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.