Prudential Douglas Elliman Releases Long Island Q-3 Real Estate Report

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Number of sales surged as price indicators showed some stability

Number of sales surged as inventory declined

(NEW YORK, NY) -- There were 5,603 sales in the third quarter, 41.6% higher than the 3,956 sales of the second quarter and 5.9% higher than the same period last year. This was the first time in the past year the number of sales increased over the prior year quarter and only the second time since the beginning of 2007. The increase in the number of sales resulted in a decline in listing inventory. There were 22,170 listings, 5.6% below the 24,485 listings in the prior quarter and 10.1% below the 24,672 listings in the same period last year. The increase in the number of sales and the corresponding decline in listing inventory played a role in the stabilization of the price indicators over the summer.

Price indicators showed uptick over summer

As a result of the rise in the number of sales in the third quarter, both price indicators showed gains over the prior quarter. The median sales price of a Long Island property was $375,000 this quarter, up 4.2% compared to $360,000 in the prior quarter, but remained 9.6% below the $415,000 median sales price of the prior year quarter. Average sales price showed a similar trend, increasing 5.5% to $446,790 from $423,344 in the prior quarter, but was 12.2% below the $508,936 average sales price of the same period last year.

Days on market and listing discount were stable

The listing discount reflects the spread between the asking price at the time of contract and the sales price. Also known as "negotiability," the listing discount was 6.5%, essentially unchanged from 6.4% in the same quarter last year but down from 7.4% from the prior quarter. Days on market followed the same pattern over the past year averaging 116 days in the third quarter and 115 days in the prior year quarter, but down from 126 days in the prior quarter.

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Nassau Market

Price indicators rise as number of sales surge

Surge in number of sales as listing inventory declines

There were 2,765 sales in the third quarter, 37.1% more than the 2,017 sales of the prior quarter and 3.2% more than the 2,678 sales of the prior year quarter. Over the same period, the increase in the number of sales eroded listing inventory. There were 9,485 properties for sale, 7.9% below the 10,296 listing of the prior quarter and 7.5% below the 10,259 listings in the same period last year. Days on market averaged 111 days in the third quarter, unchanged from the prior year quarter, but one week faster than the 118 day average of the prior quarter.

Price indicators up from prior quarter, but remain below prior year quarter

Median sales price was $413,000 in the third quarter, up 4.6% from $395,000 in the prior quarter, but 9.3% below the $455,400 median sales price of the prior year quarter. Average sales price was $513,885 in the third quarter, up 5.9% from $485,236 in the prior quarter, but 13.7% below the $595,794 of the same period last year. Listing discount was 7.8%, up modestly from 7.3% during the same period last year. Consistent across all quintiles, median sales price was below each prior year quarter result and above each prior quarter result.

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Suffolk Market

Listing inventory fell as number of sales surged

Inventory levels eroded by elevated number of sales

There were 2,838 sales in the third quarter, 46.4% more than the 1,939 sales of the prior quarter and 8.6% more than the 2,614 sales of the prior year quarter. There were 12,685 listings, 3.8% below the 13,189 listing total of the prior quarter and 12% below the 14,413 listings in the same period last year. Days on market averaged 121 days in the third quarter, up nominally from 119 days in the prior year quarter, but two weeks faster than the 135 day average of the prior quarter.

Price indicators up from prior quarter, but remain below prior year quarter

Median sales price was $340,000 in the third quarter, up 6.3% from $320,000 in the prior quarter, but 6.8% below the $365,000 median sales price of the prior year quarter. Average sales price was $381,420 in the third quarter, up 6.3% from $358,961 in the prior quarter, but 9.2% below the $419,951 of the same period last year. Listing discount was 5.2%, down nominally from 5.4% during the same period last year. Consistent across all quintiles, median sales price was below each prior year quarter result and above each prior quarter result.

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Nassau North Shore Market

Number of sales jumped as price indicators declined

Price indicators declined, yet number of sales surged

The median sales price of $655,000 in the third quarter was down 4.1% from the prior quarter median sales price of $683,000 and down 13% from the $752,500 median sales price of the prior year quarter. Average sales price was $839,699, down $8.1% from the prior quarter average sales price of $914,185 and down 18.9% from $1,034,963 in the same period last year. There were 589 sales in the current quarter, more than double the 283 sales of the prior quarter, but 2.2% below the 602 total in the same period last year.

Listing discount and days on market showed stability

Days on market was 114 days in the third quarter, 16 days faster than the 130 days of the prior quarter and 5 days faster than the 119 days of the same period a year ago. Listing discount was 10.5%, below the prior quarter result of 12.1%, but up from the prior year quarter listing discount of 9.2%.

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Nassau Middle Island Market

Number of sales surged

Days on market, listing discount showed limited changes

Days on market was 107 days in the third quarter, 6 days faster than the 113 days of the prior quarter and unchanged from the same period a year ago. Listing discount was 6.2%, below the 7% of the prior quarter, but above the 5.9% in the same period last year.

Price indicators moved sideways over summer

The median sales price of $384,000 in the third quarter was up 1.3% over the prior quarter median sales price of $379,000 and down 9.6% from the $425,000 median sales price of the prior year quarter. Average sales price was $422,687, up 3.2% over the prior quarter average sales price of $409,519, but down 9.8% from the $468,676 of the same period last year. There were 1,871 sales in the third quarter, up 28.2% from the 1,460 sales of the prior quarter and essentially unchanged from the 1,866 sales in the same period last year.

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Nassau and Suffolk South Shore

Price indicators rose as listing discount declined

Price indicators above prior quarter, below prior year quarter

The median sales price was $339,495, down 4.4% from $355,000 in the prior year quarter, but 9.5% above the $310,000 of the prior quarter. Average sales price followed the same pattern with a 5.7% decline to $371,659 in the third quarter from $394,153 in the prior year quarter and up 5.2% from the $353,121 of the prior quarter. There were 994 sales in the third quarter, up 53.4% from 648 sales in the prior quarter and 5.6% above the 941 total in the same period last year.

Listing discount and days on market showed stability

Listing discount was 6.4%, less than the 7.3% of the prior quarter and essentially unchanged from the 6.3% of the same period last year. Days on market was 128 days in the third quarter, 6 days faster than 134 days in the prior quarter, but 5 days longer than the 123 days of the same period a year ago.

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Condo Market

Price indicators mixed as listing discount was stable

Number of sales surged as price indicators were mixed

There were 702 sales in the third quarter, up 31.2% from 535 sales in the prior quarter and up 6% from the same period last year. Median sales price was $256,250 in the third quarter, down 2.9% from the prior quarter result of $264,000 and down 6.8% from the $275,000 of the same period last year.

Listing discount and days on market stabilized

Days on market was 138 days, unchanged from the prior quarter and 16 days longer than the 124 days of the same period last year. Listing discount was 6.2%, similar to 6.4% in the prior quarter and 6% in the prior year quarter.

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1-3 Family Market

Price indicators rose over summer as number of sales jumped

Listing discount and days on market showed stability

Days on market was 113 days, down 14 days from 125 days in the prior quarter and down one day from 114 days in the prior year quarter. Listing discount was 6.7%, down from 7.7% in the prior quarter and up nominally from 6.6% in the prior year quarter.

Price indicators and number of sales rose over the summer

There were 4,902 sales in the third quarter, up 43.3% from 3,421 sales in the prior quarter and 5.6% higher than the 4,644 sales in the same period last year. Median sales price was $387,500, up 3.6% from the $374,000 of the prior quarter, but down 9.3% from the $427,388 of the prior year quarter.

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Luxury Market

Price indicators rose over summer

Price indicators fell sharply from prior year quarter, up over prior quarter

The median sales price was $940,000, down 17.3% from $1,136,000 in the prior year quarter, but increased 7.4% from the $875,000 of the prior quarter. Average sales price fell 17.5% to $1,167,917 from $1,416,098 in the same period last year, but increased 4.6% from $1,116,374 in the prior quarter.

Listing discount and days on market were stable

Days on market increased 3 days to 129 days from 126 days in the prior year quarter. Listing discount expanded nominally to 9.6% from 9.3% over the same period.

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