Fourth Quarter Long Island/Queens Market Report

As we do every quarter, we analyze the Long Island and Queens market for the latest results in closed transactions.  (The Hamptons and North Fork markets are reviewed separately and will be issued at the end of the first month after the close of the quarter.)

The 4th quarter results in Nassau, Suffolk and Queens all show a slight decline.  In contrast, the luxury market in Long Island showed an uptick.  Queens experienced the largest boost, as the average sales price now exceeds $1 million.

The highlights of the report follow as provided by our partner in preparing our market report, Jonathan Miller, Executive Vice President/Director of Research of Radar Logic Incorporated and co-founder of appraisal firm Miller Samuel Inc.

The Long Island/Queens housing market showed weaker results in the 4th quarter as compared to the same period last year, by showing price erosion in certain market areas, as well as a decline in the number of sales and an increase in inventory.  The three regions in the report: Queens, Nassau and Suffolk showed a 5.2%, 3% and 3.8% decline in median sales price respectively when compared to the fourth quarter of 2006.  In contrast, the North Shore market, after 5 consecutive year over year quarterly declines in median sales price, was unchanged this quarter.  The luxury market also showed stability in median sales price in the current quarter, the third consecutive quarter that showed either neutral or increases in prices.

The following is more specific information by market:

Long Island/Queens Market (Overall)  

Average sales price was $496,343 this quarter, down 1.2% from the prior year quarter amount of $502,163. 

Median sales price was $425,000 this quarter, down 3.2% from the prior year quarter amount of $439,000.

Listing Inventory increased 41.3% to 38,769 units from the prior year quarter amount of 27,446 units.

Number of sales decreased 24.6% to 6,359 from 8,433 units in the prior year quarter.  

Queens Market  

Median sales price was $460,000 this quarter, down 5.2% from the prior year quarter amount of $485,000. 

Listing Inventory increased 53.4% to 12,559 units from the prior year quarter amount of 8,186 units.  

Nassau Market  

Median sales price was $460,000 this quarter, down 3% from the prior year quarter amount of $474,000. 

Listing Inventory increased 37.6% to 10,792 units from the prior year quarter amount 7,842 units.  

Suffolk Market  

Median sales price was $375,000 this quarter, down 3.8% from the prior year quarter amount of $390,000. 

Listing Inventory increased 35% to 15,418 units from the prior year quarter amount of 11,418 units.  

North Shore Market  

Median sales price was $725,000 this quarter, down 0.1% from the prior year quarter amount of $726,000. 

Number of sales decreased 9% to 435 units from the prior year quarter total of 478 units.  

Luxury Market (upper 10%)  

Median sales price was $965,000 this quarter, up 1.6% from the prior year quarter amount of $950,000. 

Queens saw the largest rise in prices with a 13% increase in the average sales price to $1,027,195 from the average sales price of $909,037 in the prior year quarter.  

Condo Market  

Median sales price increased 14.6% to $275,000 this quarter from the $240,000 median sales price in the prior year quarter. The jump was due to a larger concentration of higher priced closings in Long Island City, Queens.