Smithtown School District Homes ~ Market Trends Report ~ February 2008

The following is the February 2008 Home Trends Market Report for the Smithtown School District.  For the first time ever, this report will show month-by-month comparisons, in addition to year-over-year market trends.  This report provides statistical information about homes sold in the Smithtown School District including:  location of homes, list price, sold price and days on market.

It is important to note that monthly reports provide a relatively small sampling of homes which often times results in extreme fluctuations that may or may not be indicative of the market trend for the Smithtown School District. 

This report is designed to give factual information about sales in the Smithtown School District.  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.

FEBRUARY 2008 HOME SALES

FEBRUARY 2007 HOME SALES

MONTH-BY-MONTH / YEAR-OVER-YEAR COMPARISON 

MONTH-BY-MONTH MARKET TREND ANALYSIS: 

The inventory trend remained relatively steady, although there were fewer closings in February than in January.  Due to a small sampling of homes sold, the average listing price and sold price increased, largely on the strength of a $1 million home.  The ratio of list price to sold price deteriorated slightly, and the average days on market increased.

YEAR-OVER-YEAR MARKET TREND ANALYSIS: 

There was a considerabel inventory increase year-over-year.  While average list price and sold price seems to have shown a significant drop, this is mainly due to the fact that a home sold in 2007 for over $4 million, which skewed the statistics with such a small sampling.  There was a slight improvement in the ratio of list price to sold price, and the days on market was flat.

CONCLUSION: 

If you looked at the monthly trends, it would appear that the market is rising in the Smithtown School District, however, the year-over-year trend shows a decrease.  Being that it is early in the year, it is too early to declare which trend is accurate.  Over the coming months, the true trend will be determined.  A few luxury homes have exaggerated the numbers in each case.  The one trend that is already showing, however, is a significant increase in inventory, indicating a buyer's market in the Smithtown School District.  Homeowners that are motivated to sell their home should price to sell and have the home in excellent showing condition.