Kin Tsui

This chart above show the activity from Jun 07 to Jun 09 for the Long Island area including Queens, Nassau & Suffolk.

The real estate sale picked up for 4 consecutive months since it hit a low in Feb. I feel it is just the seasonal cycle; usually sale picked up in about Mar to Aug, then lagged through Sept to Feb.

The stock market went up since March too. I am afraid if the real estate sale figure will decrease for few consecutive months later this year (which is normal for yearly cycle), it will shift the sentiment in this fragile market and draped down the stock and real estate further.

The chart below show the median price. The price showed some stability

In Elmhurst there are too many new condos, at the pace of the first months of this year, it will take over 8 years to sell. It is a long road to recovery.

Inventory as at 07/17/09:

44 units of 2-family - median asking price $772,500 (19 months inventory)

23 units of 1-family - median asking price $589,000 (9 months inventory)

65 units of condo - median asking price $425,000 (8 years inventory)

74 units of co-op - median asking price $199,000 (21 months inventory)

Units closed in the first half year of 2009 - 01/01/09 to 06/30/09:

14 units of 2-family - median selleing price $700,000

16 units of 1-family - median selling price $520,000

4 units of condo - median selling price $200,000

21 units of co-op - median selling price $185,000

Units closed in the first half year of 2008 - 01/01/08 to 06/30/08:

21 units of 2-Family - median selling price $690,000

11 units of 1- Family - median selling price $540,000

20 units of condo - median asking price $359,000

26 units of co-op - median selling price $187,500

Source: MLS of Long Island

Inventory level is high by comparing the current number of listings with the number that was sold in the first 6 months this year. Especially 2-family houses inventory was built up all across Queens.

Inventory as at 07/17/09:

34 units of 2-family - median asking price $799,000 (51 months inventory)

9 units of 1-family - median asking price $529,100 (14 months inventory)

22 units of condo - median asking price $354,000 (44 months inventory)

173 units of co-op - median asking price $225,000 (19 months inventory)

Units closed in the first half year of 2009 - 01/01/09 to 06/30/09:

4 units of 2-family - median selleing price $442,000

4 units of 1-family - median selling price $422,500

3 units of condo - median asking price $307,000

55 units of co-op - median selling price $195,000

Units closed in the first half year of 2008 - 01/01/08 to 06/30/08:

10 units of 2-Family - median selling price $752,500

10 units of 1- Family - median selling price $587,500

4 units of condo - median asking price $355,000

83 units of co-op - median selling price $195,000

Source: MLS of Long Island

The volume of single family and 2-family improved from the same period last year. Inventory level is still high.

Inventory as at 07/16/09:

150 units of 2-family - median asking price $659,000 (2 years supplies)

79 units of 1-family - median asking price $520,000 (15 months supplies)

31 units of condo - median asking price $299,999 (5 years supplies)

20 units of co-op - median asking price $169,500 (10 years supplies)

Units closed in the first half year of 2009 - 01/01/09 to 06/30/09:

36 units of 2-family - median selleing price $512,500

31 units of 1-family - median selling price $446,000

3 units of condo - median asking price $342,500

1 units of co-op - median selling price $185,000

Units closed in the first half year of 2008 - 01/01/08 to 06/30/08:

24 units of 2-Family - median selling price $650,000

22 units of 1- Family - median selling price $472,000

8 units of condo - median asking price $337,000

8 units of co-op - median selling price $144,500

Source: MLS of Long Island

The market is extremely over-supplied. We are talking about years' supplies. 100% of single family and 35% of 2-family sold were foreclosure. Do you see any "Green Shoot"?

Inventory as at 07/16/09:

184 units of 2-family - median asking price $659,000 (3 years supplies)

38 units of 1-family - median asking price $497,000 (6 years supplies)

75 units of condo - median asking price $315,000 (18.75 years supplies)

53 units of co-op - median asking price $162,000 (3.31 years supplies)

Units closed in the first half year of 2009 - 01/01/09 to 06/30/09:

31 units of 2-family - median selleing price $460,000 (11 units were REO)

3 units of 1-family - median selling price $320,000 (All were REO)

2 units of condo - median asking price $234,000

8 units of co-op - median selling price $148,750

Units closed in the first half year of 2008 - 01/01/08 to 06/30/08:

33 units of 2-Family - median selling price $662,000

1 units of 1- Family - median selling price $460,000

2 units of condo - median asking price $278,750

14 units of co-op - median selling price $141,000

Source: MLS of Long Island