Kings Park NY - July 2012 Market Conditions

    The two charts show us pretty much the same thing as what is going on in many parts of Long Island, price appreciation but declining number of sales. In Kings Park while the price appreciation is modest, the decline in the number of sales has been steeper which is indicative of the continued slackening demand in home re-sales across the country. Without a jobs recovery it is hard to conceive of a housing recovery on a scale we would like.
    There are currently 95 homes listed for sale in Kings Park. Of these 95, seven are short sales and there are no foreclosures. The market in Kings Park is unlikely to be heavily affected by the looming dispersal to market of shadow inventory, in the form of foreclosures that were held up due to the robo-signing debacle, that's a plus, some areas will suffer more price declines as a result. There are very few distressed homes for sale in Kings Park which means a healthier market environment which is one of the pieces needed for a strong recovery.
    If you are selling in Kings Park, it is a competitive, but rewarding market. Proper pricing and marketing should lead to a pleasing result of a home sold for a price that is better than the last several years would have yielded. For those that overprice, or fail to market effectively, their homes will sit. For buyers, there are great opportunities to be had as motivated homeowners are competing with over a year of inventory. Carefully consider how much to offer and take into account things such as days on the market, price reductions and any other sign that gives a clue as to the seller's motivation level. Working with a buyer's agent should lead you to uncover some great deals. The above are my opinions, please feel free to contact me with any questions or comments.

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