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

Three Village 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 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.

APRIL 2008 HOME SALES

APRIL 2007 HOME SALES

YEAR-OVER-YEAR COMPARISONS 

MARKET TREND ANALYSIS: 

The increase in the luxury home market sales helped boost all of the numbers for the Three Village School District.  This is a multi-segmented market, which makes determining an overall market trend more difficult.  For example, in the month of April, there was a home sale for $320,000 and also a home sale for $1,700,000.  While the two homes are both part of the same school district, they are not really a part of the same market.  For this reason, all trend numbers should be studied, but not relied upon for individual homes in the area.  Being that this is a very large school district with a large gap between starter homes and luxury homes, there is bound to be extreme fluctuations.  There are, however, a few numbers that can be looked at for the overall market - inventory numbers and average days on market, both of which showed improvement in comparison to the first quarter of 2008. 

CONCLUSION:

As it was stated above, this is an unusual market that can be evaluated on different levels (starter, mid-level and luxury homes).  A number of homes are selling relatively quickly, while others are taking longer than the average to sell.  Overall, the prices for April are in line with the first quarter average for the Three Village School District.  The prices for 2008 are showing marked improvement over 2007, but this may just be a sign that the luxury market has picked up this year, as evidenced by the three sales of million dollar homes in 2008, compared to none in 2007 for the same time last year.  In fact, the highest priced home sold last April was just slightly above $800,000. 

So what does this mean for the overall market trend for the area?  It cannot be determined easily, but there are some very positive signs in the market.  First and foremost, average days on market has shown a dramatic improvement.  More homes sold faster than the average than slower than the average, indicating that the homes that sold are being priced properly for the most part.  However, a steady rise in inventory shows that there is a lot of competition, and pricing to sell is the best way to get your home sold.

Home buyers at all levels will find opportunities in the Three Village School District.  However, it should also be noted that homebuyers have competition for properly priced homes, so it is not a good idea to assume that the "right" home will last on the market, despite what the mass media would have you believe.