Signs of a Changing Market in Nassau County and Syosset
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 In the past 30 days (as of Oct 17th) 241 homes expired and 406 homes were withdrawn from the market- that’s 10% of the Inventory.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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