Miller Samuel has been producing real estate reports covering the Manhattan market on behalf of Prudential Douglas Elliman for more than 12 years. With a lot of great data out there, it remains a mystery to me why Long Island has not been analyzed like so many other markets in the region have. With roughly 10,000 transactions per quarter, its a substantial market area.
Beginning with the 2nd quarter of this year and now the 3rd quarter, the Long Island Market Overview (LiMO) has been created and is now on track to be released on a timely basis beginning with the 4th quarter 2006 version shortly after the quarter ends.
but I digress…
The LiMO report covers the Queens, Nassau, Suffolk, North Shore, Luxury (top 10%) and Condo markets. The Hamptons and the North Fork are unique enough to warrant a separate report, which is currently in development. Other markets are slated to follow.
…The current quarter provided a marked change from the prior quarter results. The average sales price and median sales price showed modest gains, the number of sales increased after a year of steady activity, listing inventory appears to have leveled off, the time it takes to sell a residential property has remained consistent, and sellers are slightly more negotiable. Sellers appear to be more in tune with market conditions, which would explain the combination of larger listing discounts and rising prices, the increase in the number of sales, and stabilizing inventory. Since the seasonal expectations of the next quarter are defined by lower number of sales and weaker price levels, the first quarter of next year will provide a better indicator as to whether the current quarter was an anomaly or the beginning of a new market trend of listing stabilization…
Download the 3Q 2006 Long Island Market Overview.