Posted by Jonathan J. Miller -Thursday, April 26, 2012, 2:36 PM
Here are some takeaways:
- Overall housing prices (median sales price up 1.2% ) continued to show stability.
- The luxury market showed larger year over year increases in the price indicators than the overall market.
- Number of sales were up nominally from same period last year (0.5%).
- Listing inventory is down sharply year over year (down 17.5%) – home sellers are more cautious about entering the market (ie sales flat but inventory falling).
- 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)
- Despite strength in prices at high end, we saw an uptick in market share of sub-million sales – the decline in mortgage rates and warm weather brought buyers out sooner.
Here’s an excerpt from the report:
Median sales price edged up 1.2% to $630,000 from $622,500 in the prior year quarter. Average sales price increased 17% to $1,437,597 from $1,228,857 over the same period, largely due to continued strength at the upper end of the market. In the median sales price by quintile analysis, the fifth quintile increased 24.8% yearover- year, while the remainder of the market segments showed modest change and mixed results over the same period…
- The Elliman Report: 1Q 2012 Hamptons/North Fork Sales [Miller Samuel]
- The Elliman Report: 1Q 2012 Hamptons/North Fork Sales [Prudential Douglas Elliman]