How’s the market?
Anyone tuned into the media reports on real estate is hearing news about droves of home buyers fleeing Manhattan for the suburbs. While this is certainly a trend we are seeing and hearing about it may be a little too soon to say for sure if these droves of buyers are coming to Huntington.
At the time of this article there were 242 closed sales in Huntington reported on the multiple listing service year to date. Since closings generally take place 45-90 days after a sale is agreed and where the buyer originated from is not reported until the time of closing, it may be too soon to report and analyze how many sales agreed to from mid March to date are in fact these NYC buyers fleeing the city.
The average time on the market is similar to this time last year, averaging at 78 days. The big news is the average sales price here in Huntington is up just shy of 5% from last year, averaging at $655,826.
We continue to see high buyer demand at all price points, resulting often in bidding wars. Low interest rates also continue to fuel the market. Overall we have a strong market, leading us into September.