Commack School District Homes ~ Mid-Year Market Trend Report ~ June 2008

Commack School District Homes Market Trend Report - June 2008 - Mid-Year Recap.  This report shows a statistical comparison between the months of April, May and June 2008, in addition to a year-over-year comparison.  For the mid-year recap, the first and second quarter averages are listed as well for both 2008 and 2007.  This report provides information about homes sold in the Commack School District including:  location of homes, list price, sold price and days on market.

While the monthly reports provide a relatively small sampling of homes, which often times results in extreme fluctuations that may or may not be indicative of the market trend for the Commack School District, a look at the mid-year trends will be more indicative of the current market trend.  

This report is designed to give factual information about sales in the Commack School District.  As is the case with many school districts on Long Island, the Commack School District has a very broad spectrum of home prices (starter, mid-level, luxury), and the value of individual homes cannot be determined by evaluating broad market trends.  If you are interested in finding out the market value for your particular home, you should consider having an actual market analysis done. 

These reports are done by school district rather than town because school districts play a very important role in home prices on Long Island.   

Below the actual data you will find an analysis of the real estate trends for homes in the Commack School District.

JUNE 2008 HOME SALES

JUNE 2007 HOME SALES

YEAR-OVER-YEAR COMPARISONS 

MARKET TREND ANALYSIS: 

The numbers for June were strong in comparison to the first half of the year for both 2008 and 2007.  Since this is the mid-year report, there are other statistics to examine as well.  The mid-year totals show a slight rise in inventory and a slight decrease in list price, sales price, ratio of sales price to list price and days on market.  If you factor in that these number may be slightly exaggerated based on some high-end sales in 2007 or some low-end sales for 2008, you will see that the market has basically remained flat. 

CONCLUSION: 

In a rising market, having overall numbers that are flat or slightly down would be an indication of weakness in the market.  However, in a declining market, the opposite is true.  While it is impossible to call the bottom of any market (real estate or otherwise), there are signs that the pendulum is beginning to swing in the Commack School District.

Right now, the local markets must still contend with the national perception that the real estate market is in a downward spiral.  The numbers for the Commack School District would seem to indicate otherwise.

Sellers that are motivated to sell, and understand that perception is reality, should strongly consider pricing their home to sell.  While it's true that the market may be starting to level, and possibly even increase a bit, many homebuyers are being guided by the mass media's opinion of the overall real estate market.

Buyers that are looking to get into a home in the Commack School District would be wise to take this information into consideration, and realize that the market may be starting to level off.  There are distinct advantages to buying a home during 2008, and educated homebuyers will look at this time as an opportunity to purchase a home in the area that they want to live in.  Should home prices and mortgage rates start to climb, homebuyers would be facing a loss of buying power.