Smithtown, NY

Here is another take on the history of Smithtown, Long Island, New York in Suffolk County. The town was first settled in 1650. The local legend has it that Native Americans told Smith (an early settler) that he would be granted title to all the land he could ride across in one day on a bull. The land he acquired in this way is said to estimate the current town’s location. There is a large statue of Smith’s bull known as Whisper, at the fork of Jericho Turnpike and St. Johnland Road. The town was originally named as Smithfield.

Don't miss the opportunity to own this unique property. Diamond condition Sprawling Ranch situated on beautiful 1.19 Acre property with brook running along the back property line. This expanded ranch features a great open floor plan, with updated kitchens and baths, all new windows, skylight, and a great room with fireplace. 3 Bedroom, 1 Bath with connecting guest suite, each with it's own outside deck. Mother/Daughter with permit. Low taxes. Exceptional value at $499,999.

Must see to appreciate. Please join me at the Open House this Sunday, June 8th from 1-3pm at 85 Brooksite Drive in Smithtown.

For photos and more info: http://www.FineLIhomes.com/OurFeaturedHomes

Any questions or to schedule a more convenient showing, contact Kim Tavares at Coach Realtors at (631) 492-7060 or email: kimtavares@optonline.net

Looking forward to seeing you there!

Smithtown 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 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.

APRIL 2008 HOME SALES

APRIL 2007 HOME SALES

YEAR-OVER-YEAR COMPARISONS 

MARKET TREND ANALYSIS: 

The market trend for the Smithtown School District can be difficult to determine because of the disparity between prices of starter homes and luxury homes.  In April of 2008, there were no luxury home sales, which contributed to the decline in both listing and sold price.  In April of 2007, two homes sold for nearly $1 million, whereas the most expensive home sale in April of 2008 was just over $700,000.  Although there are more closings each month in the Smithtown School District than other areas (due to the size of the district), the sample size is still relatively small, and a few sales can alter the statistics.  As is the case in some other districts, Smithtown is a multi-segmented district (starter homes, mid-level, luxury).  Each of those markets may have their own trends.

CONCLUSION:

Because of the make-up of the market in the Smithtown School District, the trends tend to fluctuate a bit.  However, there are some numbers that can be evaluated in a broad term - inventory and average days on market.  The inventory in April improved in comparison to the first quarter average of 2008, but declined slightly in comparison to April of 2007.  The average days on market has remained relatively consistent. 

The key number to keep in mind is rising inventory.  This factor necessitates proper pricing in order for homes to sell quickly due to competition on the market.  Overpriced homes usually end up staying on the market longer, and require price adjustments to find a buyer.  Home sellers that do not adjust to the market often times end up having their listing expire without selling or the home gets taken off of the market.  As is the case in most markets, properly priced homes not only sell faster, but also much closer to, at, or slightly above the asking price, whereas overpriced homes generally take longer to sell and have a greater disparity between listing price and sold price.

Home sellers that are motivated to sell their homes should realize that competitive pricing is essential to selling a home, as is having the home in "showing" condition.  Homebuyers will find opportunities in the Smithtown School District, due to the amount of inventory, however, homebuyers should also remember that they will have competition from other buyers for homes that are priced to sell.

The following is the March 2008 Home Trends Market Report for the Smithtown School District.  This report shows month-by-month comparisons, in addition to year-over-year market trends.  Since this report comes at the end of the first quarter of the year, there is also a comparison of the year-over-year quarterly market trends.  This report provides statistical 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.

MARCH 2008 HOME SALES

MARCH 2007 HOME SALES

MONTH-BY-MONTH & FIRST QUARTER YEAR-OVER-YEAR COMPARISONS 

MARKET TREND ANALYSIS: 

So far, it's been an up-and-down trend for the year for home sales in the Smithtown School District.  While there is a decent amount of activity in the area, the fluctuations in the market are usually caused by a handful of luxury home sales.  Inventory for the first quarter of 2008 is rising, particularly in comparison to the first quarter of 2007, although there has been improvement this March vs. last March.  Year-over-year, both list price and sales price is down, as is the ratio of sales price to list price.  Days on market has remained relatively constant throughout this year, and also in comparison to the first quarter of 2007.

CONCLUSION:

It is definitely a buyer's market in the Smithtown School District.  Homeowners that are motivated to sell MUST price their homes competitively and/or have the homes in "showroom" condition.  There is significant competition, and that competition should be factored in when pricing your home before listing.  This is definitely not the time to be testing prices to see how the market responds.  Those that are priced to sell will have the most activity on their homes, and will receive the most traffic, and eventually, the best offers.

Buyers are in a good position when looking for a home in the Smithtown School District.  There is a decent amount of inventory, and home prices have come down.  In addition, the increase in FHA and Jumbo loan limits until the end of 2008.  Interest rates are still near historical lows, making this an ideal time to be looking for a home in the area.

The following is the February 2008 Home Trends Market Report for the Smithtown School District.  For the first time ever, this report will show month-by-month comparisons, in addition to year-over-year market trends.  This report provides statistical 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. 

This report is designed to give factual information about sales in the Smithtown School District.  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.

FEBRUARY 2008 HOME SALES

FEBRUARY 2007 HOME SALES

MONTH-BY-MONTH / YEAR-OVER-YEAR COMPARISON 

MONTH-BY-MONTH MARKET TREND ANALYSIS: 

The inventory trend remained relatively steady, although there were fewer closings in February than in January.  Due to a small sampling of homes sold, the average listing price and sold price increased, largely on the strength of a $1 million home.  The ratio of list price to sold price deteriorated slightly, and the average days on market increased.

YEAR-OVER-YEAR MARKET TREND ANALYSIS: 

There was a considerabel inventory increase year-over-year.  While average list price and sold price seems to have shown a significant drop, this is mainly due to the fact that a home sold in 2007 for over $4 million, which skewed the statistics with such a small sampling.  There was a slight improvement in the ratio of list price to sold price, and the days on market was flat.

CONCLUSION: 

If you looked at the monthly trends, it would appear that the market is rising in the Smithtown School District, however, the year-over-year trend shows a decrease.  Being that it is early in the year, it is too early to declare which trend is accurate.  Over the coming months, the true trend will be determined.  A few luxury homes have exaggerated the numbers in each case.  The one trend that is already showing, however, is a significant increase in inventory, indicating a buyer's market in the Smithtown School District.  Homeowners that are motivated to sell their home should price to sell and have the home in excellent showing condition.