September 4, 2010

Port Washington Market Snapshot - August 2010

Currently, there are 153 homes for sale and 43 under contract in Port Washington, NY. In August, 19 homes sold. If the same number of homes sold each month, without any new homes coming on the market, it would take 10 months to deplete the inventory. This is called the absorption rate. A healthy absorption rate is considered to be about 3-6 months, so the market is still soft.

In August, the average original price of a home in Port Washington was $870,000. Price reductions brought the average list price to $830,000, and the average sold price was $786,000. The average property tax bill was $14,000 per year, and average days on the market was 107. The sold price averaged almost 5% of the list price. Sold prices ranged from a high of $1.5 million to a low of $390,000.

Compared to the second quarter numbers, the average sold price was about $80,000 more in August. I don't think that prices are really rising; and I think it will take several more months for the effects of the $8000 tax credit, which expired at the end of June, to work its way through. Also, there are so few sales each month in Port Washington that an unusually high- or low-priced home selling in any one month can really skew the averages.

In Nassau County, the average price of a home in August 2010 was just under $500,000. For comparison, the average price of a home in the United States is currently $235,000.

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