Posted by Jonathan J. Miller -Thursday, January 26, 2012, 11:40 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 Hamptons & North Fork Decade 2002-2011 with a revised format, to lay out out the market in context over an expanded window of time.
Here’s an excerpt from the 4Q 2011 report:
There were 541 sales in the fourth quarter, 0.6% more than 538 sales in the prior year quarter and prior quarter. The level of sales remained above the 5-year average of 484 sales. Despite the relative stability of sales, the number of available listings fell sharply. There were 1,728 listings available at the end of the fourth quarter, 25% less than 2,303 listings at the end of the same quarter last year.
Despite the decline in listing inventory and stability of sales, days on market and listing discount expanded over the year. Days on market, the number of days from the last price change to contract date, was 201 days, 25 days longer than 176 days in the prior year quarter. Listing discount, the percentage difference between the list price at time of contract and the sales price, increased to 13.4% from 9.3% in the prior year quarter.
Median sales price was $675,000, down 7.5% from $730,000 in the prior year quarter. Average sales price followed the same pattern with a decline of 16.2% to $1,335,884 from $1,594,785 in the same period last year. The price indicators in the prior year quarter were pressed upward from the high end skew caused by concern over the potential expiration of the Bush tax cuts and rise in capital gains rate. Buyers and sellers rushed to close before the end of 2010.
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.