All three counties saw an increase of properties that are being sold short with Suffolk hitting an all time high.
Bank inventory is still declining in Nassau and Queens counties with only Suffolk county showing a large increase in bank owned inventory.
This chart shows the new bank inventory that came on the market for each month. I feel this chart gives a better representation of how the foreclosure market really looks like. Unlike the “Bank Owned Inventory Chart” which shows the total inventory (which you can see here “Long Island Bank Owned Inventory”), you will see all three counties are hovering at all time lows mostly due to that the fact that bank owned inventory is selling!
These charts show the percentage of sales that are short sales, Bank foreclosures (REO’s) and non distressed sales.
In the past three months Suffolk county is showing the greatest changes in it’s percentages with REO sales increasing and short sales dropping off. I am wondering if the drop off of short sales going to contract has anything to do with the difficulties of negotiating a short sale, I have hearing that more and more buyers are shying away from them for this reason.
I don’t see any real change Nassau, so I will let the chart speak for it’s self.
Queens county also has not see any real change in the past three months.
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.
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.
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
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.
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.
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.
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
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Bank Owned Properties |
