The calendar says February 13, the current temp in Huntington is 40 degrees, but in the real estate world, Spring is already here.
At our weekly office meeting, agents were reporting some incredible results from their open houses that took place the weekend of Feb 8-9. 35 visitors, 21 visitors, multiple offers and private showings. In other words, buyers are out and they’re 1) taking advantage of the still-low mortgage rates (3.8% for a 30-year fixed loan) and 2) vying for homes now before warmer weather brings about even more buyer competition.
This trend is reflected nationally. Last month, senior economist at Realtor.com, George Riu, said the “housing market has become more competitive due to rising prices and lower inventory …the search for a home is beginning earlier…” 2020 is expected to be a positive year for US housing prices due to overall lack of inventory. But it’s what’s happening locally that affects those of us who live right here in Huntington Township.
According to the Long Island Multiple Listing Service, as of Feb. 11, the absorption rate in Huntington Township overall is 5 months. This means that it would generally take 5 months for all the available homes in the township to sell if no new listings were added. To put this in perspective, we define a seller’s market as any market that offers 6 months of inventory or less, where there are more buyers than available listings. So, like the rest of the nation, we are currently enjoying a seller’s market.
However, there are multiple sub-categories of homes within the township that show we have even
LESS than 5 months of inventory. For example, we are down to 3 months of inventory in Commack,
South Huntington and Elwood. Inventory this low signals that it’s a great time to list. Price range also affects the absorption rate. Your trusted real estate professional can provide you with the absorption rates for your specific market.
Traditionally, real estate professionals think of Presidents Day as the start of the Spring Market. But this year, with buyer activity being what it is, Spring is underway in the homes of Huntington home sellers who price their homes properly.
Kim Bullis-Byrd, SRS, CBR
Associate Real Estate Broker
Silver Circle of Achievement
Daniel Gale Sotheby’s International Realty
187 Park Avenue
Huntington, NY 11743
o. 631.427.6600 ext. 332