West Islip, NY

West Islip Real Estate Market Report For Period: 11/1/09 To 11/30/09

Homes New On The Market
15 Single Family Homes

Average Listing Price: $494,690
Low Listing Price: $299,900
High Listing Price: $729,990

The High Listing Price reflects Luxury Homes

Homes Currently Under Contract
15 Single Family Homes

Average Listing Price: $435,797
Original Listing Price: $448,984

The difference between the Average and Original numbers are because the original listing price was lowered due to the fact the price wasn't at Market Value to begin with. When this happens, it keeps getting lowered to attract offers. You run into the danger of getting it below Market Value and that you do not want. When you price it right the first time, then you will get offers close to your asking price or at asking price.

Homes That Closed
15 Single Family Homes

Average Listing Price: $486,691
Average Sold Price: $464,867

Low Listing Price: $249,900
Low Sold Price: $260,000

High Listing Price: $2,300,000
High Sold Price: $2,050,000

If you would like monthly West Islip Real Estate Market Reports sent to you via email, please email me anytime! These reports are to keep you informed about the real estate market in your town.

Henry Blodget has an interesting interview with Yale Professor Robert Shiller on the housing crisis. Watch the video here. Highlights are below:

From Yahoo! Finance:

Home price declines are already approaching those in the Great Depression, when they plunged 30% during the 1930s. With prices already down almost 20%, it's not a stretch to think we might exceed that drop this time around.

There are about 10 million homeowners whose debt is higher than their home value, which has broad implications for how Americans feel about their wealth and spending habits (read: more pressure on consumer spending).

The current hopeful consensus-that house prices will bottom soon and then begin to recover-is most likely a dream. Housing markets don't usually have "V-shaped" recoveries. And even if house prices stabilize in nominal terms, after adjusting for inflation, most homeowners will continue to lose money.

Thoughts?