Posted by Jonathan J. Miller -Thursday, April 26, 2012, 2:20 PM
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We published our report on Long Island sales for 1Q 2012 this morning. I’ve been authoring this report series for Douglas Elliman since 1994.
Here are some takeaways:
- Housing prices were mixed – median sales price unchanged 0% but average sales price fell 5.4%. The drop in mortgage rates shifted mix to lower priced homes.
- Pending sales unexpectedly jumped from year ago levels (+21.2%) as mild winter weather brought consumers into the market earlier than usual.
- The luxury market was somewhat weaker than the overall market. Luxury median price slipped 2.6% year over year.
- Listing inventory was also down (4.1%) as sellers were more cautious about listing their homes.
- Properties taking somewhat longer to sell and there is a little more negotiability on price between buyer and seller (days on market and listing discount expanded)
Here’s an excerpt from the report:
Although the number of sales slipped 1.2% from
prior year levels, the mild winter weather brought
an unexpected surge in first quarter pending
sales. There were 5,209 signed contracts
outstanding in the first quarter, 21.2% more
than 4,297 in the prior year quarter. The unusual
amount of pending sales activity this quarter may
temper the levels of the second quarter, typically
a high water mark for sales activity each year.
Listing inventory slipped 4.1% to 20,358, the
lowest first quarter total in six years…
I’ve got a tool to build custom data tables and view charts on the market.
Posted by Jonathan J. Miller -Thursday, October 27, 2011, 9:28 AM
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[click to open report]
The Elliman Report: Long Island Sales 3Q 2011 was published today. It is part of a report series that we have authored for Douglas Elliman since 1994.
You can build your own custom data tables with the new data. I’m about to launch a site redesign and am rejiggering the way I handle charts (automatic) so I haven’t been very diligent in updating them on my site – sorry about that.
Here’s an excerpt from the report:
…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…
Other reports we prepare can be found here.
The Elliman Report: Long Island Sales 3Q 2011 [Miller Samuel]
Hamptons/North Fork custom data tables [Miller Samuel]
Posted by Jonathan J. Miller -Thursday, July 21, 2011, 8:35 AM
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[click to open report]
The renamed “The Douglas Elliman Report: Long Island Sales 2Q 2011” was published today. It is part of a report series that we have authored for Prudential Douglas Elliman since 1994.
You can build your own custom data tables with the new data.
Here’s an excerpt from the report:
…After considering the impact of the federal
homebuyer tax credit that expired in April 2010,
the second quarter housing market would
be considered generally stable as the price
indicators showed mixed results. In addition,
both the number of sales and price indicators
in the second quarter were driven higher as a
result of the stimulus program and therefore comparisons against that period doesn’t reflect
parity. The median sales price of a Long Island
property that sold in the second quarter was
$350,000, down 2.8% from $360,000 in the
prior year quarter and unchanged from the prior quarter. Average sales price was $436,143 in
the second quarter, 3.1% higher than $422,832
in the prior year quarter but slipped 0.7% from
$439,085 in the prior quarter…
Note: I reorganized the submarkets based on your market feedback, removing Middle Island/Nassau, renaming North Shore to North Shore (Nassau) and adding North Shore (Suffolk), South Shore (Nassau) and South Shore (Suffolk). The historical for the 3 new sections was built going back to 1Q 2010.
Other reports we prepare can be found here.
2Q 2011 Long Island Sales Report [Miller Samuel]
Long Island custom data tables [Miller Samuel]
Posted by Jonathan J. Miller -Friday, January 28, 2011, 10:42 AM
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[click to open report]
The 4Q 2010 Long Island Market Overview that I author for Prudential Douglas Elliman was released yesterday.
Other reports we prepare can be found here.
The 4Q 2010 data and a series of charts are updated with the 4Q 2010 data.
Press coverage can be found here.
Since the neighborhood data is too thin to build a reliable trend line, we have grouped neighborhoods by logical regions based on housing stock.
An excerpt
…There were 4,252 sales in the fourth quarter, 28.4% below 5,935 in the prior year quarter and 2.1% below 4,343 in the prior quarter. The sharp decline from the same period last year was due primarily to the federal homebuyer tax credit in place in the second half of 2009. The intention of the program was to increase the number of sales for first time buyers in 2009. As a result, comparison with the prior year quarter was a period that saw the highest number of sales of the last four years. Despite the decrease in sales after the expiration of the expanded federal tax credit in April 2010, listing inventory fell 3.6% to 18,742 from 19,450 in the prior year quarter and fell 13.5% from 21,670 in the prior quarter. This prior quarter inventory drop was seasonal and consistent with the 7-year 14.6% average third to fourth quarter inventory decline over the same period…
4Q 2010 Long Island Market Overview [Miller Samuel]
Long Island housing market chart gallery [Miller Samuel]
Long Island custom data tables [Miller Samuel]
Posted by Jonathan J. Miller -Thursday, October 21, 2010, 9:27 AM
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[click to view report]
The 3Q 2010 Long Island Market Overview that I author for Prudential Douglas Elliman was released today.
You can view updated market charts and build your own custom tables using historical aggregate data.
Other reports we prepare can be found here.
For additional insight, view a series of charts we prepare outside of the report as well as general press coverage.
An excerpt
…There were 4,343 sales in the third
quarter, 22.5% fewer than 5,603 in the prior
year quarter and 26.4% less than 5,902 sales in
the prior quarter. The expiration of federal tax
credits for existing homeowners and first time
buyers was likely responsible for the drop in
sales. For the past five years, there was a 12.3%
average change in the number of sales between
second and third quarters. Listing inventory
declined 2.3% to 21,670 in the third quarter from
22,170 in the prior year quarter and declined
8.3% from 23,620 in the prior quarter. Listing
inventory levels remain elevated, but have
generally trended lower since peaking in 2007.
However, the monthly absorption rate—the
number of months to sell all existing inventory
at the current pace of sales—increased in the
third quarter to 15 months, up from 11.9 months
during the same period last year and above the
12 months seen in the prior quarter…
Download report 3Q 2010 Long Island Market Overview [Miller Samuel]
View Long Island charts [Miller Samuel]
Build your own historical custom data tables [Miller Samuel]
Posted by Jonathan J. Miller -Thursday, July 22, 2010, 1:43 PM
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[click to view report]
The 2Q 2010 Long Island Market Overview that I author for Prudential Douglas Elliman was released today.
You can view updated market charts and build your own custom tables using historical aggregate data.
Other reports we prepare can be found here.
For additional insight, view a series of charts we prepare outside of the report as well as general press coverage.
An excerpt
…There were 5,902 sales in the second quarter, 49.2% more than the 3,956 sales in the same period last year and up 54.7% from 3,814 sales in the first quarter. The 54.7% increase in sales from the prior quarter exceeded the 36.2% seasonal increase of the previous five years. Listing inventory showed stability in the second quarter, up a modest 0.6% to 23,620 from 23,485 in the same period last year and the 13% increase from 20,902 in the prior quarter, which was consistent with the 12.4% 5-year seasonal increase over the same period. As a result of stabilized inventory and rising sales, the monthly absorption rate-the number of months it would take to sell existing inventory at the current pace of sales-fell to 12 months from 17.8 months in the prior year quarter. The current absorption rate was faster than the 13.2 average monthly rate of the past five years…
Download report 2Q 2010 Long Island Market Overview [Miller Samuel]
View Long Island charts [Miller Samuel]
Build your own historical custom data tables [Miller Samuel]
Posted by Jonathan J. Miller -Thursday, July 1, 2010, 12:12 PM
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We recently upgraded our search engine that contains a lot of the aggregate market data we publish through our market report series on the NYC metro region. We launched this feature back in 1997 as html tables, upgraded to a search engine around 2003, it broke in late 2009 under the weight of too much data and we rebuilt it this year. Some of the public data goes back to 1989.
We currently provide Manhattan, Brooklyn, Queens, Long Island, Hamptons/North Fork data. More regions to come. We continue to backload data as its available. Of course we provide appraisals in those markets but also appraise in Westchester and Fairfield counties and Northern New Jersey.
My favorite new feature is bookmarking – you can save a query for later updating. We improved the query interface and added rental data. For information that isn’t on the site, you can reach out and engage us to provide the research you need.
We’ll have all the data online in the next day or two. Manhattan is current, corresponding with the market report release today.
Have at it!
Aggregate Data Search Engine [Miller Samuel]
Posted by Jonathan Miller -Sunday, April 25, 2010, 6:34 PM
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Here’s a quick recap of the Long Island Market Overview I authored for Prudential Douglas Elliman that we released last Thursday.
Check out the podcast
The Housing Helix Podcast Interview List
You can subscribe on iTunes or simply listen to the podcast on my other blog The Housing Helix.
Posted by Jonathan Miller -Thursday, April 22, 2010, 7:54 AM
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[click to view report]
The 1Q 2010 Long Island Market Overview that I author for Prudential Douglas Elliman was released today.
Other reports we prepare can be found here.
For additional insight, view a series of charts we prepare outside of the report as well as general press coverage.
An excerpt
…After reaching a two-year high of 5,935
sales in the prior quarter, the number of sales fell
35.7% to 3,814 sales in the first quarter of 2010,
which was 32.8% above the 2,872 sales in the
same quarter last year. The rise in the number
of sales over the past year resulted in a modest
decline in listing inventory. There were 20,902
listings in the first quarter, down 8.9% from
22,942 listings in the prior year quarter, but 7.5%
higher than 19,450 listings in the prior quarter.
The uptick in listing inventory and decline in sales
resulted in a rise in the monthly absorption rate—
the number of months it would take to sell out
existing inventory at the current pace of sales.
The absorption rate was 16.4 months, down from
24 months in the prior year quarter, but higher
than the 12.9 average monthly absorption rate for
the past 5 years…
Download report 1Q 2010 Long Island Market Overview [Miller Samuel]
View Long Island charts [Miller Samuel]
Posted by Jonathan Miller -Sunday, February 21, 2010, 8:00 PM
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I’m playing catch-up with my podcasts over at the The Housing Helix and here’s a collection brief summaries on the latest reports we released.
[click to open podcast]
[click to open podcast]
[click to open podcast]
[click to open podcast]
[click to open podcast]
To get a copy of the reports go here.
The Housing Helix Podcast Interview List
You can subscribe on iTunes or simply listen to the podcast on my other blog The Housing Helix.
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