This chart shows the average contract sales price for May ’08 compared to May ’07. As you can see there has been significant reductions in the year over year comparison. Since the peek of the market (ending approximatly in the 3rd quarter of ’05) the data supports that we have had an overall reduction in housing value on Long Island between 15% and 20% depending on location.

*Please note: Though I find the average contract price to be a good indicator of depreciating and appreciating values in a year over year comparison, I do not find the average contract price shows an accurate picture of the average value of the average home.

Chart Link:
http://longislandrealestateguru.com/wp-content/uploads/2008/07/avg_sale_price_nsq_6_08.swf