The 1Q 2009 Long Island Market Overview that I author for Prudential Douglas Ellimanis available for download.
The President and CEO of Prudential Douglas Elliman, Dottie Herman, is a big believer in publishing market data to create more transparency for consumers in the market her firm serves – Manhattan to Montauk.
Other reports we prepare can be found here.
Customized tables for the 1Q 2009 Long Island data and a series of updated charts are available on our corporate site.
A report excerpt
…After peaking at 26,145 units in the second quarter of 2008, the number of listings has generally trended lower. There were 22,942 listings at the end of the first quarter, down 4.4% from 24,003 units in the same period last year. Listing inventory did rise 10.7% from the prior quarter, but this was a seasonal increase and lower than in four of the past five years during the same period. Inventory levels have been stabilizing over the past two years, however, the level of sales activity has been declining over the same period. There were 2,872 sales in the first quarter, 18.2% below the 3,513 sales of the same period a year ago. As a result, the monthly absorption – the number of months it would take to sell all existing inventory at the current pace of sales 9 was 24 months, up from 20.5 months in the same period last year…
Tags: Dottie Herman, Absorption