Home Buying in 11771>Question Details

ebrian.morris, Home Seller in 11771

Has inventory increased or decreased in the Oyster Bay area? Is price the #1 reason for homes to remain on the market for more than 6 months?

Asked by ebrian.morris, 11771 Thu Oct 24, 2013

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6
If you are listed with a broker, ask your agent the questions. MLS currently shows 32 available properties in Oyster Bay ranging from $230,000 to $1,775,000; going back six months, there were 22 closings. As for pricing, generally if a property has been sitting on the market for some time with no offers, pricing should be reviewed and adjusted; but also review marketing, does the property show well, is it easily accessible for all showing, etc. If you need additional information, feel free to contact me directly.
2 votes Thank Flag Link Thu Oct 24, 2013
Condition of the property and overpricing is the #1 reason why house is not selling. Sellers very often have an emotional attachment to their homes and tent to be not objective about true value.
1 vote Thank Flag Link Tue Dec 9, 2014
Price is the #1 Reason that a house remains unsold. However, there are a number of factors that come into play. Exposure is critical. If the home is For Sale By Owner, it will not have the same advertising exposure, both in print and on the internet, as a property that is listed with a Broker. Additionally, if the owner does not readily grant access to the home for showings or an Open House and the home is difficult to show, then it will take longer to seller simply because it will have lower foot traffic than other homes. Another important factor is the quality of the photography. Many buyers begin their search online. If the quality of the photography is poor, then the potential buyer may skip over the home and never even request a showing. Once you get the potential buyer to the home, it is incumbent upon the seller to ensure that the home is neat, clean, maintained and properly staged. I have seen multi-million dollar homes remain unsold simply for lack of good landscaping and poor house-keeping!
0 votes Thank Flag Link Sun Dec 7, 2014
Inventory is low in Oyster Bay as in other areas of Long Island.

Price is a major factor but there can be others like an unmotivated seller and the condition of the property.
0 votes Thank Flag Link Sun Feb 23, 2014
It can be price, or it can be one or a combination of other factors. Have a few agents stop by and give you their opinions. If you are a FSBO and aren't listed on the MLS you aren't easily visible to agents and buyers. Some Oyster Bay numbers:
Current Available Inventory - 42
Current Median List Price - $549,000
All Property Types
Month Current Year Prior Year %Change
Sep-2013 64 45 42.2
Aug-2013 61 47 29.8
Jul-2013 60 50 20.0
Jun-2013 64 42 52.4
May-2013 61 45 35.6
Apr-2013 59 46 28.3
Mar-2013 58 44 31.8
Feb-2013 53 45 17.8
Jan-2013 52 47 10.6
Dec-2012 47 47 0.0
Nov-2012 43 46 -6.5
Oct-2012 46 46 0.0

Month Current Year Prior Year % Change
Sep-2013 482,500 509,487 -5.3
Aug-2013 498,508 532,806 -6.4
Jul-2013 490,673 525,255 -6.6
Jun-2013 484,194 550,030 -12.0
May-2013 484,138 543,285 -10.9
Apr-2013 480,337 553,844 -13.3
Mar-2013 492,369 537,883 -8.5
Feb-2013 502,583 541,596 -7.2
Jan-2013 513,940 537,507 -4.4
Dec-2012 495,434 538,390 -8.0
Nov-2012 480,626 561,529 -14.4
Oct-2012 511,780 532,138 -3.8

Hope that gives you some idea of the Oyster Bay market trend. The numbers are from the MLS.


Tom Brady SFR, e-PRO, SRES, BPOR
Licensed Associate Broker
Notary Public, Retired N.Y.P.D. Lt.
631-682-8660
Tom@BradyFamilyRealty.com
http://www.BradyFamilyRealty.com
http://www.SuffolkFreeCMA.com
http://www.NassauFreeCMA.com
#1 Listing & Selling Office on Long Island
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 208
Plainview, New York 11803
0 votes Thank Flag Link Thu Oct 24, 2013
Price is always the #1 reason that a house sits on the market for a long time.

Tom Moser
Keystone Realty USA

Long Island's Commission Rebate Realtor
http://RefundAtClosing.com
0 votes Thank Flag Link Thu Oct 24, 2013
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