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Elliman Report: Long Island Sales 4Q 2016

The Long Island housing market continued to move at a blistering pace with high sales volume and low inventory levels. Sales reached their highest fourth quarter total in a dozen years. For the past two years, sales activity has remained unusually high, working off inventory levels at the same time. There were 7,008 sales, up 7.4% from the year ago quarter. Year to date, pending sales are up 13.8% from the same period a year ago. As a result, inventory was not able to keep up with demand and fell 12.4% to 11,014, the lowest supply total in 13 years of quarterly history…

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