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Business & Tech

Housing Numbers For Port Jefferson Show Continued Correction in the Market

The 2010 real estate numbers for Port Jefferson show that things are still not great for housing but aren't as bad as they used to be.

We allow a couple weeks for the dust to settle before starting to do final calculations for the year. Well, the time has come to call it for 2010, and it looks like last year's real estate market in Port Jefferson can be summed up by one word "correction."

That is not a bad thing. While many used words like "bust" or "depressed"  in 2008 and 2009, I feel very comfortable (actually delighted) saying "correction" today.  Much easier to swallow—definied as "to remove an error" or "to set straight." The market needed a correction, and it is for the greater good of every future homebuyer—ourselves and our children, that it is happening.

In 2010, 268 sellers successfully delivered a home to 268 ready, willing and able buyers. Buyers who fell in love with that house and wanted to spend the foreseeable future in a home here in Port Jefferson.

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Homes are selling, and they are selling at reasonable prices, not the prices they sold for in 2005 or 2006, but prices that make more sense. It is likely that 2011 will see a continued softening of prices as the interest rate creeps up and additional inventory is released by the banks. As the supply increases, however, demand is also slowly increasing as buyer confidence begins to return and the unemployment rate improves.

As a Realtor in 2010 it felt like the government, the banks, and the home sellers were starting to get it right, so if national headlines stop screaming alarming messages like "no housing recovery in sight" to evoke fear into every homebuyer and seller, we may just have a chance at increasing  the number of units sold and decreasing our average days on market, to achieve a "stable" real estate market when I write the 2011 round-up.

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Here's how it looked by the numbers:

PORT JEFFERSON STATION

Residential

  • Units sold (single or multi-family): 123
  • Median sales price (single or multi-family): $312,700
  • Avg. days on market: 118
  • Avg. sales price: $321,172

Condo/Co-op/Townhome

  • Units sold: 65
  • Median sales price: $195,000
  • Avg. days on market: 139
  • Avg. sales price: $214,000

PORT JEFFERSON/BELLE TERRE

Residential

  • Units sold (single or multi-family units): 60
  • Median sales price (single or multi-family units): $563,500
  • Avg. days on market: 113
  • Avg. sales price: $628,476

Condo/Co-op/Townhome

  • Units sold: 20
  • Median sales price: $328,750
  • Avg. days on market: 140
  • Avg. sales price: $363,700

Please see attached graphs to see market trends since 2000.*

Data taken from the Long Island Multiple Listing Service as of 1/18/2011 and compiled by Amanda Eckart, Licensed Real Estate Salesperson.

Amanda Eckart is a senior real estate agent at in Port Jefferson. You can contact her at 631-404-2215 or by email at amanda@jprealtor.com. Visit her online at www.pjvillagehomes.com

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