $1 ½ million and over $1 ½ Million.
The total inventory in Syosset (on March 5 2019) is 104 houses. There are 58 under $1 million, 34 between $1 million and $1 ½ million and 12 over $ 1 ½ million. In the past 30 days we’ve had 10 houses under $1 million be sold with an absorption rate of 5.8 months of inventory. In the same period 4 houses between $1 million and $1 ½ million have sold with an absorption rate of 8.5 months of inventory. There are no houses sold in the past 30 days over $ 1 ½ million. Looking back to Jan 1 there are no houses over $1 ½ million that have sold. Comparing the absorption rates to Nassau County (5 months’ worth of inventory) and Suffolk County (4.6 months’ worth of inventory) the under $1 million inventory in Syosset is holding its own. Not so with houses priced over $1 million.
Whether the spring market will give new life to the upper end of the Syosset market time will tell. Stay tuned.
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