Oct
22

Long Island and Hamptons/North Fork 3Q 2009 Residential Sales Market Reports

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Just released today are the new 3Q 2009 Residential Sales Market Reports for Long Island and Hamptons/North Fork prepared by Miller Samual Inc. for Prudential Douglas Elliman.

Hamptons and North Fork Residential Sales ReportHamptons & North Fork

Median sales price was $700,000 in the third quarter, down 4% from $729,000 in the same period last year, but up 2.9% from $680,000 in the prior quarter.

In a release of pent-up demand, there were 459 sales in the third quarter, 49.5% more than the second quarter and 29.3% more than the same period last year.

Despite the surge in sales this summer, third quarter listing inventory expanded 5.8% to 2,419 properties compared to the prior quarter as sellers attempted to take advantage of the newly active housing market.

Days on market for properties that sold during the third quarter expanded to 198 days from 173 days at this time last year. The surge in demand enticed sellers to leave their property on the market, which drove this indicator higher.

The listing discount, the distance buyers and sellers had to travel to agree on price, expanded to 16.9% in the third quarter from 10.2% in the same period last year.

Long Island Residential Market Report 3Q 2009Long Island

The number of sales in the third quarter jumped 41.6% to 5,603 properties above prior quarter levels and was 5.9% above the number of sales seen during the same period last year.

The increase in the number of sales has reduced the number of properties available for sale. There were 22,170 properties listed for sale at the end of the third quarter, a 10.1% decline from the 24,672 listing inventory total of the same period last year.

Median sales price was $375,000 in the third quarter, up 4.2% from $360,000 in the prior quarter, but remained 9.6% below the $415,000 of the same period a year ago.

Days on market, or the time it took to market a property, was 116 days, essentially unchanged from 115 days in the same period last year, but was 10 days faster than the prior quarter.

The listing discount, which is the difference between the list price at time of sale and the contract price, was 6.5%, up nominally from 6.4% in the same period a year ago.

Categories : Condo, Market Reports

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