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[click to open reports]

We published our report on the Long Island sales market for 4Q 2012 ^[1]. Since this was the final quarter of 2012, we also released our Long Island Decade report ^[2], 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 ^[3] 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 ^[4] 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 ^[5].

The Elliman Report: 4Q 2012 Long Island Sales [Miller Samuel ^[1]]
The Elliman Report: 2003-2012 Long Island Decade [Miller Samuel ^[2]]
The Elliman Report: 4Q 2012 Long Island Sales [Douglas Elliman ^[6]]
The Elliman Report: 2003-2012 Long Island Decade [Douglas Elliman ^[7]]
Market Chart Library [Miller Samuel ^[8]]
Aggregated Custom Market Data Tables [Miller Samuel ^[4]]