Median Prices in Queens on closed properties was dropped more than 20% comparing to last year:

................ Jan 2009 .... Jan 2008

Queens ... $343,800 ... $438,000 (-21.51%)

Nassau ... $385,000 ... $440,000 (-12.50%)

Suffolk ... $320,000 ... $373,500 (-14.32%)

Inventory is still in high level compare to Units under contract:

..................... Inventory ...................... Units in contract ............. Months Supply

.................. 01/09 ..... 01/08 ........ 01/09 .... 12/08 ...... 01/08

Queens ..... 10286 ..... 10838 .......... 519 ........ 497 .......... 519 ............. 19.8

Nassau ....... 9151 ....... 9136 .......... 534 ........ 554 ......... 585 ............. 17.15

Suffolk ..... 12670 ..... 13479 .......... 562 ........ 661 ......... 669 .............. 22.5

Source: Long Island Board of Realtors