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Elliman Report: Long Island Sales 1Q 2016

Long Island home sales continued on a tear, with the highest first quarter volume in thirteen years. Housing prices have risen for three consecutive years as inventory slipped. There were 5,478 sales, up 28.4% over the prior year quarter. Pending sales showed a similar pattern, rising 22.2% to 6,707 over the same period. Listing inventory declined 6.9% to 13,741 homes from the same period last year. As a result of rising sales and falling inventory the pace of the market moved faster. The absorption rate, the number of months to sell all inventory at the current rate of sales, fell 27.9% to 7.5 months, the fastest paced first quarter in at least 16 years…

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