The following report is based on the 3 month period ending Dec. 31, 2019
This months graph is about supply and demand.
My market reports are based on the real estate happenings of the previous three months. I like the three month synopsis because it provides a snapshot of current rather than long term events, however I will be doing a year end report as well.
Supply change- So when we look at supply (housing inventory) change and see in the graph that supply is down 36.36%, that is within the three month period, but the graph goes back to the beginning of the year and we can see that other than the summer dog days we are at yearly low for homes available for sale. Low inventory this time of year is to be expected, but now that the new year is here we should see an increase. But no matter the time of year, low inventory favors sellers.
Demand change- This statistic points to the number of homes entering into contract over the period. If you look at the entire run of the graph you will see that this has been a very stable line throughout the year. This report demand is down slightly at -3.57, but in comparison to inventory being extremely low, this is still good news for sellers.
Is this a good time to sell your Eastport home? It is and here's why - inventory is down, mortgage rates are holding at historic lows, and there continues to be a growing demand for folks that want to live in our Eastport communities.
3 Month Market Statistics for Eastport, NY ending December 31, 2019
New Listings- There were 2 new listings taken
Current Inventory- There are 7 single family homes on market (Eastport Homes For Sale)
In Contract- There are 3 single family homes in contract
Closed Sales- There were 5 single family homes sold
Absorption time*- 8 months
Median Ask Price- $439,000.00
Median Sold Price- $390,000.00
*Absorption time indicates how many months it would take the current inventory to be exhausted (absorbed) if no new listings were added.
See what your Eastport Home is worth in today's market
Read why Eastport is fast becoming one of the east end of Long Island's most popular places to live
Call 631-241-8168 or email me at Bill.Carroll@Corcoran.com with questions or to arrange a confidential comparative home value analysis