Long Island Housing Making a Comeback


Three Village Market Snapshot April 2018

Fewer homes for sale and strong buyer demand continues to keep prices on the rise here in Three Village, NY.   According to reports, this trend will continue.

Lets take a look at some housing stats:

 

 March 2018 April 2018
New Inventory 6672
Total Inventory 189201
# Contracts3445
# Closed2233
Median Selling Price$448,000$526,000

 

 

  • 72 Homes were listed for sale in April 2018 compared to 66 that were listed in March 2018.
  • Pending Sales increased from 34 to 45 from March to April 2018
  • 35 Homes SOLD in the Three Village Area in April 2018
  • Prices moved higher as the Median Sales Price was up 17% percent to $526,000 from its $448,000 number in March 2018.

 

Long Island Supply of Inventory was down 1.5 percent to 6.5 months

Long Island (Queens, Nassau & Suffolk) has seen an average sales price increase  of approximately 10%

Information is taken from Residential activity in Nassau, Queens and Suffolk counties, comprised of single-family homes, townhomes and co-ops combined. Percent changes are calculated using rounded figures.

Three Village SOLDS April 2018

Information taken from the Multiple Listing Service of Long Island

Federal Reserve Update

The Federal Reserve raised its interest rate by .25 percent in March 2018.  According to National Association of Realtors, the Federal Reserve will increase rates once again if not twice this year.  Buyers are actively seeking homes to purchase as they see their purchasing power diminishing.  The house they could have afforded last year is not the same house that they can afford now.  Even though mortgage rates have risen to their highest point in four years, they remain low historically. If your in the market to buy, DON’T DELAY !!!

What does this mean if your selling in Three Village

picture of dining room with high back chairs,
7 Archer drive Stony Brook Dining room

For some reason, homeowners have been slow to place their homes on the market, but this may be the perfect time to do so. Right now, the inventory numbers are low, and people are feeling an urgency to purchase. For this reason, placing your home on the market could get the price you want in record time.

 

What does that mean if you’re buying a house in Three Village?

The lack of real estate inventory is causing a rise in the median price ranges in the Three Village area. With the strong competition for houses, it’s a good idea to be at the top of your game when it comes to house-hunting. One of the best things to do is sign-up for receive e-mail notifications and create saved home searches around the criteria required for your new home.

Where is Three Village Located?


What is my Three Village Home worth?


All information is deemed accurate but not guaranteed

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