Syosset Home Sales Report

We are pleased to present the first quarter Village Report for 2010, a comprehensive analysis of the Syosset Area Residential Real Estate Sales Market.  The data in this report is based on the average (mean) sales data for homes that closed in the Syosset area from 1/1/09 through 3/31/09 and from 1/1/10 through 3/31/10 as reported by the Multiple Listing Service of Long Island.  We also included data for the homes that are currently under contract and available for sale in Syosset.

In the first quarter of 2010 we saw more than twice as many homes sold than were sold in the first quarter of 2009.  There were 41 sold as compared to 19 in the same time period last year. The interesting part of the increased number of sales is that they are in the wider price range from $300,000 to $1,399,000 as compared to the range of $325,000 to $700,000 of 2009.  This shows that the buyers are returning in all price ranges, not just the first-time buyers that drove the market in 2009.

The average sales price increased from $486,783 in 2009 to $606,944 in 2010. This is a 25% increase over 2009 – a very good sign for the 2010 market. The $606,944 average sales price is only slightly lower than the 2008 first quarter average price of $617,467. In 2008, there were 35 sales in the first quarter compared to the 41 homes sold in the first quarter of 2010.  (The economic collapse occurred in the last quarter of 2008 so we are basically returning to the pre-collapse real estate market – a fairly quick rebound taking all into consideration)

Here are a few key points to keep in mind if you are thinking of buying or selling:

• Real estate is a long-term investment. On average the value of a home nearly doubles every 10 years. And 60% of the average homeowner's wealth is their home's equity.
• There's no such thing as a bad market. There are always people ready to buy or sell! Average home sale price in the first quarter 2010 ($606,944) surpassed that of 2007 ($599,386) – a record-breaking year.
• Bad news should be put in perspective. Every foreclosure is a tragedy, but they are predominately associated with sub-prime loans which make up less than 10 % nationally. The foreclosure rate on prime loans remains low in Nassau County. (http://www.npr.org/templates/story/story.php?storyId=111494514&sc=nl&cc=bh-20090807)
• Real estate is ever-changing and highly localized. In Syosset, average prices are up by 25% and total sales rose by 11.6% from 2009 to 2010.  Our market is still selling strong.

So what can we look forward to in the real estate market for 2010? Unfortunately we don't have that "crystal ball," but we are seeing a more balanced market. According to the National Association of REALTORS Chief Economist Lawrence Yun, "The rise in buyer contract activity may signal the early stages of a second surge of home sales this spring. The healthy gain hints home prices are continuing to flatten," he said. "We need a second surge to meaningfully draw down inventory and definitively stabilize home values." 

* Thanks to Long Island Village Realty's Marilyn Urso (516-921-0220, LIVillageRealty.com) for providing this report.