The market in our area reached its peak in 2005. It fell 15%over the next 2 years(2006 and 2007). We don't have figures for 2008 yet but they are anticipating another 7 or 8% drop.
Remember the market appreciated 100% from 2000-2005.
There are some markets that have appreciated in the last 2 years. The greens in Melville is one of them. Unfortunately, single family homes in E. Northport is not one of those markets.
If you would like to keep informed about what is selling in your neighborhood, visit my wesite or call me directly, 631-944-8829.
One of the saddest, and most useless, web sites is Zillow.com (it must be a horror for LI realtors to deal with): Tiger Woods buys a house for $65,000,000. and then Zillow resets housing price within a half mile based upon that sale. Then it produces nifty, and useless, charts showing the "rise" in price.
Volume confirms price. Without volume, and there is none anywhere in Long Island, expect the long slow slide to continue.