Breaking down the market in Bethpage, NY 11714

Looking at the Bethpage market, we see an area that was hit hard by the current credit crisis but appears to be holding its own now.  The high water market occurred during the 3rd-qtr-2007 when the average sales price was $487,000.  Today, the median sales price in Bethpage is at $378,000, a decline of 22.3 percent.  

Since the same period last year, the numbers look very similar.  The median sales price during the 1st-qtr-2009 was $377,500 nearly identical to today levels.  Home sale in the 1st-qtr-2009 was 20 while this year we have seen 17 sales with 4 days to go in the month.  

Currently, there are 48 homes available for-sale with a median listing price of $443,000, down from their original price of $459,000.  As seen on the chart below, the inventory of homes listed for sale is declining which should help to stabilize pricing.  

Breaking down the market in Valley Stream NY, 11580

During the 1st-QTR-2009, there were 53 transactions (homes sold) with a median sales price of $348,740.  Compared to this year, the number of transactions increased 17 percent to 62 transactions while the median sales price declined slightly to $345,000.

Currently, the median listing price in Valley Stream is $399,000 which is down 20 percent from the height of $500,000 reached during the 1st-QTR-2008.  Currently, the most expensive listing in Valley Stream is tagged at $1,100,000 while the least expensive listing is  priced at $159,900.  This week, 16 more homes were added onto the market bringing the total number of homes available for-sale to 330 homes.

In looking at the Valley Stream market place, it is striking to see the number of  homes coming onto the market.   As seen on the chart below, the number of homes listed for sale increased dramatically since the beginning of 2010.  With so much inventory available, it is reasonable to believe that it will have an adverse affect on pricing.

Breaking down the market in Merrick, NY 11566

This week, I had the opportunity to appraise a home in Merrick NY; as always, I compete an extensive review of not only the current market conditions but also of past performance.  The results of this analysis are presented below.


The median sales price in Merrick during the 1st-QTR-2010 is $449,995 which is down slightly (1.6 percent) as compared to the same period last year when the median sales price was $457,500.   The number of sales that occurred in both the 1st-QTR-2009 and the 1st-QTR-2010 is the same with 42 transactions.   The median listing price in Merrick as of 03/25/2010 is $579,000.  Currently, there are 188 homes listed for-sale with 8 new listing coming onto the market this week.  Digging deeper, the variance between the listing price and the sales price is in the range of 4 ~ 5 percent which is consistent with the local market area.  


The most expensive listing in Merrick is priced at $2,199,999 while the least expensive listing is at $329,000.   There are more homes listed for sale in the bottom two quartiles than there are in the upper-two quartiles.  


As seen on the chart below, inventory (homes listed for sale) and the median price of these homes are both on a downward trend.   This trend line is consistent with competing neighborhoods to Merrick.