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Elliman Report: Long Island Sales 1Q 2017

The Long Island housing market, excluding The Hamptons and North Fork, has gone four years without seeing a year over year decline in median sales price. There were 5,754 sales, up 5% from the prior year quarter to the most first quarter sales in 14 years. Listing inventory fell 21.4% to 10,796 over the same period to the lowest inventory in more than 15 years as supply could not keep up with demand. The absorption rate, the number of months to sell all inventory at the current rate of sales, fell 25.2% to 5.6 months, the third fastest market pace in 14 years…

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