BABYLON AREA RESIDENTIAL REAL ESTATE ACTIVITY (Does not include co-op, condo’s, HOA)
Long Island’s residential real estate is currently combating a housing shortage. There simply isn’t enough houses for sale to satisfy the growing demand for single family homes. Owners of properly priced homes are experiencing bidding wars which is effectively driving up home prices. In this climate, it is not unusual for homes to sell for above asking price.
Location…Location…Location! The Babylon area is becoming an attractive alternative to Nassau county and the boroughs. Combined with it’s easy access to multiple train lines and major parkways, the availability of outdoor activities, numerous beaches, parks, lakes and multicultural communities, first time home buyers are flocking to the area. Property sizes, taxes, schools, entertainment and its proximity to New York City combined with its ability to provide housing choices for people from different socio-economic circumstances are all driving forces in the area’s increasing popularity.
Following are the residential real estate statistics for several towns in Western Suffolk County for the month ending June 30, 2017.
18 Houses sold during the month of June.
The most expensive home sold for $730,000 while the least expensive home sold for $250,000. Listed taxes for the sold houses ranged from $7,310 – $21,155.
Between January and June of this year, a total of 57 houses were sold in Babylon, the most expensive of which was a house on Lucinda Drive which sold for $1,259,000 with listed taxes of $41,336.56.
The average original listing price in Babylon is $466,611 with an average selling price of $453,593. At the end of June there was a 3.6 supply of houses available for sale in Babylon.
North Babylon (11703)
14 home sales were completed in North Babylon last month (June 2017). The most expensive house was sold for $442,000 while the least expensive house sold for $205,100. Listed taxes for sold homes ranged between $7,571. – $14,285.
There were 78 completed home sales between January and June of this year. There were 2 houses that sold at a high of $442,000 during this 6 month period. One house is on Kent Lane and the other is on Hitherdell Lane. Listed taxes were $11,824 and $12,746 respectively.
The average original list price in North Babylon is $350,858 with an average selling price of $348,721. At the end of June, there was a 1.9 month supply of available homes for sale in North Babylon.
West Babylon (11704)
25 houses were sold in West Babylon during the month of June 2017. The most expensive house sold for $482,000 and the least expensive home was sold for $212,000. Listed taxes ranged from $3,490 – $15,043. During the first 6 months of this year, 143 houses were sold in West Babylon, the most expensive of which was on 11th St and was sold for $482,000.
The average original list price in West Babylon is $337,186 with an average selling price of $327,000. As of the end of June, there was a 2 month supply of available homes for sale in West Babylon.
Deer Park (11729)
14 houses sold in Deer Park during the month of June. The most expensive home sold for $519,000 while the least expensive house sold for $260,000. Listed taxes ranged from $6,692 – $14,925.
Between January and June 2017, a total of 110 houses were sold in Deer Park. The most expensive home sold during the first six months of this year on Venezia Ct had a sale price of $520,000 with listed taxes of $11,455.00.
The average original list price in Deer Park is $375,906 with an average selling price of $368,269. At the end of June, there was a 2 month supply of available homes for sale in Deer Park.
Suffolk County continues to provide more affordable houses than Nassau county resulting in more completed home sales. An analysis of market activity for last month shows that year over year residential home sales increased by 7.5 percent in Suffolk County vs .05 increase in Nassau County.
The average list price in Suffolk County is $495,444 with an average sale price of $468,203 while in Nassau County, the average list price is $709,946 with an average sale price of $673,357. At the end of June, Suffolk County had a 4.4 month supply of available home while Nassau had a 3.8 month supply. A healthy real estate market requires a 6 to 8 month supply of inventory.
With continued low interest rates there are an abundance of qualified buyers actively pursuing their dream of home ownership. Homeowners should seize the opportunity to capitalize on the current market conditions. In real estate, timing is key. For those thinking of selling, the time is now.
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