LOCAL EXPERTS

DANIEL GALE SOTHEBY’S

Presenting Insights

2022 Annual Market Report

Despite the challenges presented by inflation, growing interest rates, and a slow-moving market, our 2022 Annual Market Report reveals that the Long Island, Brooklyn, and Queens residential real estate markets have performed quite well compared to 2021, which was a record-breaking year.

All our markets saw decreased days on market anywhere from 6.6-10.9% as well as an increase in the average sales price ranging from 5.1-9.5%. The median sales price was up between 7.6 and 8.6% in all our markets, with the exception of Queens, which held steady. In addition, the number of sales increased in Queens, Nassau, Suffolk, and the East End, while Brooklyn saw a slight decrease.

So far this year our markets are transacting at a slower pace than last year, primarily due to higher interest rates and less inventory. But there are qualified buyers in the market waiting for more homes to choose from, which indicates that it is still a good time to sell a home, as long as it is priced properly. After several unprecedented years, it is beginning to feel more settled, and I anticipate a return to a more traditional strong spring market.

At Daniel Gale Sotheby’s International Realty, we have a proven track record of adapting to market changes for over a century. We know how to excel in all markets, and our clients and customers trust our professional advisors and understand that our commitment to quality service sets us apart. We continue to raise the bar with our exceptional service, innovation, luxury marketing strategies, local expertise, and global relationships.

We trust this report provides valuable insights and encourage you to contact one of our experts for more in-depth information on the local market.

Sincerely,

PATRICIA J. PETERSEN President & Chairman

DEIRDRE O’CONNELL Chief Executive Officer

A Comprehensive Residential Real Estate Market Report For Long

Median

The threshold which divides the real estate market into two equal halves, in reference to pricing. One half of the homes in the market were sold at a price above the median home price, while the other half were sold below that price.

Average

The sum of prices of all homes sold in a certain area in a certain period, divided by the number of properties sold in the same area in that period.

Statistics

Based on residential properties reported as closed January 1st to December 31st OneKey Multiple Listing Service (MLS) and Perchwell.