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.