Smithtown Long Island Homes ~ Market Trends Report ~ January 2008

Welcome to the NEW and IMPROVED Home Trends Market Report for homes in the Smithtown School District.  This will be a monthly feature going forward (formerly a quarterly feature).  The report will continue to provide statistical information, but you will now also be able to see exactly where each sold home is located, how much it was listed for, how much it sold for and how many days that it was on the market.

Since this is a monthly report, there will be a smaller sampling of homes.  As such, there will be greater fluctuations in the averages then there was with the quarterly reports.  This report is designed to give factual information about what is happening locally.  If you are interested in finding out the market value for your particular home, you should consider having an actual market analysis done.

These reports are done by school district rather than town because school districts play a very important role in home prices on Long Island.   

Below the actual data you will find an analysis of the real estate trends for homes in the Smithtown School District.

JANUARY 2008 HOME SALES

JANUARY 2007 HOME SALES

MARKET TREND ANALYSIS:  Inventory rose slightly, although the same amount of closings took place in January of 2008 vs. January 2007.  The average list and sales price appears to have taken a significant hit, but this can be explained by the fact that two homes sold for over $1 million in January of 2007.  With a sample size this small, these two sales heavily skew the numbers.  The average percentage of list price deteriorated slightly, and the days on market remained basically flat.  It is important to note that these trends are based on year-over-year statistics. As the year progresses, the statistics will show month-over-month trends as well.

CONCLUSION:  It is a good time to be buying a home in the Smithtown School District.  Interest rates are very low, and prices are reasonable.  There is value to be found at a variety of price points, and inventory has risen slightly, so there are more homes to choose from.  If you are selling your home, it is still essential to be priced to sell (if you are serious about moving) because there is competition on the market.