Home sales improve a bit
Published 9:20 pm Saturday, August 3, 2013
By William Scott
The number of homes sold in Suffolk increased in the month of June over the previous year, but listing prices haven’t recovered from a negative trend that began earlier this year.
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“The market in Suffolk is improving, but only very gradual and not any significant change yet,” said Billy Chorey Sr., owner of Chorey and Associates Realty. There are still many people who want to sell and many who want to buy, but won’t because of the state of the market, Chorey said.
Generally, the number of units sold, the listing prices and the selling prices have all increased compared to last June, while the number of days spent on the market have decreased. The change, however, is only marginal.
This is not to say that there are no optimistic viewpoints on the market.
“The past 90 days have been the most active in the past couple of years,” Mark Edwards, senior vice president at East West Realty, said of the new homes in the area he works. “I think we’re starting to see some consistency that we have not seen since the ‘90s.”
Edwards is not the only one who sees a positive outlook on the market.
“Statistic-wise, more houses closed in June than have over the past year and a half,” said Lee Cross, associate broker at Cross Realty. “The length of time it takes to sell a house has gone down. If improving means more buyers looking, that certainly has been the case.”
Condominium prices have seen virtually no change in units sold compared to last June. Though selling prices and the number of condos sold have increased and market days decreased, the change is minimal.
The story is the same in other areas of the real estate market. Resold homes have also seen a marginal increase in price during June with a drop in days on market.
Newly constructed homes have seen an overall growth in units sold compared to last year’s first six months. Listing prices, however, have decreased.