Long Island Real Estate Prices for 2011

Long Island Real Estate Prices for 2011

Long Island Real Estate Prices for 2011

Long Island is composed of four different regions, North Shore, South Shore, North Fork and South Fork. The North Shore area has such charming villages of Stony Brook, the Setaukets, Old Field, Port Jefferson and Poquott that lie along Long Island Sound. The rich history stays alive with picturesque scenes of nature, making this old part of New York the perfect place to raise a family.

More than 14,000 residents live in Stony Brook in North Shore where museums and art are prominent and more than 8,000 children benefit from the strong learning foundation of the Three Village School District. Large older homes on tree-lined streets average $850,000 in price and feature three to five bedrooms with professional landscaping in a warm family oriented community. South Shore offers more compact housing with ranch style homes. Lindenhurst is a popular community where homes are well maintained and lawns manicured to show the intense amount of pride in having a home on Long Island. Homes are typically 2-4 bedroom with pricing anywhere from $160,000 to $300,000.

Sandy white beaches are found throughout Long Island but are very prominent in the North Fork region where permanent and seasonal residents can be found. In New Suffolk you can find a wide array of pricing from $185,000 of a bungalow to a rich double story enchanting home on several acres for $1,850,000. Hampton Bay offers many rentals and homes for those that enjoy the waterfront with prices that start at $500,00 on up into the $1 and $2 million range.

The median sales price for homes in Levittown, located inland in the South Shore region during the last quarter of 2010 averaged $316,500. This was a decrease of 3.8% compared to the same time period one year earlier. There are currently 208 homes on the market in Levittown. The good news is that the average listing price remains unchanged for the week compared to prior weeks when prices were said to be decreasing.

It is difficult to measure the sales price for homes on Long Island due to the different areas of living but the term short sale' is quickly becoming a term of the past. There are still foreclosures, averaging 156 homes for week ending February 9, 2011 in the Levittown area but this represents less than 1% of the homes on the market during this time.

The price trends of Nassau and Suffolk Counties on Long Island appear to be leveling somewhat even though the rest of the country continues to watch real estate prices continue to decline. There are some changes in the way that real estate changes hands but the area seems to be adjusting well. For example, a 4-bedroom 2 back home in Setauket on acre lot can be purchased for $635,000 but a hefty $127,000 down payment is required. For home buyers looking for real estate on a long-term basis, this amount is achievable but gone are the days of 0-10% downs to buy your first home on Long Island.

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