Hey there, Ronkonkoma neighbors! Gather around because it's that time of the month when we dive into the fascinating world of real estate statistics. As the seasons change and the leaves fall, we're here to unpack the mysteries of October's real estate market in our beloved Ronkonkoma. So, grab a cup of tea, get comfy, and let's embark on this journey together!
No fancy jargon, just straightforward information that empowers you to understand the local market. In this analysis, we'll explore the hyperlocal market data. But don't worry; we're here to break down these figures in the simplest way possible. Our aim is to equip you with knowledge, so you can confidently navigate Ronkonkoma's real estate landscape.
Median Sales Price Up 5.0%
The typical home in Ronkonkoma now costs around $525,000. While this might sound like a lot, it's less than the median sales price of Suffolk County altogether at $595,000. People love living here, and that demand naturally nudges prices up a bit despite the high interest rates. But fear not, this uptick doesn't mean you can't find a great home within your budget. We'll show you how to compete with other buyers without breaking the bank.
Sold Property Counts Down 26.5%
About the decrease in sold property counts – it's all part of the ebb and flow of the market. We're at a historic low in listing inventory so October saw a 26.5% drop in sold properties. With interest rates much higher than just a few years ago, current homeowners are making the decision to stay in their current home rather than downsize or upsize. Once rates ultimately trend downward then the expectation is listing inventory will increase.
Pending Sales Counts Down 9.1%
Lastly, let's talk about the 9.1% dip in pending sales counts. This simply means there are fewer transactions going to contract than this time last year. Why? Because as discussed above, there is a housing shortage in Ronkonkoma and on Long Island. Fewer listings on the market will mean fewer listings going to contract. It's important to note the difference in pending sales versus sold property counts. While sold properties are down by over 1/4 from last year, pending contracts are only down just under 10%. It's possible and even likely that once those sales close the next month's market statistics may show an improvement compared to this month.
And there you have it, folks – Ronkonkoma's real estate scene laid bare. Despite the rise in prices and the fluctuations in property counts, Ronkonkoma remains a stable and welcoming community. We hope this analysis has shed some light on the local market, helping you feel more confident as you explore your housing options. Remember, we're here whenever you're ready to take the next step. Your perfect home is out there, and we're here to help you find it.