Posted by Jonathan J. Miller -Thursday, April 26, 2012, 2:20 PM
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…
- The Elliman Report: 1Q 2012 Long Island Sales [Miller Samuel]
- The Elliman Report: 1Q 2012 Long Island Sales [Prudential Douglas Elliman]