2021 Long Island and Queens
Mid-Year Market Report
A LETTER FROM
Deirdre O’Connell & Patricia J. Petersen What a difference a year makes! Just 12 short months ago we were in the middle of a pandemic, the housing market was uncertain at best, and no one knew what the future held. Fast forward to the end of the 2nd Quarter, and we have seen the real estate industry experience one of the greatest, fastest comebacks in our lifetime.
The first half of 2021 proved to be one for the record books. Closed sales across Nassau County’s North and South Shores increased by 56% and 44% respectively, while in Suffolk County we saw a 22% jump along the North Shore and a 20% uptick on the South Shore. Queens demonstrated a very strong market as well with an impressive increase of 62%. Moving East to the North Fork the numbers were equally as notable with closed sales up by 31%. Not surprisingly, the most remarkable performance came from The Hamptons and Shelter Island where the change in closed sales increased by an astonishing 137%.
The housing market remains robust. Interest rates continue to be favorable and the allure of living on Long Island and Queens is stronger than ever. With that said, there are indicators that there may be an end to the frenzy we saw earlier this year with homes selling fast, multiple offers and oftentimes over asking prices. Total active inventory nationwide is down 43% year over year, however, the number of new listings available in June 2021 compared to June 2020 is up 5.5% which points to the potential of a more balanced market. The same is true right here on Long Island where inventory is not as scarce as it once was as sellers who were hesitant to list their homes at the height of the pandemic are now deciding to sell. And buyers are becoming more discerning about what they want and what they are willing to pay.
What does this mean for sellers? It means it is imperative to competitively price homes and to remember that being “in” the market is much different than just being “on” the market. We have ready, willing and able buyers but they will not overpay for a home.
At Daniel Gale Sotheby’s International Realty we are cautiously optimistic about the real estate market for the remainder of 2021 and our Real Estate Advisors are ready to assist and guide you – whether you are buying, selling, renting or relocating! Please enjoy our 2021 Mid-Year Market Report. It is full of information about all the areas we service, from Queens across Nassau and Suffolk Counties and inclusive of the North Fork, Shelter Island and the Hamptons.
Deirdre O’Connell
Patricia J. Petersen
Chief Executive Officer
President & Chairman
"Hawk Cove" • Lloyd Neck, NY
LONG ISLAND & QUEENS
Market Overview NASSAU – NORTH SHORE
1,266
+56%
$1,260,167
+26%
Closed Sales
Change in Closed Sales
Average Sales Price
Change in Average Closed Price
2021 Mid-Year
2021 Mid-Year vs.
2021 Mid-Year
2021 Mid-Year vs.
2020 Mid-Year
2020 Mid-Year
NASSAU – SOUTH SHORE
4,080
+44%
$649,284
+14%
Closed Sales
Change in Closed Sales
Average Sales Price
Change in Average Closed Price
2021 Mid-Year
2021 Mid-Year vs.
2021 Mid-Year
2021 Mid-Year vs.
2020 Mid-Year
2020 Mid-Year
SUFFOLK – NORTH SHORE
2,999
+22%
$612,459
+21%
Closed Sales
Change in Closed Sales
Average Sales Price
Change in Average Closed Price
2021 Mid-Year
2021 Mid-Year vs.
2021 Mid-Year
2021 Mid-Year vs.
2020 Mid-Year
2020 Mid-Year
SUFFOLK – SOUTH SHORE
2,606
+20%
$472,038
+20%
Closed Sales
Change in Closed Sales
Average Sales Price
Change in Average Closed Price
2021 Mid-Year
2021 Mid-Year vs.
2021 Mid-Year
2021 Mid-Year vs.
2020 Mid-Year
1
Source: OneKey MLS & The Real Estate Report Inc (1/1/2020 – 6/30/2021)
2020 Mid-Year
“Osprey Landing” • Sands Point, NY
NORTH FORK
272
+31%
$910,989
+31%
Closed Sales
Change in Closed Sales
Average Sales Price
Change in Average Closed Price
2021 Mid-Year
2021 Mid-Year vs.
2021 Mid-Year
2021 Mid-Year vs.
2020 Mid-Year
2020 Mid-Year
THE HAMPTONS & SHELTER ISLAND
1,208
+137%
$2,582,294
+5%
Closed Sales
Change in Closed Sales
Average Sales Price
Change in Average Closed Price
2021 Mid-Year
2021 Mid-Year vs.
2021 Mid-Year
2021 Mid-Year vs.
2020 Mid-Year
2020 Mid-Year
QUEENS
1,702
+62%
$793,278
+11%
Closed Sales
Change in Closed Sales
Average Sales Price
Change in Average Closed Price
2021 Mid-Year
2021 Mid-Year vs.
2021 Mid-Year
2021 Mid-Year vs.
2020 Mid-Year
2020 Mid-Year
Source: OneKey MLS & The Real Estate Report Inc (1/1/2020 – 6/30/2021)
2
“Lume di Luna” • Mill Neck, NY
CONDO/CO - OP
1,708
+27%
$416,736
+11%
Closed Sales
Change in Closed Sales
Average Sales Price
Change in Average Closed Price
2021 Mid-Year
2021 Mid-Year vs.
2021 Mid-Year
2021 Mid-Year vs.
2020 Mid-Year
2020 Mid-Year
LUXURY ($1.5 Million and Above) *
495
+95%
$2,355,717
+2%
Closed Sales
Change in Closed Sales
Average Sales Price
Change in Average Closed Price
2021 Mid-Year
2021 Mid-Year vs.
2021 Mid-Year
2021 Mid-Year vs.
2020 Mid-Year
3
Source: OneKey MLS & The Real Estate Report Inc (1/1/2020 – 6/30/2021)
2020 Mid-Year
* Excluding the Hamptons & Shelter Island
LONG ISLAND AND QUEENS
Overall Price Point Breakdown
Under $500K
$500K – $750K
$750K – $1M
$1M – $1.5M
$1.5M & Above
Closed Sales
Average Days on Market
(2021 vs. 2020)
4.7%
0%
2021 Mid-Year
6,776
71
2020 Mid-Year
6,474
71
(2021 vs. 2020)
90%
-5%
2021 Mid-Year
5,979
78
2020 Mid-Year
3,147
82
(2021 vs. 2020)
109%
-1%
2021 Mid-Year
2,247
93
2020 Mid-Year
1,075
94
(2021 vs. 2020)
157%
-2%
2021 Mid-Year
842
120
2020 Mid-Year
328
122
(2021 vs. 2020)
244%
-4%
2021 Mid-Year
543
150
2020 Mid-Year
158
157
Sag Harbor, NY
Average Days on Market & Listing Discount LONG ISLAND AND QUEENS
Average Days on Market Selling Price vs. Asking Price
Q2
Q3
Q4
Q1
Q2
2020
2020
2020
2021
2021
81
82
70
72
73
3.4%
2.5%
1.6%
1.7%
1.2%
Average Days on Market & Listing Discount * Listing Discount
Avg. DOM
4%
100
2%
80
0%
60
Q2
Q3
Q4
Q1
Q2
2020
2020
2020
2021
2021
Average Days on Market 5
Source: OneKey MLS & The Real Estate Report Inc (1/1/2020 – 6/30/2021)
Listing Discount * Difference between last list price and sold price.
*
The Luxury Market $1.5 Million and Above CLOSED SALES AVERAGE SALES PRICE HIGHEST SALES PRICE
Q2
Q3
Q4
Q1
Q2
2020
2020
2020
2021
2021
121
248
324
236
259
Average Sales Price
$2,275,018
$2,260,902
$2,113,003
$2,342,048
$2,369,387
Highest Sales Price
$6,975,000
$10,650,000
$10,000,000
$8,800,000
$20,100,000
Closed Sales
Average Sales Price & Closed Sales Avg. Sales Price
Closed Sales
$2,500,000 300
200
$2,250,000
100
$2,000,000
Q2
Q3
Q4
Q1
Q2
2020
2020
2020
2021
2021
Closed Sales * Excluding the Hamptons & Shelter Island
Average Sales Price Source: OneKey MLS & The Real Estate Report Inc (1/1/2020 – 6/30/2021)
6
LONG ISLAND & QUEENS
Neighborhood Highlights Nassau – North Shore
Closed Sales Average Sales Price Average Days on Market
Q2
Q3
Q4
Q1
Q2
2020
2020
2020
2021
2021
359
706
881
612
654
$1,228,704
$1,229,592
$1,137,769
$1,239,983
$1,279,055
116
106
92
67
64
At the midway mark of the year, we’ve seen the number of closed sales on the North Shore of Nassau County more than double compared to this time last year and the average sale price has risen by 26%. Homes not only sold at a higher price but they also sold faster as we see the average days on the market drop from 116 days to just 64.
Nassau – South Shore
Closed Sales Average Sales Price Average Days on Market
Q2
Q3
Q4
Q1
Q2
2020
2020
2020
2021
2021
1,232
2,150
2,778
2,092
1,988
$595,872
$590,806
$622,020
$635,573
$663,712
76
77
71
67
64
The coastal towns along the South Shore of Nassau County have experienced a steady increase in both the average sales price and the number of closed listings over the past year, while the average days on market continued to decrease, reflecting greater buyer demand than available inventory.
7
Source: OneKey MLS & The Real Estate Report Inc (1/1/2020 – 6/30/2021)
LONG ISLAND & QUEENS
Neighborhood Highlights Suffolk – North Shore
Closed Sales Average Sales Price Average Days on Market
Q2
Q3
Q4
Q1
Q2
2020
2020
2020
2021
2021
1,199
1,875
2,242
1,592
1,407
$508,737
$552,980
$608,958
$588,700
$639,342
76
77
58
62
63
The North Shore of Suffolk County saw one of the greatest increases in average sales price across all of Long Island with an uptick of 21% year over year.
Suffolk – South Shore
Closed Sales Average Sales Price Average Days on Market
Q2
Q3
Q4
Q1
Q2
2020
2020
2020
2021
2021
1,093
1,410
1,713
1,350
1,256
$410,397
$428,469
$453,953
$460,764
$484,156
69
67
57
56
57
A shortage of inventory seems to be a common driver of activity among all the neighborhoods across Long Island. This is certainly the case on the South Shore of Suffolk County where we saw a dramatic drop in the average days on the market while the average sales price rose by 20%.
Source: OneKey MLS & The Real Estate Report Inc (1/1/2020 – 6/30/2021)
8
LONG ISLAND & QUEENS
Neighborhood Highlights North Fork
Closed Sales Average Sales Price Average Days on Market
Q2
Q3
Q4
Q1
Q2
2020
2020
2020
2021
2021
102
208
233
143
129
$734,401
$775,360
$850,722
$881,616
$943,550
132
111
79
78
84
The normally seasonal North Fork of Long Island became a year-round haven for buyers seeking more living space and more green space. This was evident in the impressive rise in the number of sales by 31% and the average sales price increase of over $200,000.
The Hamptons & Shelter Island *
Closed Sales Average Sales Price
Q2
Q3
Q4
Q1
Q2
2020
2020
2020
2021
2021
276
438
529
776
432
$2,320,270
$2,118,341
$2,499,278
$2,413,806
$2,884,949
* Average Days on Market not available.
We anticipated a surge in activity for The Hamptons and Shelter Island as many people fled Manhattan over the past year. What we saw was an astonishing increase in closed sales by 137% and a 5% increase in the average sales price.
9
Source: OneKey MLS & The Real Estate Report Inc (1/1/2020 – 6/30/2021)
LONG ISLAND & QUEENS
Neighborhood Highlights Queens
Closed Sales Average Sales Price Average Days on Market
Q2
Q3
Q4
Q1
Q2
2020
2020
2020
2021
2021
393
563
869
829
873
$717,391
$741,618
$767,695
$782,492
$803,520
87
98
85
81
85
Queens continues to thrive in this market with an impressive 62% increase in the number of sales year over year while the average days on the market held fairly steady.
Condo/Co-Op
Closed Sales Average Sales Price Average Days on Market
Q2
Q3
Q4
Q1
Q2
2020
2020
2020
2021
2021
998
1,238
1,787
1,680
1,799
$378,324
$389,547
$412,611
$395,582
$402,037
78
87
76
85
89
The Condo and Co-Op market continues to improve as buyers are transitioning back into full service community living.
Source: OneKey MLS & The Real Estate Report Inc (1/1/2020 – 6/30/2021)
10
LONG ISLAND & QUEENS
Neighborhood Highlights Luxury ($1.5 Million and Above)*
Closed Sales Average Sales Price Average Days on Market
Q2
Q3
Q4
Q1
Q2
2020
2020
2020
2021
2021
124
245
331
244
271
$2,249,260
$2,246,259
$2,103,091
$2,316,535
$2,336,728
150
144
119
128
141
One of the greatest comebacks over the past year has been the luxury market. We haven’t had this kind of demand for our grand Gold Coast estates in nearly 10 years, as evidenced by the highest price sale so far in 2021 of $20,100,000.
* Excluding the Hamptons & Shelter Island
Inventory LONG ISLAND AND QUEENS
Number of Closed Listings at Various Price Points Under $500K
6,776
$500K – $750K
5,979
$750K – $1M
2,247
$1M – $1.5M
842
$1.5M & Above
543
TOTAL
16,387
Long Beach, NY
LONG ISLAND & QUEENS
Total Number of Sales by Area 3,000 2,500 2,000 1,500 1,000 500 0
Q2
Q3
Q4
Q1
Q2
2020
2020
2020
2021
2021
Nassau – North Shore Suffolk – South Shore
Nassau – South Shore North Fork
Suffolk – North Shore
The Hamptons & Shelter Island
Average Sales Price by Area $3 M $2.5 M $2 M $1.5 M $1 M $500K 0
13
Q2
Q3
Q4
Q1
Q2
2020
2020
2020
2021
2021
Source: OneKey MLS & The Real Estate Report Inc (1/1/2020 – 6/30/2021)
Queens
Forest Hills, NY
Absorption Rate Active Listings
Closings (Mid-Year 2021)
Absorption Rate “Months of Supply”
Under $500K
4,021
3,167
3.8
$500K – $750K
3,044
2,977
3.1
$750K – $1M
1,594
1,208
4.0
$1M – $1.5M
916
466
5.9
1,123
282
11.9
$1.5M & Above
Source: OneKey MLS & The Real Estate Report Inc (1/1/2020 – 6/30/2021)
14
O F F I C E S S T R AT E G I C A L LY L O C AT E D
Throughout Long Island & Queens
Corporate Headquarters
Cutchogue
36 Main Street
28080 Main Road
Cold Spring Harbor, NY 11724
Cutchogue, NY 11935
631.423.1180
631.734.5439
Relocations & Referrals
Garden City
36 Main Street
102 Seventh Street
Cold Spring Harbor, NY 11724
Garden City, NY 11530
800.445.4460
516.248.6655
DGNY Commercial
Glen Head/Old Brookville
2110 Northern Blvd.
240 Glen Head Road
Manhasset, NY 11030
Glen Head, NY 11545
516.402.3469
516.674.2000
Astoria/Long Island City
Great Neck
28-07 Ditmars Blvd.
42B Middle Neck Road
Astoria, NY 11105
Great Neck, NY 11021
718.650.5855
516.466.4036
Bayside/Flushing
Greenport
35-16B Francis Lewis Blvd.
114 Main Street
Flushing, NY 11358-1954
Greenport, NY 11944
718.762.2268
631.477.0013
Carle Place/Westbury
Huntington
356 Westbury Avenue
187 Park Avenue
Carle Place, NY 11514
Huntington, NY 11743
516.334.3606
631.427.6600
Cold Spring Harbor
Locust Valley
5 Main Street
1 Buckram Road
Cold Spring Harbor, NY 11724
Locust Valley, NY 11560
631.692.6770
516.759.4800
Long Beach
Sea Cliff
350 National Blvd
266 Sea Cliff Avenue
Long Beach, NY 11561
Sea Cliff, NY 11579
516.670.1700
516.759.6822
Manhasset
Shelter Island
364 Plandome Road
11 Grand Avenue
Manhasset, NY 11030
Shelter Island Heights, NY 11965
516.627.4440
631.749.1155
Mattituck
Smithtown
10095 Main Road
81 Route 111
Mattituck, NY 11952
Smithtown, NY 11787
631.298.0300
631.584.6600
Mattituck Love Lane
Stony Brook/Port Jefferson
70 Love Lane, PO Box 1710
1067 Route 25A
Mattituck, NY 11952
Stony Brook, NY 11777
631.298.4130
631.689.6980
Northport
Syosset/Muttontown
77 Main Street
7951 Jericho Turnpike
Northport, NY 11768
Woodbury, NY 11797
631.754.3400
516.677.0030
Port Washington
Westhampton Beach
350 Main Street
100 Main Street
Port Washington, NY 11050
Westhampton Beach, NY 11978
516.883.2900
631.288.1050
Rockville Centre
Wheatley Plaza
36 S. Park Avenue
342 Wheatley Plaza
Rockville Centre, NY 11570
Greenvale, NY 11548
516.678.1510
516.626.7600
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Source: OneKey MLS & The Real Estate Report Inc (1/1/2020 – 6/30/2021)