2014
3Q REPORT
SUFFOLK NORTH SHORE & LUXURY Highlights of the Quarterly Survey of Residential Sales
Price gains for luxury housing outperformed the overall market.
Suffolk North Shore Market Matrix
3Q-2014
%Chg (qtr)
2Q-2014
%Chg (yr)
3Q-2013
Average Sales Price
$517,736
-16.8%
$622,280
-11.9%
$587,778
Median Sales Price
$421,250
-14.2%
$491,000
-13.9%
$489,000
698
186.1%
244
54.8%
451
Days on Market (From Original List Date)
Number of Sales (Closed)
99
-8.3%
108
11.2%
89
Listing Discount (From Original List Price)
4.0%
4.2%
3.7%
Listing Inventory
758
-16.8%
911
4.1%
728
Absorption Rate (Months)
3.3
-70.5%
11.2
-31.3%
4.8
239
-18.7%
294
2.1%
234
Suffolk North Shore Luxury Matrix
Total Pending Sales
3Q-2014
%Chg (qtr)
2Q-2014
%Chg (yr)
3Q-2013
Average Sales Price
$1,572,825
20.1%
$1,309,469
10.2%
$1,427,632
Median Sales Price
$1,250,000
25.2%
$998,250
9.1%
$1,146,000
Number of Sales (Closed)
57
9.6%
52
0.0%
57
Days on Market (From Original List Date)
122
0.0%
122
20.8%
101
Listing Discount (From Original List Price)
5.9%
5.0%
4.3%
Listing Inventory
255
-22.5%
329
13.3%
225
Absorption Rate (Months)
13.4
-29.5%
19.0
13.6%
11.8
38
-48.6%
74
8.6%
35
Total Pending Sales
Median sales price declined 13.9% to $421,250 and average sales price declined 11.9% to $517,736 respectively from the same period last year. Sales surged 54.8% to 698, outpacing the 4.4% gain in inventory to 758 from the prior year quarter resulting in a faster paced market. Luxury price indicators increased from the prior year quarter, outperforming the overall market. Median sales price increased 9.1% to $1,250,000 and average sales price increased 10.2% to $1,572,825 respectively over the same period. Luxury days on market expanded by three weeks to 122 days as listing inventory expanded by 30 days respectively, from the prior year quarter.
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