Posted by Jonathan J. Miller -Thursday, January 26, 2012, 10:32 AM
We released our report on the Long Island sales market for 4Q 2011 this morning. I’ve been authoring this series for Douglas Elliman since 1994.
We also published a companion report, The Long Island Decade 2002-2011 is the first of its kind, to lay out out the market in context over an expanded window of time.
Long Island remains weak, but considering the turmoil of the fall that began with the S&P downgrade of US debt in August that lead to significant volatility in the financial markets and the European debt crisis, this uncertainty resulted in a modest decline in housing prices and a nominal decline in sales activity. However this weakness has been a continuing trend.
Here’s an excerpt from the 4Q 2011 report:
Housing prices slipped in the fourth quarter, dipping below prior year levels. Median sales price was $339,000 in the fourth quarter, 4.8% below $356,050 in the same period last year. Average sales price showed a similar trend, declining 5.1% over the same period to $412,060 from $434,424 in the prior year quarter.
The number of sales for the quarter totaled 4,222, essentially unchanged from the 4,252 total of the same quarter last year. However, pending sales declined 7% to 4,134 from 4,447 over the same period. Listing inventory slipped 1.6% over the year to 18,447 from 18,742 in the prior year quarter. During the fall, housing market participants were confronted with a series of economic woes, such as financial market volatility after the S&P rating agency downgraded US debt last August, and the financial crisis in Europe. As a result, they appeared to press the “pause” button, taking longer to make decisions and waiting until more time had passed before returning to the market.
The custom data tables are updated and ready for you to play with. The chart section on the new site remains a work in progress.