Cheryl’s State of the Market Report for Dix Hills
Cheryl Grossman Real Estate Market Report based on 2005 stats in Dix Hils
2005 Home Sales
Stats for Dix Hills, SD# 5
The National Association of Realtors (NAR) reported that 2005 was another record-breaking year for sales of previously owned homes – with an increase of 10.5% nationally from the year before. On Long Island, 2005 surpassed 2004’s record setting numbers. Housing prices in Nassau and Suffolk Counties increased 11% from 2004. During the last few years the dramatic rise in housing prices is partly due to low interest rates for mortgages and the continued demand for housing across Long Island. However, the LI Multiple Listing Service does report that during the last quarter of 2005, prices did stabilize. Furthermore, "despite rising residential inventory levels, demographics and the continuation of reasonable interest rates will keep the market sound and in a better sense of balance." In other words, we have gone from a "Really Great Market" to a "Very Good Market"!
I’ve compiled the 2005 market stats for Dix Hills, SD#5 to establish the basis for the housing market this year. The market stats for the first quarter of 2006 are listed as a means of comparison and perhaps an indication of where the current market is headed.
Looking at the 2005 monthly totals of when homes went into contract and when they closed is helpful in answering the question, "When is the best time to sell my home?" All of the data refers to existing-home sales and was compiled from the LI Multiple Listing Service.
The housing market fluctuates from month to month and can be influenced by outside factors. The information that follows is a "history" of what happened and should be looked at from that perspective as a guide and not as a guarantee. From the point of view of the seller, the best time to sell is when there are more buyers than homes. "Supply and Demand" has a major effect in the selling price of a home.
Dix Hills (SD #5) Stats for Existing Home Sales:
2004 Average Listing Price: $742,884 2004 Average Selling Price: $719,056 In 2004, houses sold for an average of 3.01% less than the price they were listed for. During 2004 the average amount of time it took to sell a home – or Days on the Market (DOM) - was 78 days. Click here to download Cheryl’s full report, including figures and tables, in PDF format.
2005 Average Listing Price: $842,951
LP$ increased 13.47% from 2004
2005 Average Selling Price: $811,831
SP$ increased 10% from 2003
SP$ increased 12.90% from 2004
In 2005, houses sold for an average of 3.28% less than the price they were listed for.
During 2005 the average amount of time it took to sell a home – Days on the Market (DOM) - was 76 days.
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