East Moriches, N.Y. Real Estate Market Report
The following report is based on the 3 month period ending April 30, 2020
This month’s report should come as no surprise. The number of sales and contracts written in the last three months are down. If you read that statement and walk away from this report without reading more you’ll miss the good news part. Yes, we believe there’s good news coming. Part of that good news is revealed in the graph below- While it’s true demand (buyers) is down slightly, that may just be temporary and supply (homes available) is down a whopping 54% that’s good news for sellers.
Obviously the covid 19 pandemic has had an impact on the real estate market. Sales are slowing and so is inventory in the form of new listings, but here’s something you may not know- we are seeing quite a bit of buyer interest in the form of internet searches and phone and email inquiries.
For now real estate agents may not physically interact with buyers or sellers or facilitate showings in accordance with the governor’s executive order in the conventional manner we are accustom to. However there there are a couple different ways homes can be shown and sold. Call us and we will share how.
“Is this a good time to sell your East Moriches home?” Today might not be the perfect time but if our instincts are right that time is coming in the very near future. There are lots of approved buyers just waiting to purchase a home. There will always be people that need to buy or sell for reasons that are important to them. If you happen to be one of those people, give us a call and we will share with you how to prepare ahead of time, by taking advantage of this pause and do all those small jobs you have been meaning to do to make your home aesthetically pleasing so you can distance yourself and your home from the competition and get sold quickly for the highest price possible.
Timing is everything. Let’s take one last look at the supply and demand graph above. Why do you suppose listings are down 54% in this 3 month span? Probably because homeowners know that it’s really hard to show a house with NY pause in place, but that begs the question- how many homes will come on market in East Moriches when NY opens back up, and what will that do to the balance of buyers and sellers?
We have a plan for that. If you are ready to sell but are waiting a little longer, that may not be your best strategy. Call us and we will discuss with you when we believe is the very best time to list your home and out fox the competition.
Market Statistics for Center Moriches, NY January 31, 2020 through April 30, 2020
New Listings– There were 10 new listings taken
Current Inventory– There are 24 single family homes on market (East Moriches Homes For Sale)
In Contract- There are 14 single family homes in contract
Closed Sales– There were 5 single family homes sold
Median Ask Price– $494,500.00
Median Sold Price – $486,500.00
Call 631-241-8168 or email me at Bill.Carroll@Corcoran.com or Letticia Lettieri at 631-879-2069 or Letticia.Lettieri@Corcoran.com with questions or to arrange a confidential comparative home value analysis