Nassau County - 1st Quarter 2010 Zone Report

As part of our on-going research, we look at the markets through the prism of the buyer.  As such, we have segmented Nassau County into 11 regions - today, we will look at our first region that includes Baldwin, Freeport, Hempstead, Roosevelt and Uniondale.

The first quarter-2010 saw 152 properties change hands.  This was a good period for this region with an increase in sales volume of 24 percent as compared to the same quarter last year and a 153 percent increase as compared to the 1st quarter 2008.  Sales activity is down from the prior three quarters in 2009 which is typical for this seasonal housing market.  The cold weather and snow proved to be a challenge for the real estate market during Jan, Feb and March-2010.  With the extension of the first time home buyers tax credit, look for strong numbers moving forward.

The median sales price has shown continued weakness with a median sales price of $233,420.  This is the lowest price point since the survey started and reflects a decline in price of 8 percent as compared to the first quarter-2009 and 34 percent decline as compared to the 1st quarter 2008.

Looking deeper, if you look at the market without distressed sales (short sales & foreclosures), activity drops to a low of 38 units transferred and a median sales price of $317,250.  Only 25 percent of the sales that occurred were true "arms length" transactions.

According to the Long Island MLS, there are now more than 500 homes listed for sale in this region of Nassau County, with a median asking price of $319,000.  Of these homes listed for sale, more than 60 percent have had a price reduction from their initial listing.  The median original listing price was $349,000 and has since declined approx. 10 percent to $315,000.   Nearly half of the homes listed for sale are distressed sale (short sales or foreclosures).