From Newsday:
Nassau home prices actually drop
For the first time in nine years, Nassau County’s closed median home prices dropped over the last year, leaving experts to wonder whether the housing market’s downturn could be more significant – and longer-lasting – than first thought.
Adding fuel to the debate, median prices for homes under contract fell in both Nassau and Suffolk counties last month, according to data released Friday by the Long Island Multiple Listing Service. Nassau County’s median home price stood at $495,000, 1 percent below last year’s median of $500,000. It’s a minor dip, to be sure, but it’s still relatively early in the market’s shift, sources said.
“This is the turn that we’ve been waiting for for a long time,” said Pearl Kamer, the chief economist of the Long Island Association. “This is only the beginning of the downward cycle and only the beginning of the unwinding of the housing bubble. The price declines could continue for a long time.”
…
Yet, Suffolk County saw a 1 percent dip in its median price for homes under contract year-over-year, while Nassau County’s under-contract drop was 3 percent. Inventory in both counties is approaching record levels, achieved in 1990.
Median Prices fell in Bergen County for SFH (data does not include Condos/Co-ops & Twnhs).
Year Avg$ Med$ Sold UnderContract
2005 $669,531 $539,000 933 688
2006 $718,663 $535,000 667 611
And so far the Average and Median home price is lower in 2006 for September 1 – 15 compared to the same period in 2005.
Year Avg$ Med$ Sold UnderContract
2005 $700,870 $550,000 373 308
2006 $650,953 $494,000 202 227
FYI: Just so you know, September of 2005 prices closed a little lower for the entire month.
(In my opinion, I’m expecting the 2006 September prices to drop as well.)
Year Avg$ Med$ Sold UnderContract
2005 $663,049 $520,000 684 590
RichInNorthNJ,
Thanks for all the info. Oh my, drops in Bergen County. This can’t occur with the proximity to NYC. My question, was Bergen County just discovered or was there some geographical shift in 2002-2005?????
BC Bob
Agrh!! I left out a little detail…
Median Prices fell in AUGUST in Bergen County for SFH (data does not include Condos/Co-ops & Twnhs).
Year Avg$ Med$ Sold UnderContract
2005 $669,531 $539,000 933 688
2006 $718,663 $535,000 667 611
Bergs, (Hah!)
I’m going with the geographical shift. (I like the way it sounds.)
By the way, I thought BC stood for Bergen County as well.
Rich
Spin away RE pimps.
“This is the turn that we’ve been waiting for for a long time,” said Pearl Kamer, the chief economist of the Long Island Association. “This is only the beginning of the downward cycle and only the beginning of the unwinding of the housing bubble. The price declines could continue for a long time.”
“By the way, I thought BC stood for Bergen County as well.”
No its my school, but do live in BC. If I was creative it would have stood for BEFORE CRASH.
BC Bob
Another quote from the article, for balance:
No one is expecting the market to crash – and most say declines will be small. Suffolk County, in fact, remains in the black, as its median home price rose 4 percent from August 2005 to August 2006, when the median stood at $415,000.
Oh my Oh my!!!!
More inventory piling up.
10:1 may now be 11:1 Sellers:buyers
It just keeps getting worse, but the grubbers still holding on to their dream prices.Ride it down bucko.
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“No one is expecting the market to crash – and most say declines will be small.”
Really really scarey statement. When have these so called experts been right?
It’s going to crash as the months go by and IO’s adjust up up up!
Housing Crash in Progress.
Median Prices did not fall in August in Bergen County when Condos/Co-ops & Townhouses are included with SFH sales.
Year Avg$ Med$ Sold UnderContract
2005 $597,332 $497,000 1301 986
2006 $636,283 $500,000 906 837
But so far the Average and Median home price for all units is lower in 2006 for September 1 – 15 compared to the same period in 2005.
Year Avg$ Med$ Sold UnderContract
9/1-15/2005 $639,396 $510,000 494 432
9/1-15/2006 $582,450 $455,000 294 332
And here is how September 2005 finished overall.
Year Avg$ Med$ Sold UnderContract
2005 $604,673 $490,000 946 832
These prices are misleading. Prices should be compared by sqft. Bigger houses are skewing the avg’s.
The housing market is stagnant. No sales no transactions NO Commish!
Lots of starving miserable realtors ready to change careers.
COOOOOOOOLLAPSE!
BABABABABABA….?
Where is that guy
BABABABABABA….?
Where is that guy
Right here.
Are you a grumpy starving realtor or grubbing dreamer seller?
hhmmmm
BABABABABA
BUST!
(Cut down, please don’t post entire stories)
Do You Have a Flood Insurance in OCEAN COUNTY, NJ ???
WHEN IT RAINS
Values dropping? Don’t people know Nassau county is close to NY City?