Kings Park School District Homes ~ Market Trend Report ~ April 2008

Kings Park School District Homes Market Trend Report - April 2008.  This report shows a statisical comparison between the first quarter averages and the month of April for 2008, in addition to a year-over-year comparison.  This report provides information about homes sold in the Kings Park 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 Kings Park 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 Kings Park School District. 

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

APRIL 2008 HOME SALES

APRIL 2007 HOME SALES

YEAR-OVER-YEAR COMPARISONS 

MARKET TREND ANALYSIS: 

Inventory increased in the Kings Park School District by comparison to both the first quarter of 2008 and April of 2007.  With a relatively low number of closings, the average asking price and sold price was easily boosted by the sale of one home in Fort Salonga for $1.65 million.  This particular home happened to sell rather quickly, which helped reduce the average days on market, along with one other home that sold quickly, but for far below the listing price.  The trend is skewed by these numbers, giving the market a stronger appearance than what other indicators are showing. 

CONCLUSION:

Rising inventory in comparison to the first quarter average for 2008 and April of 2007 tells only part of the story in the Kings Park School District.  The average days on market also showed a significant increase, although the list price and sold price seemed relatively strong.  Of course, these numbers can be largely attributed to the luxury home sale in Fort Salonga for $1.65 million.

The year-over-year quarter trend for the first quarter actually showed some positive signs, so the numbers from April might very well be an abberation.  It will take more data in the coming months to determine if the trend is being altered by the sale of luxury homes at different times during the year. 

The days on market average for the first quarter of the year was actually a very positive sign, and the listing and sales prices indicated that the market has stabilized.  As the year progresses, it will become clearer if the trend for the first quarter was accurate or if the market is actually still volatile.