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Syosset, NY Real Estate News

By John Ammirati
(Century 21 American Homes)
September statistics show signs of a changing market. As inventory rises (5597 homes on the market Oct vs 4976 last year Oct 1) along with absorption rates (now standing at 5 months’ worth of inventory), Nassau county did not hit the 1000 mark in houses sold. We haven’t had a September that didn’t have 1000 sales since 2014. In the past 30 days (as of Oct 17th) 241 homes expired and 406 homes were withdrawn from the market- that’s 10% of the Inventory. The picture in Syosset real estate is even more changed from last year when 76 homes were on the market as opposed to the 121 listings we had Oct 1st this year. The absorption rate in Syosset is over six months’ worth of inventory (the tipping point between and seller’s market and a buyer’s market). As interest rates rise and home sales s...
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By John Ammirati
(Century 21 American Homes)
This past months’ market statistics point to a possible turning point in the market. Both inventory and absorption rate are climbing. July should be a month where both fall. In Nassau County inventory rose to 5732 homes on August 1st against 5589 homes last month and 5281 homes last August 1st. The year to year rise is 8%. In our local market in Syosset the change is more dramatic. 121 homes were on the market on August 1st. Last year that number was only 78 homes. That’s a 55% increase. Absorption rate in Nassau county has climbed to 4.7 months of inventory. Last year the absorption rate was 4.4 months. In Syosset the absorption rate on August 1st this year rose to 5 months of inventory. Last year it was 3 months. All this is good news for buyers who have been struggling with low inven...
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By John Ammirati
(Century 21 American Homes)
The word has gotten out. It’s a great time to sell your house. Many more homeowners have put their homes on the market in the first six months of 2018 compared to 2017. In Syosset 265 homes were listed in the first half of this year versus 188 homes last year same time. That’s a whopping 40% rise. The story in the county is similar but not as dramatic. Listings in Nassau County rose 28% over last year’s first half. In Nassau County under contracts and closings slightly lag last year’s pace while Syosset’s closings were up 8%. Prices rose moderately. Both Syosset and Nassau County average price increases at closing were 4.5%.Absorption rates are trending slightly higher than last year in Nassau County from 3.9 months of inventory to 4.2 months. Syosset has jumped from 3.1 months to 4.8 m...
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By John Ammirati
(Century 21 American Homes)
Even though the number of listings taken in Nassau County since January 1 2018 has outpaced last year’s rate by 19% the absorption rate continues to shrink to 3.9 months’ worth of inventory on May 1st.Syosset follows the general county pattern with listings up 7% and absorption rate at 3.3 months. The absorption rate on May 1 2017 was 3.5 months.With interest rates slowly creeping up, the aggressiveness of buyers continues to accelerate. Many buyers are presenting their first offer at or over asking price and gird themselves for the ensuing bidding war. The sellers’ upper hand in the market continues unabated with no end in sight.With so many good offers on the table, sellers are concentrating more on the financial strength of the offers – anticipating issues with appraisals. Although t...
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By John Ammirati
(Century 21 American Homes)
With the first quarter of 2018 in the books here is the relevant market data for Syosset NYCurrently on the Market – 92 homes 2 condosMedian Asking Price $904,00056 homes and 2 condos are under contract110 homes and 4 condos were put on the market since Jan 1 201844 homes and 4 condos closed since Jan 1 2018          Median list price at closing $699,000          Median closing price $691,500          Median Days on the Market 58 Current Absorption Rate 4.1 months’ worth of inventory. It continues to be a strong sellers’ market with the average home selling within 1% of the list price. The lower end inventory has disappeared in the 1st quarter. The second quarter inventory should bring the median home price to more historical average. Home prices are rising a little more slowly than the...
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By John Ammirati
(Century 21 American Homes)
While the number of listings taken in Nassau County jumped 37% in 2017 over the number of listing taken in 2016, the number of contracts went up a meager 1.5%.   The number of listings still on the market on Jan 1 2018 is at least a 10 year low of 3733.  Where did all the listings go? Expired listings jumped from 233 in 2016 to 1195 in 2017, while listings withdrawn from the market exploded from 820 to 3081.  We ended 2017 with an absorption rate of 4.4 months of inventory very similar to the 4.5 months a year ago.  Its obvious that there were a lot of disappointed sellers in this sellers’ market and I suspect price is the culprit.  While prices of closed properties in Nassau county went up 3.5%, the average sales price of pending sales rose only 2.6%.  A good number of sellers are look...
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By John Ammirati
(Century 21 American Homes)
We are at the beginning of the fall real estate market in Syosset and the question is – Are buyers giving up on this market or is there just nothing for them to buy?  The number of homes put under contract has fallen to the lowest level since January. While there is a natural falloff in activity in the fall from the height of market activity in the spring and summer months this year looks different.  Inventory levels on Oct 1st have dropped 27% in Syosset from the levels of last year this time. Will the buyers put their purchases on hold and just hope for a better spring market or will they grab up what they can and complete their purchases by year’s end?  54 listings were taken in June and July this year.  57% were sold in an average of 41 Days. Of the 50 listings put on the market sin...
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By John Ammirati
(Century 21 American Homes)
Halfway through the year here is the relevant market data for Syosset NYCurrently on the Market – 85 homes 9 condosMedian Asking Price $799,00084 homes and 6 condos are under contract205 homes and 16 condos were put on the market since Jan 2017median asking price $739,000106 homes and 2 condos closed since Jan 1 2017 Average list price at closing $780,773 Average closing price $756,897 Average Days on the Market 95 Current Absorption Rate 3 months’ worth of inventory. It continues to be a strong sellers market with the average home selling within 3% of the list price. Inventory normally peaks this time of year but we might have reached our peak of 98 homes on the market last month. Still a great time to sell and a rough time to buy.
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By John Ammirati
(Century 21 American Homes)
At the beginning of the traditionally strong home buying season there is no good news for buyers.  With the economy continuing to improve, unemployment low and interest rates surprisingly low  the demand for houses is crushing the supply. All markets in Long Island reflect this reality.  Nassau County had just over 5000 homes available for sale on May 1.  Last year over 6000 were available and 2 years ago close to 7000.  The absorption rate is a low 4.4 months’ worth of inventory. Suffolk County real estate market is improving at a faster rate. Just over 7300 homes were available on May 1st compared to over 10,000 just 2 years ago. The absorption rate a low 4.7.  Our home town of Syosset has even better statistics with 97 homes available on May 1st versus 140 last year and an absorption...
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By John Ammirati
(Century 21 American Homes)
There is a severe drought of real estate inventory on Long Island.  There are 18% less homes available in Nassau County for sale at the end of the first quarter of 2016 than the same time last year.  Similarly, Suffolk County shows a 20% decline. Our home town of Syosset follows the trend with 18% less inventory.  Is the drought due to a slowdown in listings put on the market? Not on Long Island!  Suffolk County leads with 19% more homes listed in the first quarter of 2017, Nassau follows with 10% and Syosset lags behind with only a 3% increase in listings taken.The absorption rate mirrors the inventory drought with Nassau County holding 3.8 months’ worth of inventory available at the end of the quarter.  Suffolk County nor much better at 4.6 months and Syosset wins with a low 3.3 month...
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By John Ammirati
(Century 21 American Homes)
The real estate story in Syosset continues last year’s theme of tight inventory.  We ended the year with 4.4 months’ of inventory and we now stand at 4.5 months.  73 homes are presently on the market and 16 homes were put under contract in the last 30 days.  Prices look like they will be affected by the supply and demand issue.  While homes that closed in the past 6 weeks show no price rise from last year’s closings, the average asking price of homes sold in the past 6 weeks have risen 10%.  The market is favoring the sellers. Buyers need to deal with this reality by being realistic with their expectations and aggressive with their offers.  Anybody looking to sell their home?
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By John Ammirati
(Century 21 American Homes)
2016 was a good year for real estate sales on Long Island and in Syosset.  395 homes were placed on the market this past year. That was 47% higher than the previous year.  268 homes sold(closed) during the year.  That is almost 22% more sales than 2015.  The average selling price was up 6% to $737,920.  The days on the market dropped from 87 to 82. The percentage of listings sold dropped from 82% to 73%.  Even in a great market 27% did not sell.  This can be due to poor motivation on the sellers’ part, mispricing the listing for the market or poor marketing by the real estate agency.  Even in the best markets not all listings sell.2017 starts off with 75 homes on the market which is a 4.4 months’ supply.  During 2016 the absorption rate (how many months’ supply) averaged just under 5 mo...
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By Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400, Long Island Condo and Home Specialists
(The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803)
Where Is Hidden Ridge?Hidden Ridge is located in Syosset New York 11791, on Long Island’s North Shore in Nassau County. You can reach Hidden Ridge from Jericho Turnpike (West of Route 135 and East of Jackson Avenue) To Cedar (North Side Of Jericho Turnpike) To The End and up to the Gatehouse entry. There is a variety of exterior designs in Hidden Ridge, which is located in the Top-Rated Syosset School District#2.  Buyers we are working with now like the School District and that the community is 24 hour guard-gated.  The general phone number for the District is 516-364-5600. What Can You Tell Me About Hidden Ridge In Syosset?Hidden Ridge is an all-age Condo community with attached Condos in groupings. There are 2, 3 and 4 bedroom Floor Plans, including The Summit, Vale, Knoll, Glade and ...
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By Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher
(Feng Shui Manhattan Long Island)
 You will learn the basics of Feng Shui in a grounded and accessible way, taught by Certified Feng Shui Expert Laura Cerrano, a leader in the Feng Shui community. You will come away with several ideas and new concepts that you can immediately put into practice to help you move forward in your life! Discover the richness that eastern philosophy offers and experience how it can enhance your relationships, your career, your life.Feng Shui made simple...how to apply its principles to live abundantly• What, Where and How it works - the Bagua• See how your floor plan can affect various life situations• Tangible versus Spiritual counterparts of the practice• One lucky attendee will win a FREE feng shui gift! September 27th, 2016MiD, 200 Oak Dr, Syosset, NY 117917:00pm - 9:00pm Cost: $39 and br...
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By Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher
(Feng Shui Manhattan Long Island)
 You will learn the basics of Feng Shui in a grounded and accessible way, taught by Certified Feng Shui Expert Laura Cerrano, a leader in the Feng Shui community. You will come away with several ideas and new concepts that you can immediately put into practice to help you move forward in your life! Discover the richness that eastern philosophy offers and experience how it can enhance your relationships, your career, your life.Feng Shui made simple...how to apply its principles to live abundantly• What, Where and How it works - the Bagua• See how your floor plan can affect various life situations• Tangible versus Spiritual counterparts of the practice• One lucky attendee will win a FREE feng shui gift! September 27th, 2016MiD, 200 Oak Dr, Syosset, NY 117917:00pm - 9:00pm Cost: $39 and br...
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By John Ammirati
(Century 21 American Homes)
This has been a year of scarce inventory on Long Island along with most of the United States. In Nassau County inventory peaked in May with 6366 homes on the market. As of September 1st that number was down to 5750 homes 19% lower than last year on September 1st.  Syosset inventory peaked in April with 140 homes on the market then.  As of September the number was 112 homes 22% less than last September 1st.  Suffolk County which has been the laggard in the recovery made great strides this year.  Inventory peaked in May with 9138 homes on the market.  That has been reduced to 8680 homes on September 1st that is 20% less than last year this time. Has the problem been the number of listings taken? Have less people put their homes on the market this year?  The answer is a resounding no. The ...
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By Laura Cerrano, Certified Feng Shui Expert, Speaker & Researcher
(Feng Shui Manhattan Long Island)
 You will learn the basics of Feng Shui in a grounded and accessible way, taught by Certified Feng Shui Expert Laura Cerrano, a leader in the Feng Shui community. You will come away with several ideas and new concepts that you can immediately put into practice to help you move forward in your life! Discover the richness that eastern philosophy offers and experience how it can enhance your relationships, your career, your life.Feng Shui made simple...how to apply its principles to live abundantly• What, Where and How it works - the Bagua• See how your floor plan can affect various life situations• Tangible versus Spiritual counterparts of the practice• One lucky attendee will win a FREE feng shui gift! September 27th, 2016MiD, 200 Oak Dr, Syosset, NY 117917:00pm - 9:00pm Cost: $39 and br...
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By John Ammirati
(Century 21 American Homes)
The Syosset real estate market is following the familiar pattern of the August pause.  The torrid pace of the spring and early summer moves to a relaxed rhythm of less buyer traffic until school starts.  It can most easily be spotted in the change in the absorption rate.  On August first there were 123 homes on the market in Syosset with a monthly under contract rate of 27 homes which calculates to a 4.6 month supply.  Today (August 12th) there are 122 homes and the under contract pace for the last 30 days is 15 homes which calculates to an 8.1 month supply.  Did the Syosset real estate market flip from a seller’s market to a buyer’s market in 12 days.  Probably not.  Although it probably is a good time for a buyer to make an offer.  We expect the normal pace of 25 to 30 homes sold a mo...
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By Lawrence "Larry" & Sheila Agranoff. Cell: 631-805-4400, Long Island Condo and Home Specialists
(The Top Team @ Charles Rutenberg Realty 255 Executive Dr, Plainview NY 11803)
Where Is Hidden Ridge? Hidden Ridge is located in Syosset New York 11791, on Long Island’s North Shore in Nassau County. You can reach Hidden Ridge from Jericho Turnpike (West of Route 135 and East of Jackson Avenue) To Cedar (North Side Of Jericho Turnpike) To The End and up to the Gatehouse entry.There is a variety of exterior designs in Hidden Ridge, which is located in the Top-Rated Syosset School District#2.  Buyers we are working with now like the School District and that the community is 24 hour guard-gated.  The general phone number for the District is 516-364-5600.What Can You Tell Me About Hidden Ridge In Syosset?Hidden Ridge is an all-age Condo community with attached Condos in groupings. There are 2, 3 and 4 bedroom Floor Plans, including The Summit, Vale, Knoll, Glade and R...
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By John Ammirati
(Century 21 American Homes)
Inventory is tight all over Nassau County NY.  The absorption rate as of July 1st was 4.4 months’ worth of inventory. Last year’s number was 5.1. In Syosset the absorption rate on July 1st was 3.6 months. Last year it was 5 months.  Last year the inventory peaked on September 1st at 144 units. As of July 1st we were at 131.  The big question for buyers and sellers in Nassau County and in Syosset is how much inventory is left to come and will sales continue at high levels with less inventory to choose from.  My best bet is that sellers will remain in the driver’s seat for the rest of the year.  With less competition and record breaking interest rates the pressure will be on the buyers. There is good news for buyers though. The recent interest rate drop due to Brexit will give them more b...
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