Thursday, May 11, 2006

Long Island Housing Market Declining

Hat tip to Ben Jones at The Housing Bubble for these two links..

From Newsday:
LI housing market takes turn for buyers

"Welcome to the new world of real estate. Doesn't it look familiar?"

"It's been nearly a decade since the housing supply was this high and annual price increases were this low. Residential inventory is increasing at a record annual pace. And the median prices in Suffolk and Nassau counties are exactly the same as they were last June."

"The latest data from the Long Island Multiple Listing Service showed annual median price increases of 4.3 percent in April for both counties, with Nassau at $470,000 and Suffolk at $385,000. Nassau's price remained stable since March, but Suffolk's declined by 3 percent. Residential inventory, meanwhile, rose by 65 percent over the year in Suffolk County and 76 percent in Nassau County - each reaching levels not recorded as far back as the MLS records go, to 1980."

"And the housing supply ratio that shows how long it would take to sell out the inventory at the current pace stands at 10 months in Suffolk County and nearly nine months in Nassau - the highest levels since 1998 and 1997 respectively."

"But as the real estate market's prime selling season moves on, many are suggesting that it has been one of the slowest springs in the past six years. And that slowdown is likely to continue into the summer, experts said, pointing to the Federal Reserve's decision to increase short-term interest rates to 5 percent yesterday."

""Buyers are starting to negotiate and sellers are starting to give," Marten said. "The seller is starting to blink.""

From Long Island Business News:
Island housing is a mixed bag

"The days of eye-popping monthly real estate gains are now the stuff of real estate lore."

"Though Island housing prices remain up year over year, Suffolk battled a moderate price drop in April and Nassau remained stable, according to the latest statistics from the Multiple Listing Service of Long Island."

"That's not the greatest news for sellers, but buyers have plenty of homes to choose from: The region's inventory skyrocketed more than 50 percent in the last year."

"The crushing wave of frenzied buyers competing for homes appears to have receded. But more sellers are still trying to cash in, especially in Nassau."

7 Comments:

Anonymous Anonymous said...

BA ba ba ba ba ba ba BOYCOTT HOUSES!

GSML LISTINGS

Inventory Piling up Everyday Everyday.

5/9/2006 28,587

5/10/2006 28,660

5/11/2006 28,737

BOYCOTT HOUSES!!!!!!!!

Is there a real shortage?

Just a SHORTAGE OF INSANELY PRICED HOUSES!!

Booooooyaaaaaa!

Bob

5/11/2006 11:19:00 AM  
Anonymous Anonymous said...

Pa pa pa pa pa pa PANIC

Starving realtors and desperate sellers will be fighting it out for huge price concessions.

Plunging prices Don't Pa pa pa ap PANIC!

BOOOOOOYAAAAAAAA

Bob!

5/11/2006 11:21:00 AM  
Blogger chicagofinance said...

Booya:

Are you the Stuttering John Melendez of this Blog?

chicago

5/11/2006 11:43:00 AM  
Anonymous Rich In NorthNJ said...

WHY does it take NJAR so LONG to come out with the quarterly numbers?! We are almost month and a half since the end of the 1st quarter and no housing stats from them.

I e-mailed the following about a month ago with no reply back.

Amanda J. Sacco
Director of Communications
Phone: 732-494-4705
Fax: 732-494-4723
E-mail: asacco@njar.com

5/11/2006 12:03:00 PM  
Blogger Richard said...

said this on another thread. family lives in plainview. normally 35-40 houses on the market. today a tad over 200. wow. properties on the top streets are still selling briskly for asking or slightly over. most everything else sitting and being reduced.

5/11/2006 12:14:00 PM  
Blogger grim said...

I asked Amanda a month back, she told me they wouldn't be available until the middle or end of May.

Useful...

Grim

5/11/2006 03:12:00 PM  
Anonymous Rich In NorthNJ said...

Thanks for the info Grim!

5/11/2006 10:26:00 PM  

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