Three Village School District Homes ~ Market Trend Report ~ March 2008

The following is the March 2008 Home Trends Market Report for the Three Village 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 Three Village 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 Three Village 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 Three Village School District. 

This report is designed to give factual information about sales in the Three Village School District.  As is the case with many school districts on Long Island, the Three Village 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 Three Village School District.

MARCH 2008 HOME SALES

MARCH 2007 HOME SALES

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

MARKET TREND ANALYSIS: 

The home prices in the Three Village School District have more fluctuation than most other areas.  This is mainly due to the fact that there is a wide disparity between home prices for starter homes and the prices for high-end luxury homes.  This makes it much more difficult to identify market trends based on price.  In this type of market, it is much more prudent to look at numbers such as inventory, ratio of sales price to list price and average days on market.  Based on these numbers, it shows that the market is slightly declining.  Inventory is increasing on both a monthly and quarterly year-over-year basis.  During the first quarter of 2008, the ratio of sales price to list price deteriorated, while the average days on market increased.  All of these signs point towards a buyer's market for the area.

CONCLUSION:

It is essential that homeowners looking to sell their homes take a good look at the comparables for other homes in their immediate area and price range.  Being that the Three Village School District is so large, it is difficult to use such a broad spectrum report to determine a market trend.  It's possible that part of the market could be rising while another segment of the market could be declining.  Although this is true in all areas, the laws of supply and demand are much more impactful in this area.  If there are a limited amount of luxury homes, the market may very well command top dollar.  On the other hand, if there are a large number of similar starter homes, the buying public will gravitate towards those homes in the best condition and priced the most competitively.

If you are a buyer looking to get into the Three Village School District, there are some very good buying opportunities.  The increase in inventory bodes well for buyers as it pressures sellers to price their homes competitively.  The economic stimulus package, which raised FHA and Jumbo loan limits until the end of 2008 should be a great incentive for those looking to buy in the area.  Mortgage rates are still near historical lows, inventory is up and prices have come down a bit, making this an ideal time to be buying a home in the Three Village School District.