Syosset School District Homes ~ Market Trends Report ~ March 2008

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

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

MARCH 2008 HOME SALES

MARCH 2007 HOME SALES

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

MARKET TREND ANALYSIS: 

As is the case with many of the areas on Long Island, the home trends in the Syosset School District fluctuate from month-to-month.  However, the quarterly numbers year-over-year, have shown a modest decline in home prices.  The average days on market is slightly lower this year, and the ratio of sales price to list price remained relatively stable as well.   Inventory is also on the rise, but only by a marginal amount, as compared to the first quarter of 2007.

CONCLUSION:

Homeowners are facing more competition with the rise in inventory.  Like most areas, the homeowners that are motivated to sell their homes should price the home accordingly.  Homebuyers looking to buy a home in the Syosset School District will benefit from relatively low interest rates, and prices that have come down a bit.  In addition, the economic stimulus package has raised the FHA and Jumbo loan limits until the end of 2008.  All of these factors make for an excellent buying opportunity for those looking to get into the area.