Real Estate Market Watch- Patchogue

Know Your Neighborhood Report
January 2012
PATCHOGUE NY 11772

# of Homes On The Market – 174
# of Homes SOLD in past 6 months- 69
If NO MORE homes were to come to the market, it would take approximately 15 months to clear the inventory available.
Avg. # of Days on the Market- 128 days (403 days was the highest, 20 days was the lowest)
Avg. LISTING price of homes sold in past 6 months was $263,688
Avg. SELLING price of these homes was $236,484 (10.5% lower than asking price)

There are currently 2 Bank Owned properties for on the market and 61 Short Sale properties. These distressed properties, along with 15 months of inventory available at today’s absorption rate, make Patchogue a DEPRECIATING market.

As of today, 1 in every 10 homeowners on Long Island are in “pre-foreclosure”, or 90 days or more delinquent on their mortgage payments. Historically, only 2% of all delinquent homeowners are able to recover and make their mortgage payments. That means, 98% of the homes in “pre-foreclosure” will become either Short Sales or Bank Owned properties. In the recent past, the banks in NY had stopped the foreclosure process to alleviate some of the burdens in the real estate market. However, banks have now gotten the approval to “clear their inventory” and start foreclosing again!

Due to the shadow inventory in Suffolk County of pre-foreclosures that will be coming to the market as distressed properties, all of Suffolk County can expect a decline in home values of at least another 4-7% over the next 6 months. The longer a seller waits to accept an offer, the quicker the value of the house will depreciate. “Waiting until the flowers bloom” in the Spring is no longer a viable option for home sellers. In the Spring, there is more competition, driving home values down- and giving buyers more options of where to put their money.

For more information on the Patchogue real estate market, feel free to call me anytime at 631-831-0912 or send me an email at KKellyNY@gmail.com
New information can be found daily on my blog at WWW.TheLIRealEstateGuy.blogspot.com where I focus on not only facilitating transactions, but educating the consumer.

If you would like to subscribe to my bi-weekly newsletter, with current information about your local market, drop me a line at KKellyNY@gmail.com