Archive for the ‘Real Estate’
Long Island Real Estate – Short Sale & Bank Owned Inventory
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.
New Bank Owned Inventory by Month
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!
Long Island Real Estate – Homes Sales By Price
These charts give a great overview of what price ranges are selling and how prices have decreased over the past four years. 2010 is only calculated by using 45 days of data so I would expect it to change as 2010 progresses.
Long Island Real Estate – % of Distressed Sales
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.
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.
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
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.
