We published our report on the Long Island sales market for 2Q 2013.
This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.
- Fastest market pace since 2005 with absorption rate at 9.3 months.
- Inventory fell sharply as closed sales and pending sales jumped.
- Housing prices edged higher.
- Tight credit continued to keep inventory off market.
- Concern about rising mortgage rates pushed more buyers into the market.
Here’s an excerpt from the 2Q 2013 report:
…Although the pace of the Long Island market has been accelerating with more sales and less supply, prices continue to see only modest gains from the prior year levels. There were 16,300 listings in total inventory at the end of the second quarter, 17.5% less than in the same period last year. However, new inventory added to the market expanded by 8.7% to 12,292 over the same period, possibly providing some relief to homebuyers in the coming quarters…
The Elliman Report: 2Q 2013 Long Island Sales [Miller Samuel]
The Elliman Report: 2Q 2013 Long Island Sales [Douglas Elliman]
Market Chart Library [Miller Samuel]
Aggregated Custom Market Data Tables [Miller Samuel]