Long Island New Construction Homes ~ Market Trends Report ~ May 2008

Last month, I started providing weekly updates on Long Island New Construction Homes, which contains the listings of newly constructed homes that came on the market during the previous week.  For the purpose of all reports, new construction is defined as homes that were built within the current and last calendar years (2007 & 2008).

 

It was discussed in the original post that there is not a lot of new construction on Long Island by way of comparison to homes that are being resold.  However, there is a wide variety of new construction across Long Island in various price ranges and towns.  Although there are very few large developments being built on Long Island, there is a growing inventory of new construction homes to choose from.

 

This is the first new construction market report.  Going forward, this report will be done on a monthly basis.  By studying the trends in new construction, you will be able to track the inventory of new homes on the market, in addition to the new homes that have sold.  The information provided will include the number of new homes that came on the market during the month, in addition to the number of new homes that closed within the month.  Average listing prices and sales prices will also be provided, along with a trend analysis.

 

If you have any questions about new construction on Long Island, please feel free to contact me directly.  If you would like to stay current with the new construction market on Long Island, you can either check back each week for the latest update, or send me an e-mail requesting to be put onto an e-mail list with the updates. 

 

My contact information is listed at the bottom of the page.

 

The following is the market data for the month of May for both 2007 and 2008.  The reports are broken down by homes that have a listing price of $1 million and up, and by homes that have a listing price of less than $1 million.

LONG ISLAND NEW CONSTRUCTION HOMES - UNDER $1 MILLION ASKING PRICE

 

LONG ISLAND NEW CONSTRUCTION HOMES - ASKING PRICE - $1 MILLION AND OVER

 

TREND ANALYSIS:  The inventory of new homes showed an increase, while the average listing price and sales price deteriorated, as did the ratio of sales price to list price.  The average days on market also increased.  Although this is the first report, and there may have been some unusual home sales fueling these numbers, there is little room for doubt that it is a buyer's market for new homes, and some outstanding opportunities exist for those that are interested in new construction.  This is true for all new construction across Long Island, regardless of price.

 

 

About The Author

Adam Waldman is a Long Island Residential Real Estate Professional that can assist you with the purchase and/or sale of real estate on Long Island, from bank owned homes to new construction to waterfront property, and everything in between. Adam is also a Relocation Specialist that has created a network of real estate professionals throughout the country in an effort to assist relocating Long Islanders in their transition to new areas. These professionals are experts in the field of relocation and can serve many purposes beyond a simple home search.

Please visit www.TheLIReloGuy.com for your relocation needs and www.AdamWaldman.com for your local needs.

Adam Waldman - RE/MAX Best - 631-357-2036 - adam@AdamWaldman.com