Syosset School District Homes - Market Trend Report - August 2008

By
Real Estate Agent with Westcott Group Real Estate Company

Syosset School District Homes Market Trend Report - August 2008.    This report shows a statistical comparison between the month of August 2008, the first and second quarter averages for the year, the month of July and a year-over-year comparison.  This report provides information about homes sold in the Syosset School District including:  location of homes, list price, sold price and days on market.

 

These monthly reports provide a relatively small sampling of homes, which often times results in extreme fluctuations that may or may not be indicative of the market trend for the Syosset School District.

 

This report is designed to give factual information about sales in the Syosset School District.  As is the case with many school districts on Long Island, the Syosset School District has a very broad spectrum of home prices (starter, mid-level, luxury), and the value of individual homes cannot be determined by evaluating broad market trends.  If you are interested in finding out the market value for your particular home, you should consider having an actual market analysis done. 

 

These reports are done by school district rather than town because school districts play a very important role in home prices on Long Island.   

 

Below the actual data you will find an analysis of the real estate trends for homes in the Syosset School District.

 

AUGUST 2008 HOME SALES

Syosset School District Homes - August 2008 ClosingsSyosset School District Homes - August 2008 Closings 

 

AUGUST 2007 HOME SALES

Syosset School District Homes - August 2007 ClosingsSyosset School District Homes - August 2007 Closings 

 

YEAR-OVER-YEAR COMPARISONS 

Syosset School District Homes - August Market Trend 

 

MARKET TREND ANALYSIS: 

In a market like the Syosset School District, where there are a number of luxury homes, the market trends show greater fluctuations.  In this case, the numbers are lower than 2007, but comparable to most of 2008.  During the earlier portion of the year, the inventory numbers were higher than 2007, which may have put pressure on home prices.  However, the difference between 2007 and 2008 is the amount of million dollar homes that sold.  Last August, more than 2 times the amount of million dollar homes sold than in 2008.  The one very positive sign was the average days on market for the month (60 days).  This indicates that motivated sellers properly priced their homes for the spring selling season, which attracts homebuyers that are looking for a fast closing so that they are in their new home in time for the school year.  The ratio of sold price to list price was very strong as well.

 

CONCLUSION:

Although the sales prices are lower in 2008 than they were in 2007, they have remained strong throughout the course of the year.  Often times, the fluctuations are directly attributable to the number of homes sold at the high and low ends of the market.  Home sellers should have a market analysis done of their individual home and price accordingly.  Homebuyers should take note that the average days on market is fairly low, and if you see something that you are interested in, it is best not to play a game of wait and see.

 

 

CONTACT:  Adam Waldman, RE/MAX Best, 631-357-2036, adam@adamwaldman.com 

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