Is this really a stable real estate market on Long Island?
By John Ammirati
(Century 21 American Homes)
We know that markets go up and down and real estate is no exception. What has been normal in the past 10 years is violent ups and then downs. The long Island real estate market has not been stable for a decade. Recent statistics show there has been change. The first indicator is the absorption rate. The number of months it would take to absorb the current inventory at the current pace of sales. In Nassau County the absorption rate last Nov 1st was 7 months – a year later also 7 months. What’s different this year are the inventory levels. Last year there were 6697 homes still on the market as of Nov 1st. This year a healthier 7067. As inventory increases sales increase to keep up the pace. Buyers have more to look at the last two months of this year than they did last year. By c...
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