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4Q - 2009
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Long Island Market Overview
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3Q - 2009
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Long Island Market Overview
There were 5,603 sales in the third quarter, 41.6% higher than the 3,956 sales of the second quarter and 5.9% higher than the same period last year. This was the first time in the past year the number of sales increased over the prior year quarter and only the second time since the beginning of 2007. The increase in the number of sales resulted in a decline in listing inventory. There were 22,170 listings, 5.6% below the 24,485 listings in the prior quarter and 10.1% below the 24,672 listings in the same period last year. The increase in the number of sales and the corresponding decline in listing inventory played a role in the stabilization of the price indicators over the summer.
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2Q - 2009
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Long Island Market Overview
...The number of sales fell 32.7% to 3,956 from 5,874 in the same period last year, but increased 37.7% from the prior quarter total of 2,872. The jump in number of sales was consistent with seasonal trends as this period has averaged a 35.4% increase in the prior 5 years. Seasonality in this market statistic is much more pronounced than in New York City, where the trend has been historically more moderate. The number of properties for sale peaked in the second quarter of 2008 at 26,145 properties. Listing inventory has fallen 10.2% from the peak to 23,485 properties, in contrast to the decline in the number of sales over the same period. The monthly absorption rate ‹ the number of months it would take to sell all existing inventory at the current pace of sales ‹ was 17.8 months, up from 13.4 months in the same period last year. Many sellers are opting to list properties when they determine the market has improved...
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1Q - 2009
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Long Island Market Overview
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4Q - 2008
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Long Island Market Overview
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3Q - 2008
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Long Island Market Overview
...The median sales price for the fifth consecutive quarter has fallen from the prior year quarter and seven of the last eight quarters. The Median sales price at $415,000 was down 6.2% from $442,380 in the same period last year. Median sales price is off 7.8% from its peak two years ago during the same period when it was $445,521. Average sales price saw a similar pattern suggesting that the price decline was not due to a skew in the mix of what sold over the quarter. The average sales price was
$508,936 this quarter, down 7.3% from the prior year quarter result of $548,883...
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2Q 2008
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Long Island & Queens Market Overview
...In continuation of last quarter’s market pattern,
the pace of inventory growth and the pace in the
decline in the number of sales continue to slow
but still show weakening market conditions. The lower level of activity is reflective of stressed economic conditions and more stringent
underwriting guidelines of mortgage lenders, who are requiring larger down payments, tighter ratios and higher credit scores. Despite a decline in activity, price indicators were essentially unchanged from the prior year quarter. There is an expectation of higher sales activity in the third quarter as spillover from the spring market activity closes in the summer months
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Q1 2008
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Long Island & Queens Market Overview
Price indicators are mixed as number of sales slip Price indicators show stability, with larger gains in the upper quintile In this quarter, the average sales price of a residential property was $514,135, up 3.6% from the prior year quarter, only the second time in the past 18 months that a positive change in this price indicator was realized. However, the median sales price showed a nominal decline of 0.6% to $435,000 in the current quarter from $437,500 in the prior year quarter.
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Q4 2007
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Long Island & Queens Market Overview
The overall Long Island/Queens median sales price slipped 3.2% to $425,000
from $439,000 in the prior year quarter and was down 4.5% from the $445,000 median sales price of the prior quarter. The decline was
generally the same in the three county markets.
areas.
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Q3 2007
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Long Island and Queens Market Overview
Price trends varied widely by market and price segment. Inventory increased over the past year, but dropped as compared to the prior quarter as the number of sales has continued to decline. Average days on market and average listing discount expanded versus the prior year quarter but declined from the prior quarter. The mixed results for the quarter suggests that the overall Long Island/Queens market is moving “sideways” for the time being, with no clear pattern evident.
The median sales price of a Long Island/Queens single family or condo was $445,000, down 2.2% from the prior year record median sales price of $455,000 and unchanged from the prior quarter median sales price.
The average sales price was a record $530,916, up 1.3% from the record
$524,073 seen in the prior year quarter and up 4.8% from the prior quarter average sales price of $506,580. Suffolk showed the most gains in average sales price with a record $469,331 average sales price, up 2.3% from the prior year quarter. Nassau was the next highest with a record $628,839 average sales price, up 1.7% from the prior year quarter. Queens showed the most weakness with a 2.9% decline to
$484,847 from the record average sales price in the prior year quarter. The luxury market showed unexpected price growth this quarter as evidenced by the upper two quintiles in Suffolk and Nassau counties.
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Q2 2007
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Long Island & Queens Market Overview
A quarterly survey of 8,694 Long Island and Queens residential sales (The Hamptons and the North Fork are analyzed in a forthcoming report).
...Both average sales price and median sales price indicators approached stabilization, after two years of decline. The most notable price changes occurred in a weaker North Shore market and a stronger Queens condo market. Despite stabilizing prices, the overall number of sales fell across the entire region with the North Shore market being the only market to show a gain as compared to the same period last year. As a result of diminished demand, inventory levels have continued to rise, causing other market indicators like days on market and listing discount to expand. A decline in the overall number of sales in one of the most active quarters of the year suggests that the housing market may experience continued weakness in the near future...
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2Q 2006
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Long Island Market Overview
Prices slip below prior quarter record but remain above prior year quarter.
Prices level off as the number of sales remains stable.
The average sales price of a Long Island residential property was $509,474 in the current quarter, essentially unchanged from the prior quarter average of $509,904 but was up 5.5% over the $482,821 average sales price in the prior year quarter.
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1Q 2007
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Long Island Market Overview
Overall price indicators showed weakness this quarter particularly at the higher end of the market. Overall median sales price showed relative stability as compared to the same period last year while average sales price showed a modest decline. Inventory levels are expected to level off as seasonal demand increases the number of sales. Current inventory levels remain below those seen in the second and third quarters of last year. However, the number of sales for the quarter is the lowest seen in three years suggesting a lower intensity of sales activity this spring, even when seasonally adjusted.
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Market reports prepared for Prudential Douglas Elliman by Miller Samuel Inc.
Jonathan Miller
President & CEO
Miller Samuel
Real Estate Appraisers & Consultants
About Jonathan
http://www.millersamuel.com
Some reports are PDF files. Adobe Acrobat required.
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