Hauppauge School District Homes ~ Market Trend Report ~ March 2008

The following is the March 2008 Home Trends Market Report for the Hauppauge School District.  This report shows month-by-month comparisons, in addition to year-over-year market trends.  Since this report comes at the end of the first quarter of the year, there is also a comparison of the year-over-year quarterly market trends.  This report provides statistical information about homes sold in the Hauppauge 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 Hauppauge School District.  The quarterly market trend has more data, and as such, gives a more accurate look at the current market trend.  However, it should be noted that the market data is still relatively small and subject to extreme fluctuations based on sales that are atypical of the rest of the sales in the Hauppauge School District. 

This report is designed to give factual information about sales in the Hauppauge School District.  As is the case with many school districts on Long Island, the Hauppauge School District has a very broad spectrum of home prices (starter, mid-level, luxury), and the value of individual homes cannot be determined by evaluating broad market trends.  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 Hauppauge School District.

MARCH 2008 HOME SALES

MARCH 2007 HOME SALES

MONTH-BY-MONTH & FIRST QUARTER YEAR-OVER-YEAR COMPARISONS 

MARKET TREND ANALYSIS: 

At first glance, it would appear that the market for homes in the Hauppauge School District really started to improve drastically in March.  While there were some positive signs, the drastic improvement in the average list price and average sold price is directly attributable to one new construction luxury home that sold for nearly $2 million (far above what is average for the area).

Here are the positive signs for home sales in the Hauppauge School District:

1. The ratio of list price to sold price was very strong.
2. The average days on market improved by a large margin.  This is a sign that homes are starting to sell.
3. The inventory, while still rising, did so at an extremely modest rate.

The only real negative was that the average list price and sold price for the first quarter of 2008 declined from the first quarter of 2007.  

CONCLUSION:

Based on the year-over-year statistics, the market trend indicates that this is still a buyer's market.  However, it appears that home sellers have started pricing their homes to sell, resulting in tighter inventory, shorter time on the market, and sales prices much closer to listing prices.  If this trend continues over the coming months, it is very likely that the local market will begin to rise again.

Homebuyers that are interested in looking for a home in the Hauppauge School District have a great opportunity right now.  The fact that interest rates are still low, and that home prices have come down should appeal to motivated homebuyers.  The low tax rate in Hauppauge is also very appealing, considering that taxes in surrounding areas are significantly higher.  With the FHA and Jumbo loan limits raised until the end of 2008, homebuyers have a window of opportunity to take advantage of all of these factors.