The Big Story in Nassau County real estate

Last year at this time the residential inventory in Plainview NY reached a high point of 227 listings. A year later inventory is peaking at 179 units. This story is being repeated in many of the towns in Nassau county where over the past month inventory dropped from 10495 units to 10269 properties. Market activity measured by the number of under contracts has picked up with 2232 in Nassau county this year vs 1820 in 2008 and 2224 in 2007. The drop in inventory and the rise in activity has lent some stability to the local market here. In terms on prices, there is still a 2-tiered market. Properties in top condition and good locations are receiving multiple offers within a few weeks of listing. Those in average or poor condition especially in challenged locations are still seeing brutal price drops before they sell.

If the economy here does not see a great increase in the unemployment numbers and interest rates stay under 7% we will see further improvement in our real estate market over the next 6-18 months. The times of greatly increased prices will remain a distant memory but sellers are selling right now into a stabilized market and smart buyers are taking advantage of good deals at what looks like a bottom.