Centereach, NY Market Conditions Summer 2012

    As I live in Centereach, I'm kind of biased, I think it's a great place to live and there are fantastic values to be had. That being said the real estate market in Centereach is still not in a good position for recovery. The fact that approximately 28% of the available inventory is in the form of distressed properties (33 short sales, 1 reo) puts a downward pull on the prices of re-sales. The fact that the distressed homes make up over a quarter of the inventory is one of the reasons that average prices have continued to decline.
    While the decline slows or even reverses at this time of the year, it will likely continue, slowly declining again in October. Until we work through the distressed inventory and lower the percentage by at least ten points the downward pull on prices will be hard to resist. There is a bright side however, inventory has been steadily falling until now we have less than one year built up.
    With relative scarcity you would normally like to see price increases, unfortunately the percentage of distressed homes on the market hasn't decreased which inhibits any price rally from occuring. If you are buying, there are great deals in Centereach, you get a lot of bang for your buck. If you are selling it's tough competing with distressed properties, but proper pricing and marketing get the job done. The key is pricing realistically and aggresively.

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