The Effects of the Financial and Economic Crisis on Cambria Heights NY Real Estate

By
Real Estate Broker Owner with Home Driven Realty, Inc

The Effects of the Financial and Economic Crisis on Cambria Heights NY Real Estate

Cambria Heights NY Real Estate Trends Third Quarter 2006-2012

Cambria Heights NY Homes for Sale

Cambria Heights NY Real Estate 

 

The Cambria Heights NY Real Estate market has experienced a series of challenges over the period 2006-2012.  Located in southeast Queens, this relatively small and vibrant community has felt the effects cased by the United States Financial and Economic Crisis.

A Federal Reserve Bank of New York timeline of the lead up to and government responses to the crisis is provided here . Another excellent timeline is provided by the Federal Reserve Bank of St. Louis here.

The following is an analysis of Cambria Heights NY Real Estate for the third quarter periods 2006-2012. It will take a look at changes in residential homes sold, median sales price and days on market over the seven year period. Particular attention is paid to the twists and turns caused by Cambria Heights NY Foreclosures and Cambria Heights NY short sales.

For the years indicated the periods covered are as follows

Year

2006

2007

2008

2009

2010

2011

2012

Period Covered

10/1/2005-9/30/2006

10/1/2006-9/30/2007

10/1/2007-9/30/2008

10/1/2008-9/30/2009

10/1/2009-9/30/2010

10/1/2010-9/30/2011

10/1/2011-9/30/2012

 

 Cambria Heights, New York Real Estate Number of Homes Sold

The total number of Cambria Heights, New York Real Estate homes sold for the seven year period ended September 30, 2012 decreased from 115 in 2006 to 57 in 2012, a decrease of 50.4 %. The volume of Cambria Heights New York Real Estate sales realized its biggest year to year decrease from 2006 when it was 115, to 2007 when it was 89, a decrease of 22.6 %. The lowest number of Cambria Heights NY homes sold was 52 in 2011. 2010 sales were spurred by the ending of the First Time Homebuyer Credit .

 

Cambria Heights Homes for Sale

 

A closer look at the type of sales over the seven year period reveals an increase in the number of Cambria Heights, NY Real Estate foreclosures and increase in Cambria Heights, NY Real Estate short sales. The number of Cambria Heights, NY foreclosures increased from 1 in 2006 to a high of 19 in 2010. Foreclosures showed a consistent decline in following years. The number of Cambria Heights, NY short sales increased from 0 in 2006 to a high of 8 in 2009. There has been a consistent decline in the following years.

 

Cambria Heights Homes for Sale

 

The effect of the financial crisis on Cambria Heights, NY Real Estate is manifested in the number of foreclosures and short sales as a percentage of total sales for the period 2006 to 2012.

For the purpose of the calculation the number of foreclodures and short sales are being added together into a distressed sale figure..

Distressed sale is being defined as " the sale of real property creating urgency on the part of the seller such as an impending foreclosure or short sale" .

cambria heights ny short sales

 

The impact of distressed properties on the Cambria Heights NY Real Estate market has increased from 1 % of total sales in 2006 to a high of 34 % in 2009. Foreclosure and short sales remained a signicant sold type in 2012 with a percentage of 16 %.

   

Cambria Heights, New York Real Estate Median Sales Price Overview

The median sales price of Cambria Heights, New York Homes over the 7 year period ended September 30, 2012 decreased from $430,000 in 2006 to $350,000 in 2012. This represented an overall decrease of 18.6 %Cambria Heights NY median sales price reached its lowest value in 2009 at $345,000.

 

Cambria Heights Homes for Sale

 

The decrease in median sales price of conventional, foreclosure and short sales and the Financial and Economic Crisis are primary elements in decreasing overall median sales prices. The median sales price of Cambria Heights, New York Real Estate foreclosures decreased from $361,101 in 2006 to $210,000 in 2012. The Cambria Heights, New York Real Estate short sale median sales price decreased from $307,250 in 2009 to $260,500 in 2012.

 

Cambria Heights Homes for Sale

 

Cambria Heights, New York Real Estate Days on Market Overview

The Cambria Heights, New York Real Estate days on market increased from 49 days in 2006 to 93 days in 2012.

Cambria Heights Homes for Sale

 

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Data Source: Multiple Listing Service of Long Island

Information deemed Relable but not Guaranteed.

All photos and written content were produced by Patrick White. All Rights Reserved. This content may not be reproduced or reprinted, except for Active Rain Re-blogging, without express written  permission of Patrick White, REALTOR®, Home Driven Realty, Inc., Baldwin, New York.

Patrick White, IMSD, e-Pro, RSPS, SFR, SRES, Realtor
Licensed Real Estate Broker

Certified HUD Foreclosure Broker
Home Driven Realty Inc
www.HomeDrivenRealty.com

mailto://Pat@HomeDrivenRealty.com

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Rainer
114,707
Merline D Pennant - South Florida Short Sales and Pre-foreclosures
Working with sellers & buyers home and abroad
Regal Realty of the Treasure Coast LLC

Great information Pat.  If you need to do a referral in to South Florida please let me know I would be happy to oblige. 

October 18, 2012 05:47 PM
Rainmaker
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Michele Cadogan
917-861-861 - Brooklyn Real Estate Home Sales
Fillmore Real Estate

 

What a well presented report regarding the effect of the financial crisis on Cambria Heights-  Its these kind of presentations that make you stand out from the crowd; im sure that being able to present this type of information to anyone from students doing reseach to their parents  looking to buy or sell in the Cambria Heights NY area will be well received.  Have  a great weekend.

October 19, 2012 09:07 AM
Rainmaker
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Patrick White
Put our 26 years experience and technolgy to work
Home Driven Realty, Inc

Good Evening Merline

Thanks for the comments and invitation. Have a great weekend

October 19, 2012 10:56 AM
Rainmaker
653,369
Patrick White
Put our 26 years experience and technolgy to work
Home Driven Realty, Inc

Good Afternoon Michele

Thanks for the comments. Have a wonderful weekend.

October 19, 2012 10:59 AM
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Additional Information

I have been working with buyers and sellers in Brooklyn, Queens and Long Island metropolitan areas, in general, and the Baldwin, Freeport and Uniondale aeas of Long Island in particular for over 26 years as a Realtor. I provide superior customer service to families by •Working honestly, with integrity and a broad knowledge base •Discussing short-term and long-term Housing and Lifestyle goals •Helping with financing, managing capital gains, tax implicaions of owning, selling or exchanging real estate, housing options and the changing needs of families •Assisting in forming the "A Team" of real estate professionals which include a real estate attorney, accountant, financial planner, home inspector/engineer, mortgage consultants

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