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Elliman Report: Long Island Sales 3Q 2011

…There were 5,141 sales in the third quarter, 18.4% above the 4,343 total in the prior year quarter, and 22.3% above the prior quarter total of 4,205. The current total is the fourth highest quarter in three years, led by three quarters significantly impacted by the federal homebuyers tax credit from the second half of 2009 through early 2010. Year-over-year, signed contracts were up 8.6% to 4,813 from 4,430 in the prior year quarter. The federal homebuyer tax credit continued to influence reported price trends; however, the third quarter should be the last period to see much impact from last years stimulated price trends. The median sales price of a Long Island property that sold in the third quarter was $365,000, down 3.2% from $377,250 in the prior year quarter and up 4.3% from $350,000 in the prior quarter. Average sales price was $457,496 in the third quarter, 3.9% below $475,946 in the prior year quarter, but increased 4.9% from $436,143 in the prior quarter…

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