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.

Chart speaks for itself, short sale inventory is still climbing in all three counties and has reach a new 18 month high.

New bank owned inventory is still coming on the market very slowly. Suffolk and Queens counties have slowed down to the point of hitting 18 month lows. Even though the slow down of new bank owned properties coming onto the market would normally be a good sign,  in this case it is not caused by the lack of properties to foreclose on. But due to the courts not foreclosing on the properties and the fast pace they have been on previous months.

The total inventory of bank owned properties on the market continued to slide downward in November. Bringing the totals to 18 month lows in Nassau & Suffolk counties.

Lis pendens filings have been on the decline since the peak which was reached back in the 3rd quarter of 2009. Even though there was a sight increase over the past year, lis pendens filings are down 47% since the peak in ‘09. Foreclosure sales also have declined drastically since the peak that occurred in 2010. I suspect to see foreclosure sales increase; however, I do not believe they will ever reach the volume that was achieved in past years.

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.

All three counties are experienced a decline in home values   in September. Nassau has been declining since July and has hit a new 18 month low for the median under contract price in September.

The seasonal increase of unsold inventory started earlier this year the in years past. An increase of unsold inventory is directly related   to a decrease in buyer activity. Although it is common for this trend to occur each year starting in November and continuing through the holiday months., it is uncommon to see the trend start this early in the year!

The seasonal climb in active inventory started early this year in all three counties. In addition all three counties has less active inventory this year as compared to the same time last year. An early start to the seasonal decline and starting at lower levels then last year are both good signs!