Dougall Fraser: 2011 Definitely the Time to Buy in Garden City

Each quarter, Daniel Gale Sotheby's International Realty (DGSIR) generates 20 individual real estate market reports covering communities from Manhasset and Garden City to Southold and Shelter Island.

Each market report looks at community-specific statistics for closed residential real estate sales, including number of transactions, days on the market and median and average sale price and compares that data against the same period of time of the previous year.

This latest report covers activity for the first six months of 2011 (January through June), which is traditionally one of the busiest times for real estate transactions, and often a predictor of the overall health of the market.

“The specificity of data relevant to individual communities and neighborhoods is what makes our market reports particularly meaningful to the local homeowner,” said Patricia Petersen, president and CEO of Daniel Gale Sotheby’s.

“Real estate always has been, and always will be local. Our strategy is to provide consumers with closed sales data so that they may make their own informed decisions for the areas they are most interested in. Long Island cannot be compared to national statistics any more than Port Washington can be compared to Greenport. You have to look at what’s going on in your own neighborhood.”

Between Jan. 1 and June 30 of this year, Garden City's western section had 20 listed properties on the market for a combined total of 123 days and 14 sales. Comparing these figures to the same time period in 2010, the western section had nine listed properties on the market for a combined total of 145 days and saw 12 sales. The highest sale price in 2010 was $870,000 while the highest price this year between that time frame was $820,000.

Between Jan. 1 and June 30 of this year, Garden City's Estates section had 42 listed properties on the market for a combined total of 119 days and 27 sales. Comparing these figures to the same time period in 2010, the Estates section had 47 listed properties on the market for a combined total of 131 days and 29 sales. The highest sale price in 2010 was $1,870,000 while the highest price this year between that same time frame was $1,827,000.

Between Jan. 1 and June 30 of this year, Garden City's central section had 32 listed properties on the market for a combined total of 112 days and five sales. Comparing these figures to the same time period in 2010, the central section had 24 listed properties on the market for a combined total of 214 days and 12 sales. The highest sale price in 2010 was $2,865,000 while the highest price this year between that same time frame was $2,700,000.

Between Jan. 1 and June 30 of this year, Garden City's eastern section had 44 listed properties on the market for a combined total of 123 days and 48 sales. Comparing these figures to the same time period in 2010, the eastern section had 39 listed properties on the market for a combined total of 141 days and 30 sales. The highest sale price in 2010 was $1,525,000 while the highest price this year between that same time frame was $1,325,000.

Garden City South had 11 listed properties on the market for a combined total of 119 days and 11 sales between Jan. 1 and June 30 0f this year. Comparing these figures to the same time period in 2010, GC South had 18 listed properties on the market for a combined total of 103 days and nine sales. The highest sale price in 2010 was $615,000 while the highest price this year between that same time frame was $625,000.

Nearby, in the village of Stewart Manor, nine listed properties were on the market for a combined total of 30 days. Two sales were made between Jan. 1 and June 30 of this year. Comparing these figures to the same time period in 2010, the village had nine listed properties on the market for a combined total of 80 days and six sales. The highest sale price in 2010 was $545,000 while the highest price this year between that same time frame was $450,000.

Dougall Fraser, DGSIR senior vice president and manager of the Garden City office, provided some insight into the Garden City market.

“Over my more than four decades in Garden City real estate, my experience has been that our local market always moves along nicely despite external pressures. We seem to have an endless supply of young families ready to live the American dream in one New York’s top suburban communities," he said. "Our prices have decreased over the last few years and we have had a backlog of properties for sale, but in the first half of 2011, we have found great success in sales and our inventory, while still high, has been reduced dramatically. With the astounding value of mortgage money available, 2011 is definitely the time to buy in Garden City.”  

Daniel Gale Sotheby’s International Realty was founded in 1922. For more information, visit www.danielgale.com.