MegZee
My bunny
Member since 5/06 8777 total posts
Name:
Meaghan
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Newsday: Median Home Prices fall in Nassau
Median home prices fall in Nassau
BY RANDI F. MARSHALL
Newsday Staff Writer
October 12, 2006, 11:54 AM EDT
The Long Island housing market continued to weaken last month, as the median home price in Nassau County fell year-over-year by 4 percent to $480,000, a new report found. Suffolk County prices, meanwhile, remained virtually flat, with a gain of less than 1 percent to a median of $402,800, according to the report, released Thursday by Long Island Multiple Listing Service.
Even Queens County saw additional softening, as its prices, which had continued double digit annual gains up through last month, rose just 5.9 percent from September of 2005 to September of 2006, when its median home price stood at $490,000.
Meanwhile, Long Island continued to see about 50 percent more inventory than a year ago, while the number of closed sales fell by 20 percent in Nassau County and 24 percent in Suffolk.
Nonetheless, real estate agents said yesterday that they expect the downturn to be relatively short-lived, lasting through the winter. It's likely, agents said, that the market could pick up again come spring. Other experts, however, have said that the weaker market on the Island could last at least through next year and into 2008.
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lululu
LIF Adult
Member since 7/05 9508 total posts
Name:
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Re: Newsday: Median Home Prices fall in Nassau
I think the drop off will last into 2008. Then I think that it will start to pick up again, but at normal rates of appreciation - not the rates of the past 5 years.
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Beth
The Key to your new home....
Member since 2/06 24849 total posts
Name:
Beth
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Re: Newsday: Median Home Prices fall in Nassau
Posted by lululu
I think the drop off will last into 2008. Then I think that it will start to pick up again, but at normal rates of appreciation - not the rates of the past 5 years.
I agree! you have to take what real estate agents say with a grain of salt- it's in there best interest to say the market it good
but if prices drop what they lose in commision- they will make up in volume- IMO
edited b/c I messed up
Message edited 10/12/2006 2:09:24 PM.
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alnem
This is gonna be a good year!
Member since 2/06 9562 total posts
Name:
Emily
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Re: Newsday: Median Home Prices fall in Nassau
the real estate market runs on a 7 year scale. 6 years of high prices in a sellers market and then 1 year of a buyers market and then it repeats. this time next year i think the prices should start to slowly increase again. i think i'm gonna have a busy spring if prices continue to fall!
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