2015
2Q
LONG ISLAND SALES
REPORT
[The Hamptons & North Fork reported separately]
Highlights of the Quarterly Survey of Residential Sales
Housing market conditions continued to tighten with lower inventory, rising sales and rising prices.
Long Island Market Matrix
2Q-2015
%Chg (qtr)
1Q-2015
%Chg (yr)
2Q-2014
Average Sales Price
$470,369
2.7%
$458,208
5.9%
$444,165
Median Sales Price
$375,000
4.2%
$360,000
4.2%
$360,000
Number of Sales
5,233
22.7%
4,266
5.7%
4,950
Days on Market (From Original List Date)
114
-1.7%
116
-2.6%
117
Listing Discount (From Original List Price)
4.6%
Listing Inventory (Active) Absorption Rate (Monthly, Active) Total Pending Sales
5.3%
5.0%
17,066
15.6%
14,759
-0.8%
17,208
9.8
-5.8%
10.4
-5.8%
10.4
7,460
36.0%
5,487
16.7%
6,393
Year-to-Date
2Q-2015
%Chg (qtr)
1Q-2015
%Chg (yr)
2Q-2014
Average Sales Price
$464,907
N/A
N/A
5.4%
$441,173
Median Sales Price
$375,000
N/A
N/A
7.1%
$350,000
9,499
N/A
N/A
5.3%
9,021
12,947
N/A
N/A
12.3%
11,528
Number of Sales Total Pending Sales
Median sales price rose 4.2% to $375,000 from the prior year quarter. This was the highest second quarter result since the financial crisis began. Price trends for the luxury market, the top 10% of all sales, slightly outperformed the overall market. Median sales price increased 7.6% to $1,075,000 from the prior year quarter. The entry threshold for the luxury market was $782,500. There were 17,066 listings in the second quarter, down 0.8% from the same period last year. In contrast, there were 5,233 sales in the second quarter, up 5.7% from the prior year quarter. Days on market, the number of days from the original listing date to the sales date, was 114 days, 3 days faster than the prior year quarter. Listing discount, the percentage difference between the original listing price and the sales price, was 4.6%, slipping from 5% in the prior year quarter.
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