We published our report on the Long Island sales market for 2Q 2012. This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.
-Despite the warm winter and early start of the spring market, second quarter sales were up 8.9% over last year.
-Pending sales were up 6.4% above year ago levels.
-Median sales price was unchanged from prior and year ago quarters.
-Listing inventory fell 13.2% to a seven year low for the second quarter.
-Negotiability between buyer and seller and days on market remained stable.
-Falling mortgage rates driving demand, despite tight mortgage lending conditions.
Here’s an excerpt from the report:
…The Long Island spring housing market was characterized by stable prices, falling inventory and rising sales activity. This occurred despite some of the tightest mortgage lending conditions in years, as well as elevated unemployment levels and a weak, but slowly improving, regional economy. There were 4,581 sales, 8.9% more than 4,205 in the prior year quarter. Pending sales showed a similar pattern, despite an unusually robust prior quarter, which was attributable to the atypically warm winter…
The Elliman Report: 2Q 2012 Long Island Sales [Miller Samuel]
The Elliman Report: 2Q 2012 Long Island Sales [Prudential Douglas Elliman]
Market Chart Library [Miller Samuel]
Aggregated Custom Market Data Tables [Miller Samuel]