Q3 2007 Long Island and Queens Market Overview

The Prudential Douglas Elliman 2007 3rd Quarter report for Long Island and Queens is hot off the presses and here are the highlights:

The Long Island/Queens housing market showed mixed results this quarter with overall prices indicating some stabilization but results varying widely by individual markets. Higher priced housing units saw price gains which was unexpected. However, inventory levels continued to rise and number of sales fell.

Long Island/Queens Market (Overall)

– Average sales price was $530,916 this quarter (a record), up 1.3% from the prior year quarter amount of $524,073.
– Median sales price was $445,000 this quarter, down 2.2% from the prior year quarter amount of $455,000 (a record).

– Listing Inventory increased 7.6% to 36,183 units from the prior year quarter amount 33,362 units. The pace of inventory growth appears to be slowing.
– Number of sales decreased 10.6% to 8,782 from 9,821 units in the prior year quarter.

– Days on market increased to 103 days by 20 days over the prior year quarter, but slipped from the 111 average days on market in the prior quarter.
– Listing discount increased to 5.3% from the prior year quarter listing discount of 4.5% but was down from the 5.6% prior quarter listing discount.

Queens Market

– Average sales price was $484,847 this quarter, down 2.9% from the prior year quarter amount of $499,388.
– Listing Inventory increased 13.4% to 11,255 units from the prior year quarter amount of 9,925 units.

Nassau Market

– Average sales price was $628,839 this quarter (a record), up 1.7% from the prior year quarter amount of $618,388.
– Listing Inventory increased 3.3% to 10,167 units from the prior year quarter amount 9,844 units.

Suffolk Market

– Average sales price was $469,331 this quarter (a record), up 2.3% from the prior year quarter amount of $458,770.
– Listing Inventory increased 6.5% to 14,761 units from the prior year quarter amount of 13,863 units.

North Shore Market

– Average sales price was $1,025,818 this quarter, down 6.5% from the prior year quarter amount of $1,097,179.
– Number of sales increased 14.7% to 680 units from the prior year quarter total of 593 units.

Luxury Market (upper 10%)

– Average sales price was $1,341,090 this quarter, up 8.3% from the prior year quarter amount of $1,237,741.
– Suffolk saw the largest rise in prices with a 15.8% increase in the average sales price to $1,298,099 from the average sales price of $1,121,379 in the prior year quarter.

Condo Market

– Average sales price increased 22.9% to $364,202 this quarter from the average sales price of $296,443 in the prior year quarter. The jump was due to a larger concentration of higher priced closings in Long Island City, Queens
– Average sales prices for Nassau were up 4.3% over the prior year quarter and Suffolk average sales prices were down 1.3% from the prior year quarter.

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4 Responses to Q3 2007 Long Island and Queens Market Overview

  1. avatar Noah says:

    i can tell you from the experience of selling my moms house in Commack, that these numbers are not current! And they are most likely skewed by higher end. The middle market, 500K-1M or so, is very tough! Tons of inventory, no demand, plenty of seller competition. Numbers can paint a misleading story and I tell you that right now is an AWFUL time to be selling in some towns of Suffolk County!

  2. I hear you my friend. Don’t shoot the messenger. I have heard stories from areas in New Jersey, Long Island and Westchester where prices are deteriorating and just as many stories of strong markets. I think we are seeing a phenomenon of micro markets experiencing different results from the credit crunch, etc.

  3. avatar Noah says:

    ha! Never boss!! Def a local element to all this but I think these numbers do not paint the overall picture. Well actually, any types of data can be presented in a number of ways.
    Brokerages just have a vested interest in painting a rosy picture, so its not all that shocking. Just want people to know that a disconnect exists between what a report states, and how strong a local market is or isnt.
    Bad things going on in eastern LI right now!

  4. avatar -O says:

    I think that the reason many feel that the numbers are skewed in this report is because Long Island City has had a few record breaking sales over the summer. 5SL (Toll Bros. project) broke the 1000 PSF barrier and demand has been exceptionally high over the last quarter. I believe if LIC was taken out of this report, the numbers of the Queens/Long Island report would look very different.

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