[Turning Corner?] 4Q 2012 + 2003-2012 Long Island Decade Reports

Posted by Jonathan Miller - Friday, January 25, 2013, 11:48 AM

[click to open reports]

We published our report on the Long Island sales market for 4Q 2012. Since this was the final quarter of 2012, we also released our Long Island Decade report, a ten year moving window data compendium of the Long Island market from 2003-2012

This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

4Q 2012

• Lowest fourth quarter inventory level in 8 years, down 21% from a year ago.
  
• Year end rising momentum in sales as pending sales outpaced closed sales.
  
• Price indicators were up across-the-board from a year ago.
  
• Credit remains tight as economy slowly improves.
  
• Inventory falling – low to negative equity, no urgency to list.
  
• Sales rising as record low mortgage rates create demand.
  
• A release in pent-up demand from election year and “fiscal cliff” concerns over rising taxes.
  

2003-2012

• Sales increased for first time since 2006.
  
• Median sales price up 3.2% over decade.
  
• Market peak in price was 2006, same as the US housing market.
  
• Housing prices have shown stability for 3 years.
  

Here’s an excerpt from the 4Q 2012 report:

…Long Island, like much of the greater New York region, is experiencing a chronic short of listing inventory. Steadily declining over the past several years, Long Island listing inventory reached an 8-year low in the fourth quarter. The large year-over-year drop in supply was met with an increased level of sales activity, both in terms of signed contracts and closed sales…

You can build your own custom data tables on the market – now updated with 4Q 12 and annual 2003-2012 data. I’ll post the updated charts soon. In the meantime you can browse our chart library.

The Elliman Report: 4Q 2012 Long Island Sales [Miller Samuel]
The Elliman Report: 2003-2012 Long Island Decade [Miller Samuel]
The Elliman Report: 4Q 2012 Long Island Sales [Douglas Elliman]
The Elliman Report: 2003-2012 Long Island Decade [Douglas Elliman]
Market Chart Library [Miller Samuel]
Aggregated Custom Market Data Tables [Miller Samuel]