The Dix Hills, Melville, Half Hollow Hills School District 1st Quarter, 2009 Housing Market Report reflects the weakness and turmoil in the economy. There are some glimmers of hope in the housing market in general-and certainly the “entry-level” is doing well. The $8000 Tax Credit (expires December 1, 2009) for 1st-time Homebuyers, more affordable housing prices and low interest rates have make this an especially good time for 1st-time Homebuyers! More of the Dix Hills, Melville housing market will gain a boost when the falling dominos start to work their way up and enable “move-up” buyers to sell their homes. Chart 1 compares the sales numbers and median selling prices between 2008 and 2009. The Median Selling Price of Sold Homes went down about 14.7%.
The Monthly Closing Prices in Chart 2 show an increase in the Median Listing Prices from January to March. The February and March Listing Prices are virtually the same, but there is a significant drop in the March Median Selling price. The Selling Prices are higher for both February and March than in January.
MEDIAN: The point at which 50% of the homes are above that price and 50% are below that price. LP$: Listing Price. ORIG. LP$ The Original Listing Price at the time the home was put on the market. SP$: Selling Price. CL: Closed or Sold. UC: Under Contract. Available: Currently On The Market. DOM: Days on Market.
A breakdown of the sales numbers according to price range in Chart 3 reveals that the sales numbers for homes up to $700,000 are almost the same: 19 for 2009 and 18 for 2008. The numbers change significantly for homes priced above that range. The shift in sales numbers to the lower end can change the Median Selling Price to a lower price point for 2009-suggesting that selling prices may not have decreased as much as the Median Sales Price indicates.
The Under Contract Stats in Chart 4 show that both Sales Numbers and Listing Prices at time of contract for the 1st Quarter, 2009 have dropped from the same time period in 2008. 36 homes entered Under Contract in 2009 compared to 57 homes in 2008. The Median Listing Price at time of contract is $684,500 in 2009 and $845,000 in 2008-dropping about 16%.
Again the breakdown of sales numbers according to price range in Chart 5 shows the same trend. In 2009 home sales are concentrated in the lower end of the price range and have fallen off significantly in the upper end-even as inventory has increased in that range. Exactly 23 homes under $700,000 went Under Contract In both 2009 and 2008. However, looking at the total number of homes that entered Under Contract-36 in 2009 and 57 in 2008 the 23 homes in 2009 is weighted more and again suggests that the price point for the Median Listing Price in 2009 has shifted downward. That downward shift must be accounted for in the 16% drop in Median Listing Price from 2009 to 2008.
Chart 6 compares Median Listing Price for Available Homes and Homes Under Contract. Median Selling Price is shown for Houses Closed (Sold) Homes during the 1st Quarter, 2009 time period. Dix Hills, Melville, SD#5, 1st Quarter, 2009 Housing Market Report by Cheryl Grossman in .pdf format. SD#5 is the Half Hollow Hills School District.