http://longisland.newsday.com/templates/simpleDB/?pid=392

After many months of declines in new bank owned inventory coming on the market, December showed A slight Increase over previous months.

New inventory coming on the market is considerably less then the same time last year, even though we are in seasonal cycle of less inventory coming on the market any year year improvement is a good sign.

Buyer activity is consistent with last years volume showing that there are a steady flow of qualified buyers in the market. 

Even though the un-sold home inventory is coming off it all time high this past summer it seems that the inventory has leveled out to October 2010 levels.

Both Queens and Suffolk counties hit an 18 month low for the median under contract price in October 2011. Last month Nassau county hit a new low and bounced back in October edging the values just above the previous months low. Unfortunately this new low precedes the time when home values historically decline during the months of December and January.

As I stated last month the seasonal decline started earlier then it has in past years. buyer activity is down substantially compared to the same time last year in all three counties.

Good to see that Long Island Lis Pendens did not increase over the past quarter. Compared to the third quarter of 2010 lis pendens filings are way down in both Nassau & Suffolk county. If the 4th quarter trends continue as they have in past years we should see both counties filings reduce below 1000 in the 4th quarter of 2011.