We published our report on the Long Island sales market for 4Q 2012. Since this was the final quarter of 2012, we also released our Long Island Decade report, a ten year moving window data compendium of the Long Island market from 2003-2012
This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.
- Lowest fourth quarter inventory level in 8 years, down 21% from a year ago.
- Year end rising momentum in sales as pending sales outpaced closed sales.
- Price indicators were up across-the-board from a year ago.
- Credit remains tight as economy slowly improves.
- Inventory falling – low to negative equity, no urgency to list.
- Sales rising as record low mortgage rates create demand.
- A release in pent-up demand from election year and “fiscal cliff” concerns over rising taxes.
- Sales increased for first time since 2006.
- Median sales price up 3.2% over decade.
- Market peak in price was 2006, same as the US housing market.
- Housing prices have shown stability for 3 years.
Here’s an excerpt from the 4Q 2012 report:
…Long Island, like much of the greater New York region, is experiencing a chronic short of listing inventory. Steadily declining over the past several years, Long Island listing inventory reached an 8-year low in the fourth quarter. The large year-over-year drop in supply was met with an increased level of sales activity, both in terms of signed contracts and closed sales…
The Elliman Report: 4Q 2012 Long Island Sales [Miller Samuel]
The Elliman Report: 2003-2012 Long Island Decade [Miller Samuel]
The Elliman Report: 4Q 2012 Long Island Sales [Douglas Elliman]
The Elliman Report: 2003-2012 Long Island Decade [Douglas Elliman]
Market Chart Library [Miller Samuel]
Aggregated Custom Market Data Tables [Miller Samuel]