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Valley Stream tops Nassau for listings

A Long Island Rail Road train passes through

A Long Island Rail Road train passes through Valley Stream in Nassau. The restaurant is Ciao Bella, right. Photo Credit: Charles Eckert, 2009

Valley Stream has more single-family home listings in Nassau than any other community, according to the Multiple Listing Service of Long Island.

The 3.4-square-mile community had 322 out of the county's 8,492 county listings as of Monday, numbers show.

That's at least 35 percent more houses for sale than at the height of the boom, said Bernie Miglio, broker owner of Miglio Real Estate, based in Valley Stream for more than 30 years.

"That's a lot of inventory to move," he said. "There's more houses coming into the market and less going into contract.

"There's a lack of buyers and we're a first-time home buyers area, and that's making it more difficult," he said. "Incomes are not meeting the price of the houses."

In the last three months for Valley Stream, there were 75 contracts signed and 84 closings on single-family homes, he said.

But in that period, 175 single-family houses went on the market, he said, and that forced Miglio to pause when he first saw the figure on a real estate database and redid the query a few times to make sure it was right.

He said for buyers interested in Valley Stream but inundated by the options, they should stop thinking of number of bedrooms.

"It starts with price, what they could afford, and move from there," the real estate veteran said. "If they walk in and say they want to spend between $300,000 and $350,000 on house, there are no longer 350 houses priced between that."

For sellers with so much competition, Miglio echoes what many agents have been saying -- price it right: "It's always pricing, no matter what the market is. Start out high and you're only going to chase the market down."

Watch RealLI for which community has the most listings in Suffolk.

Photo: A Long Island Rail Road train passes through Valley Stream in Nassau.


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