According to the Multiple Listing Service of Long Island, 49 homes sold in Port Washington in the second quarter of 2010 (12 in April, 13 in May, and 24 in June). The average listing price was $737,000, the average original asking price was $757,000, and the average sold price was $707,000. Port sellers are getting an average of 93% of their original asking price. Selling prices ranged from the low at $322,000 to just under $1.325 million. The average tax bill was $12,000, and average days on the market was 98.There are currently 161 homes available and another 44 are under contract. The absorption rate is about 12 months. The absorption rate is an indicator that describes how long it would take to deplete the inventory of homes if no new homes came on the market. A healthy market is considered to be about 3-6 months. Although the absorption rate appears to have improved from the first quarter (14 months), I would argue that the first-time home buyer tax credit closing deadline (which has since been extended), has somewhat skewed the June sales.
The average price of a home in Nassau County is currently $514,000. For comparison, the average price of a home in the United States is $263,000.
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1 comments:
Excellent analysis. Decent news for the PW community. You obviously are the Agent to talk to when selling or buying a home.
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