Long Islang Bubble Trouble
It looks like Long Island is cooling off. Down here in Jersey, inventories seem to be growing by 2 to 10 houses everyday.
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[After repeatedly setting records this year, median home prices plateaued in September at $500,000 in Nassau and $400,000 in Suffolk, according to the most recent monthly market report by the Long Island Board of Realtors.
This might not have caused much of a stir a year or even six months ago, but there are other signs of deceleration. Homes are languishing on the market: The number of unsold homes on Long Island and in Queens has rapidly increased in recent months and now exceeds 20,000. This region has not seen such a high inventory since 1997, when the market was just beginning its rise from the bust of the late 1980s.]
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[After repeatedly setting records this year, median home prices plateaued in September at $500,000 in Nassau and $400,000 in Suffolk, according to the most recent monthly market report by the Long Island Board of Realtors.
This might not have caused much of a stir a year or even six months ago, but there are other signs of deceleration. Homes are languishing on the market: The number of unsold homes on Long Island and in Queens has rapidly increased in recent months and now exceeds 20,000. This region has not seen such a high inventory since 1997, when the market was just beginning its rise from the bust of the late 1980s.]
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posted by Little_Silvered at 9:17 AM
2 Comments:
From the October 5th to today, there has been a 5.3% increase in the number of houses for sale of the eastern Monmouth MLS, which is 157 houses.
The panic is in full swing. Now we have to just convince the rear view home sellers that prices are tumbling.
Time on the market, no bids and price reductions will do the trick
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