The Kings Park real estate market is currently experiencing a robust seller's market, with properties selling quickly and at favorable prices. This blog post delves into the latest market trends, providing valuable insights for both buyers and sellers looking to navigate this competitive landscape.

 

Overview of the Kings Park Real Estate Market

As of May 2024, Kings Park, NY, is witnessing a dynamic real estate market characterized by low inventory and rising property values. The area is attracting considerable interest due to its appealing blend of suburban charm and proximity to key amenities.

Key Market Indicators

1. Months of Inventory

  • Current Inventory: 1.07 months
  • Change: Decreased by 8.5% month-over-month (MoM)
  • Trend: This indicates a strong seller's market where demand significantly outstrips supply.

2. List to Sold Price Percentage

  • Current Percentage: 102.6%
  • Change: Increased by 2.2% MoM
  • Trend: Properties are selling above their list prices, highlighting high buyer competition.

3. Median Days on Market

  • Current Days: 23
  • Change: Decreased by 53.1% MoM
  • Trend: Homes are selling faster, reinforcing the high demand and swift market activity.

Pricing Trends

1. Median Sold Price

  • Current Price: $675,000
  • Change: Increased by 8.9% MoM
  • Trend: A substantial rise in median sold prices indicates growing property values.

2. Median List Price for New Listings

  • Current Price: $699,999
  • Change: Increased by 7.7% MoM
  • Trend: New listings are entering the market at higher price points, reflecting the confidence of sellers in achieving premium prices.

3. Median Price per Square Foot

  • Current Price: $371
  • Change: Increased by 6.9% MoM
  • Trend: The cost per square foot is on the rise, showcasing the overall appreciation of real estate in Kings Park.

Active and Pending Listings

1. Active Listings

  • Number of Properties: 12
  • Median List Price: $694,499
  • Median Days on Market: 18
  • Median Price per Square Foot: $444

2. Pending Listings

  • Number of Properties: 23
  • Median List Price: $650,000
  • Median Days on Market: 32
  • Median Price per Square Foot: $398

Market Dynamics

The Kings Park real estate market is currently in favor of sellers due to several factors:

  • Low Inventory: With only 1.07 months of inventory, the market is highly competitive.
  • Rising Prices: The consistent increase in both list and sold prices points to strong demand.
  • Quick Sales: Properties are spending fewer days on the market, indicating that buyers are eager and ready to close deals swiftly.

Conclusion

For sellers in Kings Park, this is an opportune time to list properties and capitalize on the favorable market conditions. Buyers, on the other hand, should be prepared for competitive bidding and act quickly to secure their desired homes.