2015
3Q
LONG ISLAND SALES
REPORT
[The Hamptons & North Fork reported separately]
Highlights of the Quarterly Survey of Residential Sales
Housing price trend indicators and sales activity on Long Island moved higher as inventory slipped.
Long Island Market Matrix
3Q-2015
%Chg (qtr)
2Q-2015
%Chg (yr)
3Q-2014
Average Sales Price
$481,713
2.4%
$470,369
1.0%
$476,868
Median Sales Price
$390,000
4.0%
$375,000
2.6%
$380,000
7,658
46.3%
5,233
13.4%
6,755
Days on Market (From Original List Date)
93
-18.4%
114
-2.1%
95
Listing Discount (From Original List Price)
4.1%
Number of Sales
Listing Inventory (Active)
4.6%
4.7%
16,056
-5.9%
17,066
-2.8%
16,523
6.3
-35.7%
9.8
-13.7%
7.3
6,699
-10.2%
7,460
20.5%
5,559
Year-to-Date
3Q-2015
%Chg (qtr)
2Q-2015
%Chg (yr)
3Q-2014
Average Sales Price
$472,409
N/A
N/A
3.5%
$456,457
Median Sales Price
$385,000
N/A
N/A
5.5%
$365,000
Number of Sales
17,157
N/A
N/A
8.8%
15,776
Total Pending Sales
19,646
N/A
N/A
15.0%
17,087
Absorption Rate (Monthly, Active) Total Pending Sales
There were 7,658 sales, up 13.4% from the prior year quarter and the highest quarterly total in more than 12 years. Pending sales, which are signed contracts that have not yet closed, jumped 20.5% to 6,699 and listing inventory slipped 2.8% to 16,056 respectively from the prior year quarter. The absorption rate, the number of days to sell all inventory at the current rate of sales, fell 13.7% to 6.3 months, the second fastest pace in the 12 years this metric has been tracked. Median sales price increased 2.6% to $390,000 from the prior year quarter, the highest since the financial crisis. Average sales price followed the same pattern, rising 1% to $481,713 over the same period. Condo price indicators rose more quickly than those of single family, partly due to the shift towards higher end condo product. The luxury market was weaker than the overall market, as the median sales price slipped 6.6% to $1,070,000 from the prior year quarter.
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