Babylon Village Real Estate Market Activity - Period Ending 8/28/11
Two homes sold in Babylon Village during weeks 8/15/11 to 8/28/11:
99 Marlborough Road Babylon Village - This three bedroom Expanded Cape has six rooms, no garage and no basement. Listed for $275,000 and sold for $275,000. On the market for 99 days. List price to sold price ratio: 0%. Property Taxes - $8,387. It was an Estate sale. Buying a home in Babylon Village in the Babylon School District for under $300K without needing a lot of work is rare so it doesn't surprise me that the sellers got their asking price.
63 Strong Avenue Babylon Village - This 4 bedroom Colonial has 10 rooms, 1 car attached garage and a partially finished basement. Listed for $639,000 and sold for $620,000. On the market for 32 days. List price to sold price ratio: 3%. When you view the photos, you will see why it sold for 3% under asking price. Property Taxes - $14,060. 
As you can see from the chart above, more homes are staying on the market in Babylon Village than going off. Hence, it's a buyer's market.
Babylon Village Real Estate Market - Quarterly Median Sales Price:
When we compare the 2nd Quarter of 2007 to the 2nd Quarter of 2011, they are almost the same. So far, the real estate market in Babylon Village is showing signs of improvement. This doesn't mean a seller's market anytime soon. More homes have to sell off the market than coming on in order to have a seller's market.
Absorption Rate - Absorption rate is how we determine if the real estate market is a buyer's or seller's market. It tells us how long it will take for the current homes on the market to sell.
For example, if we want to see absorption rate for a 3 month period for Babylon Village, we look to see how many homes are currently on the market which is 69.
Then divide how many homes sold in a three month period which is 21 (May through August 2011).
21 sold homes divided by 3 months = 7 (An average of 7 homes sell per month for a three month period).
We then divide 69 (current homes on the market) by 7 = 9.85 months it will take to sell all 66 homes.
See Absorption Rate Chart for Babylon Village below:
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