The 1Q 2010 Long Island Market Overview that I author for Prudential Douglas Elliman was released today.
Other reports we prepare can be found here.
For additional insight, view a series of charts we prepare outside of the report as well as general press coverage.
…After reaching a two-year high of 5,935 sales in the prior quarter, the number of sales fell 35.7% to 3,814 sales in the first quarter of 2010, which was 32.8% above the 2,872 sales in the same quarter last year. The rise in the number of sales over the past year resulted in a modest decline in listing inventory. There were 20,902 listings in the first quarter, down 8.9% from 22,942 listings in the prior year quarter, but 7.5% higher than 19,450 listings in the prior quarter. The uptick in listing inventory and decline in sales resulted in a rise in the monthly absorption rate— the number of months it would take to sell out existing inventory at the current pace of sales. The absorption rate was 16.4 months, down from 24 months in the prior year quarter, but higher than the 12.9 average monthly absorption rate for the past 5 years…
Download report 1Q 2010 Long Island Market Overview [Miller Samuel]
View Long Island charts [Miller Samuel]