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If you are thinking about buying in Long Island, AKA Strong Island....Take a look at the latest market highlights from our firm. If you have any questions, call me at 917.653.5749 or email me at pzweben@elliman.com
Douglas Elliman releases its 3rd quarter market overview for Long Island. Coverage of the Long
Island market has been expanded into a stand alone market report which breaks out the area by region (North Shore, Middle Island, South Shore, Nassau and Suffolk) as well as property type (Condo, 1-3 Family, Luxury). The methodology and presentation is similar to other reports in our series of market studies that includes Manhattan, Brooklyn, Queens and Hamptons/North Fork. We hope you find the format helpful. Look for additional charts, historical data and other items to be made available online soon.
Highlights:
Overall Long Island Market [excludes Hamptons/North Fork – will be released as a separate report]
The Long Island housing market showed a modest decline in housing prices as compared to the same period last year and a fewer sales than the same period last year. The North Shore, which has the highest price indicators in the region was the most stable market will prices relatively unchanged from this time last year.
-Median sales price declined 6.2% to $415,000 from the prior year quarter result of $442,380.
-Average sales price declined 7.3% to $508,936 over the prior year quarter result of $548,883.
-The number of sales dropped 16.2% this quarter to 5,292 units as compared to the 6,318 units sold in the prior year quarter.
Additional statistics:
-Days on market was 115 days this quarter, up from 107 days in the prior year quarter.
-Listing discount was 6.4%, up from 4.9% during the same period last year.
Condo Market
-Median sales price of a condo this quarter was $275,000 down 7.9% from last year at this time.
-Average sales price was $328,671, down 7.4% from last year at this time.
-There were 662 sales, down 23.2% from the same period last year.
1-3 Family Market
-Median sales price of a 1-3 family property this quarter was $427,388, down 7.7% from last year at this time.
-1-3 family sales represented 87.8% of all sales.
Luxury Market (highest 10% of all sales)
-Median sales price of a luxury property this quarter was $1,136,000, down 5.3% from last year at this time.
Nassau Market
-Median sales price of all property types was $455,400, down 7.1% from the same period last year.
-Number of sales totaled 2,678 this quarter, down 15% from the same period last year.
Suffolk Market [excludes Hamptons/North Fork]
-Median sales price of all property types was $365,000, down 7.6% from the same period last year.
-Number of sales totaled 2,614 this quarter, down 17.5% from the same period last year.
North Shore Market
-Median sales price of all property types was $752,500, down 0.3% from the same period last year.
-Number of sales totaled 602 this quarter, down 11.5% from the same period last year.
Middle Island Market
-Median sales price of all property types was $425,000, down 7.6% from the same period last year.
-Number of sales totaled 1,866 this quarter, down 15.6% from the same period last year.
South Shore Market
-Median sales price of all property types was $390,000, down 17% from the same period last year.
-Number of sales totaled 210 this quarter, down 19.5% from the same period last year.
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The Zweben Team is a team of licensed real estate salespersons affiliated with Compass. Compass is a licensed real estate broker and abides by Equal Housing Opportunity laws. All material presented herein is intended for informational purposes only. Information is compiled from sources deemed reliable but is subject to errors, omissions, changes in price, condition, sale, or withdrawal without notice. No statement is made as to the accuracy of any description. All measurements and square footages are approximate. This is not intended to solicit property already listed. Nothing herein shall be construed as legal, accounting or other professional advice outside the realm of real estate brokerage. New York State Fair Housing. New York Real Estate Standard Operating Procedures.
