So You ask, how is the real estate market doing?
Just fine, in fact, it is doing excellent.
Inventory is at a low point, with many more purchasers than sellers. Most properties are selling at a very quick pace, if priced properly.
As you can see from the charts below from the Multiple Listing Service of Long Island, all price categories (residential and condominiums) have increased over the last 3 years, except for coops, which took a dip of 15 percent from March 2014 to March 2015.
Condos have seen the greatest increases over the three-year period, with residential in second place. It is a great time to sell as well as purchase with the current rate as of this week, (down from 4 percent, the previous week) to 3.78 percent for a conventional fixed rate mortgage
Sold Property Median Price For
Town: Great Neck
•March – February 2013
•March – February 2014
•March – February 2015
Current Available Inventory – 278
Current Median List Price – $574,000
Note: Information displayed in the data table is compiled by the Multiple Listing Service of Long Island Inc. and represents a combined total of all residential, condo, and coop sales for the selected time frame. Please note that small data samples will skew the percent of change year to year. This information is intended for marketing purposes only.
Report Delivery Options
All Property Types
Prior Year% Change
January 2015$690,000$700,000 -1.4
October 2014$686,000 $694,000-1.2
August 2014 $660,000$716,500-7.9
July 2014 $675,000$675,0000.0
Note: Information displayed in the data table is compiled by the Multiple Listing Service of Long Island, Inc. and represents a combined total of all residential, condo, and coop sales for the selected time frame. Please note that small data samples will skew the % of change year to year.