The most common question asked of any real estate professional is "How's the market?".
Often the response is short and superficial, such as "great" or "OK". But the reply most people are looking for is an in depth, insightful answer based on solid data.Below is chart of closed sales for Nassau County. The bar chart shows the average closed price (AKA selling price) in October 2010 compared to October 2009 and 2008.
The bar chart shows the October 2008 average sales price for residential homes was $560,011.
The bar chart shows the October 2009 average sales price for residential homes was $486,271. -13.2%
The bar chart shows the October 2010 average sales price for residential homes was $561,741. +15.5%
The graph tracks the average sales price for ALL homes in Nassau County over the past 34 months.
The graph shows the January 2008 average sales price at about $585,000. This number peaked at almost $650,000 in July of 2008. The average sales price of all homes dipped below $450,000 in the spring of 2009 and has rallied to $521,643 in October of this year.
We hope this chart and graph answer some of the questions you may have about the current real estate market.