Long Island Real Estate – Million $ Plus Sales
Even though the Long Island luxury home market is seeing large reductions in sales, all three counties had a higher number of homes going into contract this year over ‘09.
Long Island Real Estate – Short Sale & Bank Owned Properties
After seeing short sale inventory decreasing for a couple of months it appears it is on the rise again in all three counties.
Bank owned properties are still at an all time low, what is interesting is Nassau county is seeing an increase where the other counties are flat or declining, something to watch.
Home Sellers Beware – Banks are making easier to buy there REO properties over yours!
Fannie Mae Offers New 3.5% Closing Cost Assistance and Appliance Incentive for Homebuyers 
To encourage the purchase of REO properties, Fannie Mae is offering a new incentive beginning January 28 through April 30, 2010.
Overview of Incentive
During the offer and negotiation of an REO property, buyers will be offered an incentive of up to 3.5% of the final sales price to be used towards one of the following:
- Closing costs
- The purchase of new Whirlpool® appliances by Fannie Mae
- A mix of closing costs and appliances, at the buyer’s discretion, up to the maximum 3.5%
No additional selling agent incentives will be combined with this incentive at this time.
Eligibility
To be eligible for the incentive, the:
- Offer must accepted on or after January 28, 2010
- Property sale must close before May 1, 2010
- Buyer must be an owner-occupant (second homes are eligible as long as they are owner-occupied) — investors are excluded
All of Fannie Mae’s sales channels are eligible for this incentive — retail, auction, bulk, and public entity with or without direct individual buyer.
Financing
Lenders and/or mortgage products may impose restrictions on how a buyer can use the incentive and may
Long Island Real Estate – List Price Vs Sales Price
The asking price in Nassau county has a shown a large decrease over the past few months, some could argue that is why the median sales price saw an increase during the same time period.
Even though Suffolk county saw a decrease in the asking price, the median under contract price still saw a decrease. Larger decreases in asking price will be needed to get the same results Nassau county is experiencing.
Queens counties asking price increased causing less homes to sell and lower under contract prices, there is definitely a pattern
Long Island Real Estate – Median Sales Price
Both Queens and Suffolk counties saw a decline in the under contract sales price in December, Nassau county on the other hand saw a nice increase in December numbers.
Lis Pendens Versus Sales – Suffolk & Nassau
As you can see lis pendens filings are still out pacing sales in Suffolk county. Although it is nice to see lis pendens filings decrease in the 4th quarter of ‘09
Nassau county sales have been out pacing lis pendens filings since I have been tracking this data. All the data on Nassau county shows that county in a much stronger position for a recovery.
Long Island Real Estate – Lis Pendens
It is nice to see both counties lis pendens filings dropping off in the last quarter of ‘09. In 2008 the 4th quarter also reflects a drop in lis pendens filings; however, that was caused by The law New York Governor Paterson enacted in late spring of last year which delayed the foreclosure process 90 days. Click here to view additional details
The decline in the 4th quarter of ‘09 could be signs of the mortgage defaults slowing down, only time will tell.
Long Island Real Estate – Months of Un-Sold Inventory
Even though the total months of unsold inventory increased over the past few months the inventory is considerable lower then it was in December ‘08. The current total months of available inventory is till causing us to be in a buyers market, hopefully we will see a large reduction in the up coming months.
Long Island Real Estate – Un-Sold Inventory
Long Island home inventory has been seeing a steady decline in inventory over the past 5 months, with all three counties showing an 18 month low. Inventory increases in January are to be expected although I do not believe the increases will be as sharp as past years.
Long Island Real Estate – New Inventory Versus Sold
Nassau county real estate is showing a great improvement over last years stats, with an increase of sales and less inventory coming on the market.
Suffolk county in a year over year comparison is only showing improvement in the number of homes going to contract. New inventory coming on the market during December ‘09 is greater then in ‘08, only slightly higher but still higher.
Queens county like Nassau County also saw improvement in both metrics measured in this chart in a year over year comparison
