The online version of the Prudential Douglas Elliman 4Q 2008 Hamptons/North Fork Market Overview [Miller Samuel] is available for download. Sorry, but I was tardy posting this report to my site after the initial release and coverage.
I have been writing various incarnations of the New York regional market report series for Prudential Douglas Elliman since 1994. 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 markets her firm serves – Manhattan to Montauk.
…The days on market averaged 150 this quarter, 16 days faster than the 166 days on market during the same period last year. “Casual sellers” are not listing their properties in significant numbers, which has helped temper the pace of rising inventory. In addition, the negotiability between buyers and sellers expanded significantly this quarter. The average listing discount was 15.4% from the list price at time of contract to the contract price, up from 8.1% during the same period last year. This indicator suggests that for most properties that go to contract, the seller has come down significantly to reach current market levels. This is further evidenced by the 35% listing discount from the original list price. Sellers continue to be behind the market and are inclined to price property based on the high water mark set in their local market in the past few years, rather than in line with current conditions…
Download report: 4Q 2008 Hamptons/North Fork Market Overview [pdf]
Tags: Dottie Herman