Smithtown School District Homes ~ Market Trend Report ~ May 2008

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

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

MAY 2008 HOME SALES

MAY 2007 HOME SALES

YEAR-OVER-YEAR COMPARISONS 

MARKET TREND ANALYSIS: 

The average sales price, average list price and ratio of sales price to list price all showed improvement in May, compared to the first quarter average and the month of May.  However, the inventory continued to rise at a faster rate than last May or anytime this year.

CONCLUSION:

Prices rising is good news, but inventory rising will keep the prices in check for homeowners coming on the market now.  As is the case with most of Long Island, competitive pricing is the key to success in selling your home.  Whilie home prices rose on average, homebuyers should be encouraged by the amount of inventory available.  There has even been some opportunity for first-time homebuyers to get into the district, which has been a limited in recent years.