smileFor the week ending 9/11/09 vs 9/12/08 the number of sales reported by http://www.lirealestatereport.com was up 85% from 27 to 50 and the dollar volume in sales was up 61% to over $68M.

Median sales for the Five East End Towns (Southold, Riverhead, Shelter Island, Southampton and Esat Hampton) were down a whopping 58% to below $600,000 and average sales were down 13%.

While it is easy for single week reported figures to have anomalies that could be misleading, there have been similar figures posted in recent weeks, showing that buyer demand for lower priced homes picked up in May, June and July of this year, since it takes an average of 60 days to close a contract and many of these reported sales have recording dates in late July and August.

                        East End Sales Statistics
Week Ending                                09/12/08
Number of Sales                                 27
Total Dollar Amount                $42,346,174
Median Price                               $       969,000
Average Price                             $   1,568,377

                        East End Sales Statistics
Week Ending                                 09/11/09
Number of Sales                                 50
Total Dollar Amount                $68,572,145
Median Price                               $       562,500
Average Price                             $    1,371,443

sadEqually notable, the lis pendens filings (the first step a bank takes towards foreclosure) for the same week were up 6 times from 4 in 2008 to 26 in 2009. Dollar volume was up 5 times and the median and average mortgage amount was down nearly 20%.   Hard to find a silver lining in this cloud, except to say that these foreclosures might be working their way through the system, but considering the facts that it appears that less than 15% of lis pendens actually go to foreclosure in these parts, and it can take up to two years for the process to take place, there will be some of these foreclosures popping up for quite some time.

                   East End Lis Pendens Statistics
Week Ending                                    09/12/08
Number of Filings                                    4
Total Mortgage Amount          $2,031,500
Median Mortgage                        $   456,500
Average Mortgage                      $   507,875

                    East End Lis Pendens Statistics
Week Ending                                   09/11/09
Number of Filings                                  26
Total Mortgage Amount           $10,801,622
Median Mortgage                        $      380,000
Average Mortgage                       $      415,447

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