[Short Island] 4Q 2010 Long Island Market Overview Available For Download
Posted by Jonathan J. Miller -Friday, January 28, 2011, 10:42 AM
3 Comments
[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]
No mention in the summary of the 8% drop in prices quarter on quarter? How was that not considered important?
Kevin – you aren’t being specific so I will assume you meant average sales price for all of Long Island which declined 8.7% from 3rd to 4th quarter. Please let me know if you are referring to something else. The reference was presented in the report itself in the second paragraph. The text in the blog post is presented as an “excerpt”, which is NOT a summary – I’m sorry if that was confusing. I simply copy the first paragraph word for word in each report to the post – It doesn’t imply importance. Been doing it that way for about 5 years. To dive a little deeper in the Long Island data we have analyzed beginning in 2003, the average sales price declined every single year averaging 6.5% and there have been quarters in past years with larger and smaller declines.
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