Thhis Month in Great Neck Real Estate: February 2012

Great Neck Market Update: February 2012
The Great Neck real estate market experienced a 35% increase in January. Median home sale prices, of all property types, increased from $498,000 (January 2011) to $676,000 (January 2012). 

  • Residential median home sale prices increased from $830,000 to $931,000
  • Condo median home sale prices increased from $367,500 to $454,000
  • Co-Op median homes sale prices decreased from $244,000 to $232,500
What this means for Great Neck Home Buyers?
If you’re looking to buy a Residential (single/multi-family) home in Great Neck, you may need to move fast because the home values are appreciating. My advice is to check the local trendsin the specific neighborhood that you’re looking in to and see how rapidly the values are appreciating there.

If you’re looking to buy a Condo in Great Neckyou may also want to check the local trends because home values can vary depending on the neighborhood, but if they are appreciating in the neighborhood that you desire, you may need to move fast!

If you’re looking to buy a Co-Op in Great Neckit is a GREAT time to do so! Values are depreciating and they can rise at any moment so don’t miss the boat. Take advantage of these low values and rates.

What this means for Great Neck Home Sellers?

If you are a Great Neck Residential (Single/Multi-Family) home owner, GOOD NEWS, the market ingeneral is appreciating! The market should remain relatively stable throughout 2012 so if you’re waiting for your home’s value to go up significantly, it may take a while. The good news is that even if you lose some equity on your home sale, you will most likely gain much more on the purchase of your next home, but only if you get in while the values & rates are still this low.

If you are a Great Neck Condo owner, you may have experienced an increase in your home’s value so you should review a Comparitive Market Analysis to see what your home is worth now and read this blog monthly to keep up with the market and track the local trends. 

If you are a Great Neck Co-Op owner, you may have experienced a decrease in your home’s value so my advice is to track the trends on a monthly basis and sell before it dips too low or sell when it rebounds, if you are planning to live there for the next 3-5 years.

For more Great Neck real estate market information, visit: – Call:718-475-2742 – or Text: 718-968-5538

Abigail Herrera
Lic. RE Salesperson
Keller Williams Realty Landmark
32-55 Francis Lewis Blvd.
Bayside, NY 11358

your friend. your neighbor. your Realtor.

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