Market Watch July 2012

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July, 2012 Babylon & West Islip (Zone 21) Brookhaven North (Zone 28) East Islip & Brookhaven South (Zone 25) Eastern Nassau/Central (Zone 4) Eastern Nassau/South Shore (Zone 5) East End/North Shore(Zone 30) East End/South Shore(Zone 31) Huntington (Zone 20) Nassau North Shore (Zone 3) Western Nassau/Central (Zone 8) Western Nassau/South Shore (Zone 6) Smithtown (Zone 24) Queens*** *** Zones 10,11,12,14,15 (All Zones Combined) Vacation Homes Sales On The Rise Coldwell Banker Residential Brokerage Homebuyers are picking up the pace on seeking vacation homes, procuring the lifestyle they want for themselves, and their family and their friends. Qualified homebuyers are taking advantage of record low interest rates to buy these properties, but competition for the inventory of homes available is increasing as we continue into the summer months. According to the National Association of Realtors (NAR), vacation home sales accounted for 11 percent of all transactions in 2011, up from 10 percent in 2010. Sales of vacation homes in 2011 also rose 7 percent over the previous year. The research conducted by NAR gives crucial insight into what is driving vacation home sales. The primary motivation for vacation home buyers, 82 percent of them, want to use the property as a getaway for themselves or as a location for family retreats. Thirty percent of vacation home buyers plan to one day use the property as their primary residence. Furthermore, 16 percent of vacation home buyers said they purchased the property so it could be used and enjoyed by friends and relatives, in some cases for a child to live in while attending school. Only 22 percent of buyers plan to rent the home to others. What this information shows is that vacation home buyers are not just making a financial investment; they are investing in a lifestyle that they desire and building long-term plans around these properties. Summer inevitably causes many to start thinking about owning a vacation home to call their own, and NAR’s recent data supports that it might be wise to act on that notion in the near future. Opportunities also exist for sellers to put their homes on the market if they’ve been holding back. In May, a limited supply of housing inventory drove up housing prices in all regions. While that limited inventory held back sales a bit, sales remained higher than a year ago with 11 consecutive months of gains. Home affordability is still at a record high, said NAR, with the relationship between median home price, median family income and average mortgage interest rate at the best it’s been since the organization started keeping track in 1970. But the trend of homes prices is certainly upward, with the national median existing home price is May rising 7.9 percent to $182,600 compared to a year ago. This is the third consecutive month of year-over-year price gains, the first time that has occurred since spring 2006. If your are considering the purchase of a vacation home, it helps to find a real estate agent who has a deep understanding of the local market. Coldwell Banker Residential Brokerage can connect you with an established real estate agent in any city, state or country who can help you find the perfect home. The attached graph will provide you with local market data to help you make a purchase decision and provide comparison. Please let us know if we can assist you with purchasing a vacation home or a primary residence, locally or anywhere else. ©2012 Coldwell Banker Real Estate LLC. Coldwell Banker is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Owned and Operated by NRT LLC.

Phillip King, Suffolk Realtor, Coldwell Banker Residential Brokerage, 5018 Express Dr. S Ronkonkoma, New York, http://www.philliprking.com, phillip.king@cbmoves.com, 516-241-6264, 631-588-9090, Real Estate Long Island, Long Island Real Estate, Homes For Sale Long Island, Long Island Homes, NY Real Estate License, Long Island Condos, Houses For Sale Long Island, Suffolk Real Estate, Long Island Home, Long Island House, Long Island NY Homes, Suffolk Houses For Sale, Condos For Sale Long Island, Suffolk County Condo, Long Island Houses, Houses For Sale, Brookhaven Township, Islip Township, Ronkonkoma, Village of, Holbrook, Lake Grove, Holtsville, Farmingville, Selden, Centereach, Sayville, Bohemia, Blue Point, Bayport, Oakdale, Patchogue, Medford, Bellport, Brookhaven, Mastic, Shirley, Manorville, Center Moriches, Moriches, East Moriches, Eastport, Miller Place, Mount Sinai, Shoreham, Wading River, Ridge, Rocky Point, Coram, Middle Island, Yaphank, Babylon, Bayshore, Smithtown, Nesconset, Hauppauge, Residential, Resale’s, New Construction, Builders, Investors, First-time Buyer, Vacation Homes, Short Sales, Listing Agent, Buyers Agent, How to