John Ammirati

Construction on the Green Home in Jericho's East Birchwood section proceeds as planned.

This foundation is not only strong. It is greened. Reclaimed rigid foam insulation is attached to the entire foundation. Reclaimed means the materials are being reused from previous constructions. This is the first step in sealing the home. Before the solar panels and geothermal system get working, it is important to make sure the home needs as little energy to heat and cool as possible. Our next post - special framing techniques.

The March numbers are in and Under contracts in Nassau County have increased for the third straight month. Inventory numbers are up a bit but the absorption rate has dropped from 8 to 6 months. In the eight towns that Century 21 Prevete has offices sales are up for the quarter vs 2008 and inventory is up marginally from 1426 last month to 1459 this month. This gives us much hope for a very strong spring market in Central Nassau County. Deal activity has picked up in the last week with as many deals in the week as the rest of the month. The story will unfold as more inventory pours in during the next two months - can the buyers keep pace? Interest rates and the $8000 tax credit are positives for the market. Mortgage companies still being stingy and poor employment numbers are still a worry on the market. I believe the market here has made a bottom in sales numbers while prices will remain soft until the economy is on a firmer footing

Under contracts in Nassau County continue to improve 2009 vs 2008 as February under contracts reached 1228 versus 1170 last February. Although inventory has increased 4% - the number of months of inventory has dropped from 9 to 8. The Plainview stats show marked improvement with under contracts at 70 in 2009 vs 44 in 2008 - inventory dropped slightly and we have less than 5 months inventory available at the current pace. In all eight towns Century 21 Prevete has offices under contracts were up 5% and inventory dropped 3%.

Suffolk County continues to falter with under contracts down 19% (2009 vs 2008) and inventory up.

Two months do not a year make but Nassau county and particularly the Plainview stats do provide some hope that there is a light at the end of this tunnel.

It's February 1st already and the first month's sales and inventory stats are in. Nassau county under contracts are up slightly - about 3% while inventory has increased slightly giving us a 9 month supply of inventory to sell at this time. Plainview itself faired better with a good jump in under contracts from a dismal 18 last January to a more normal 28 under contracts this year. With inventory only up slightly from a 3 year low there is a little less than a 6 month supply of inventory. Suffolk County continues to slide with a 17% drop in sales which gives it a full 12 months supply at this sales rate. I believe Suffolk County will continue to lag until Nassau County picks up a bit more. The activity in the houses shows some serious buyers are meeting realistic sellers and we keep our fingers crossed that the year will improve as we move into Spring.

With under contracts down 15% in 2008 - what can we expect for the Nassau County Long Island real estate market in 2009. I believe the real estate market here as in much of the country will be driven by the interest rate story. Interest rates in the 4's would bring stability to our market and create a better balance between buyers and sellers. With inventory starting 7% lower than last year and sellers more realistic about their prospects, first quarter action could show improvement over last year's figures. Presuming that the incoming administration creates a significant stimulous package, activity will be brisker from spring into early summer - after that watch interest rates on July 4th. That's as far as my crystal ball sees. Do you see the same picture in your market?