Lindenhurst NY 2011 Housing Market - What A Year It's Been!
Overall, the Lindenhurst NY housing market saw a 4.14% decrease in the median sales price since January 2011. Let's look at the Lindenhurst NY housing market since January 2007:
2007 - 0.67% decrease
2008 - 8.38% decrease
2009 - 1.27% decrease
2010 - 5.67% increase
2011 - 4.14% decrease
Since January 2007 to December 2011, the Lindenhurst NY housing market decreased by 22.23%.
The Lindenhurst NY housing market saw the worst in 2008 and saw the best in 2010.
Since the quarterly median sales prices of 2011 stayed fairly tight, I'm hoping that 2012 will be the year for stabilization for the Lindenhurt NY housing market. When stabilization occurs, it will stay that way for a while. Do not expect a full blown sellers market in 2012.
Lindenhurst NY Buyer Activity History:
The chart below represents how many buyers bought homes since 1992. 2004 and 2005 had more homes sold than any other year. That was the market boom. 2008 through 2011 has been fairly steady since 2007.
As you can see, buyers are buying and they should. Mortgage rates are at historic lows as well as housing prices. If you have the money, buy now is all I can say because mortgage rates will go up again and so will housing prices. Long Island is not in economic ruins like some part of the United States and we do not rely on one particular industry or anyother industry for that matter. All I know is the stores were crowded as usual this past holiday season!
As you can see from the chart below we are at 1992 buying activity. I bought my first house in 1993 for $129,990. It was a 3 bedroom ranch and had 7 rooms with a full, half finished basement and no garage.
Here is a kick in the pants for ya: Back then it took 5 months to close on a home and that was having no major issues. Now it's around 2 months. It's amazing how real estate has changed over the years!
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