We published our report on the Long Island sales market for 1Q 2013.
This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.
- Lowest first quarter listing total in a decade.
- Signed contract volume jumped from year ago levels.
- Housing prices remained generally stable, indicators mixed.
- Limited supply beginning to apply upward pressure to stable markets.
- Credit remains tight, restraining supply from entering market, no urgency to list.
- Record low mortgage rates and release of pent-up demand keeping demand strong.
- Less high end sales as tax-incentivized buyers rushed to close at the end of 2012.
Here’s an excerpt from the 1Q 2013 report:
…The lack of supply and rise of contract activity continued to define the Long Island housing market. Listing inventory fell to the lowest first quarter level seen in a decade as pending sales continued to rise. Despite the tightening of the market, overall price indicators remained mixed. The number of listings in inventory at the end of the first quarter fell 24.8% to 15,303 as compared to the same period last year, a ten year first quarter low…
The Elliman Report: 1Q 2013 Long Island Sales [Miller Samuel]
The Elliman Report: 1Q 2013 Long Island Sales [Douglas Elliman]
Market Chart Library [Miller Samuel]
Aggregated Custom Market Data Tables [Miller Samuel]