The main story for Syosset real estate in 2013 is the story about the inventory. While the average absorption rate for 2012 was 7 months. In 2013 that average dropped to 4 months. Absorption rate is calculated by dividing the amount of inventory by the number of sales. Any absorption rate above 6 months indicates a buyers market. Any absorption rate under 6 months is a sellers market. So moving from 7 months to 4 months the market has moved to the sellers advantage. Prices have not risen dramatically yet - about 3-5% but if the trend continues and I think that it will prices should firm up more next year. Good news for sellers. Not so good for buyers.
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