Lindenhurst Real Estate Market Report For November 2009
I decided to make this simple more for you. I'm only including: Low, Average and High.
Lindenhurst Village Real Estate Market Report For Month Ending November, 2009
This report is for single-family homes only.
New Homes Currently On The Market -29 (Down 40% Compared To October)
Average
$343,258 (Listing Price) (Down 5% Compared To October)
Low
$149,000 (Listing Price) (Down 10% Comared To October) Half of these homes are Short-Sales. Lindenhurst has a high rate of them right now due to people not being able to afford their homes.
High
$650,000 (Listing Price) (Down 30% Compared To October)
The above homes have been on the market for 30 days or less. When a home is priced right, that is, at Market Value, then there is no reason why a home can’t sell in 60 days or less unless there is a defect that would prevent that from happening or a seller wants to try to go above Market Value just to see what happens in the hopes of getting more for their home. That is not going to happen in this market. The market of 2005-2006 is long gone and we will not see that market again in our lifetime unless we get really lucky!
Homes Currently Under Contract - 24 (Up 33% From October)
Average
$302,088 (Listing Price) (Down 20% From October)
$336,456 (Original Price) (Down 20% From October)
Days On Market - 152 (Up From 140 Days In October) When a home is priced at market value, it will sell in under 60 days. These homeowners are not taking the advice of their Real Estate Agents.
Low
$189,000 (Listing Price) (Up 10% Compared To October)
$189,000 (Original Price) (Up 10% Compared To October)
Days On Market - 11 (October was 7 Days on the Market)
High
$569,990 (Listing Price) (Up 10% Compared To October)
$599,990 (Original Price) (Up 1% Compared To October)
Days On Market - 647 <------October was 690. This number is a little better. Higher-End, Luxury Homes stay on the market longer. Only a small percentage of cosumers can afford them. Please note that the sold price will not show until after closing.
Homes That Closed - 25 (Down from 28 in October)
Average
$335,310 (Listing Price) (Up 1% Compared To October)
$321,999 (Sold Price) (Down 10% Compared To October)
Days on Market - 83 (Down from 140 Compared To October) <-------Homeowner's ARE learning :)
Low
$179,900 (Listing Price) (No Change Compared To October)
$170,000 (Sold Price) (No Change Compared To October) Short-Sales Are a large part of these numbers.
Days on Market - 12 (Up 10% Compared To October)
High
$429,990 (Listing Price) (Up 10% Compared To October)
$425,000 (Sold Price) (Up 10% Compared To October)
Days on Market - 285 (Down 35% Compared To October) Getting Better!!
Again, please note the differences between the List Price and the Sold Price. Buyers are offering close to market value and that is what you want. Days on the Market are mainly down compared to October. This is because homeowners are pricing close to market value.
The High column represents Higher-end, luxury homes are always on the Market longer because only about 3% of the country and afford them, let alone the percentage of who can afford them on Long Island. But, Days on the Marke have come down so that says those luxury homeowners are realizing the value of Market Value.
You know the saying, "Location, Location, Location"?
When it comes to pricing your home: Market Value, Market Value, Market Value.
I can never stress this enough.
Until next month:
Happy Holidays to all of you and your families!
