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Press Release: Understanding the Gulf in Today’s Housing Market

 

Latest Example of Housing Gap Found in Long Island CBSA

WALTHAM, MA – May 26, 2016 – This month, Pro Teck Valuation Services’ Home Value Forecast examines today’s tumultuous real estate market—particularly the growing gulf between communities on the rebound and those that are still struggling to recover.

The dichotomy between “hot” and “cold” markets can be seen all over the country—however data included in this month’s HVF shows the Long Island CBSA of Nassau County-Suffolk County, NY may be the most recent poster child for the growing housing gap.

This month, the Nassau-Suffolk CBSA ranked seventh in top ten CBSAs, showing healthy trends across the board. Not only are sales up 11%, but active listings are down 44% and Months of Remaining Inventory (MRI) is down almost 50%. All of this signifies a seller’s market. Another sign pointing to an improving market includes Active Days on Market at 41, a 55.43% drop.

Nassau-Suffolk CBSA Sellers Market

One community within the Nassau-Suffolk CBSA that serves as an example of just how hot the housing market can be is in Roslyn, where real estate is at an all time-high with an average home price just shy of $1.2 million.

However, for every hot community within a CBSA, there there are others that are still having difficulty gaining traction in the housing market. An example of the other side of the Long Island real estate market is in Island Park, NY. While less than twenty miles away from Roslyn, real estate realities are worlds apart. Prices that peaked close to $500,000 in 2006 are now averaging around $288,000.

“At Home Value Forecast we like to say that all real estate trends are local, and what’s happening in one community doesn’t translate to the next,” said Tom O’Grady, CEO of Pro Teck Valuation Services. “This is very true in Long Island, where the differences between wealthy communities and the rest is significant.”

This is why averaging CBSAs does not show the entire picture, and while the real estate rebound is a reality in many communities, but there are still those lagging.

“Of the 143 ZIP codes we track in the Nassau-Suffolk CBSA, only 28 communities, 19.6% of the total, have exceeded pre-crash home price highs,” said O’Grady.  “As the recovery continues, we look for that number to increase.”

Visit www.proteckservices.com/long-island-cbsa-returns-top-10 to read the entire forecast, including a closer look at the Nassau-Suffolk CBSA.

CBSA Winners and Losers

Each month, Home Value Forecast uses a number of leading real estate market-based indicators to rank the single-family home markets in the top 200 CBSAs and highlight the strongest and weakest metros.

Top 10 CBSAs this month include:

  • Boise City, ID
  • Portland-Vancouver-Hillsboro, OR-WA
  • Sacramento-Roseville-Arden-Arcade, CA
  • Seattle-Bellevue-Everett, WA
  • Stockton-Lodi, CA
  • Los Angeles-Long Beach-Glendale, CA
  • Nassau County-Suffolk County, NY
  • Portland-South Portland, ME
  • Riverside-San Bernardino-Ontario, CA
  • Oakland-Hayward-Berkeley, CA

Top ten this month includes eight western CBSAs, including Oakland-Hayward-Berkeley, CA.  In last month’s Home Value Forecast we spoke of economic displacement in San Francisco, and its impact on outlying communities.

Oakland, with its close proximity to San Francisco and “up and coming” reputation, is seeing a boom in many of its neighborhoods and boasts the lowest Months of Remaining Inventory (MRI) in our Top Ten at 2.55.

Bottom 10 CBSAs this month include:

  • Midland, TX
  • Billings, MT
  • Virginia Beach-Norfolk-Newport News, VA-NC
  • Racine, WI
  • Rockford, IL
  • Atlantic City-Hammonton, NJ
  • Gary, IN
  • Jackson, MI
  • Jacksonville, NC
  • Madison, WI

Madison, Wisconsin is new to our bottom 10. In late 2015, Oscar Mayer announced it would close the local plant and move 1,000 jobs out of the community. This seems to be having a similar impact as Midland, TX is experiencing with the loss of oil industry jobs.

About Home Value Forecast

Home Value Forecast (HVF) is brought to you by Pro Teck Valuation Services. HVF provides insight into the current and future state of the U.S. housing market, and delivers 14 market snapshot graphs from the top 30 CBSAs.

HVF is built using numerous housing and economic data sources. The top 750 CBSAs as well as data down to the ZIP code level for approximately 18,000 ZIPs are available with a corporate subscription to the service. To learn more about Home Value Forecast and Pro Teck’s full suite of residential real estate valuation products, visit www.proteckservices.com. You can also find Pro Teck on Twitter at @ProTeckServices.

Reporters interested in national, regional or metro level housing data tailored to meet story needs, please email your inquiry to mediarequest@protk.com.

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Media Contact:  Thomas Hoff, Pro Teck Valuation Services
781.314.1669 or tom.hoff@protk.com