Jericho School District Homes - Market Trend Report - August 2008

By
Real Estate Agent with Westcott Group Real Estate Company

Jericho 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 Jericho 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 Jericho School District.

 

This report is designed to give factual information about sales in the Jericho School District.  As is the case with many school districts on Long Island, the Jericho 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 Jericho School District.

 

AUGUST 2008 HOME SALES

Jericho School District Homes - August 2008 Closings 

 

AUGUST 2007 HOME SALES

Jericho School District Homes - August 2007 Closings 

 

YEAR-OVER-YEAR COMPARISONS 

Jericho School District Homes - August Market Trend 

 

MARKET TREND ANALYSIS: 

While there has been some decline in housing prices in the Jericho School District, it is important to note that the amount of transactions in the area is lower than most surrounding areas.  When you factor in the wide range of home prices (from starter homes to luxury homes), it only adds to the likelihood that there will be extreme fluctuations from month to month.  The inventory numbers are up slightly from last year, but not by a large enough margin to put pressure on home prices.  The decline in the year-over-year numbers for August is largely attributable to the fact that there were more luxury homes sold in 2007, one of which was for over $4 million.

 

CONCLUSION:

It is a challenge to determine market trends in an area that has such little activity and such a vast price range from starter homes to luxury homes.  It is best to evaluate the numbers on a quarterly basis, but even that is not going to be totally accurate.  Home sellers should evaluate their home by having a market analysis done, and homebuyers should work with a buyer's agent to help determine market value.

 

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

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