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Here's the link to the Quarterly Prudential Elliman - Long island Sales report. Here are some highlights for the overall Long Island market.
Sold for Price:
3.9% decline YoY to $457,496 from $475, 946 due to homebuyer’s credit driving prices up last year.
Sales Volume:
Sales rose 18.4% YoY to 5,141 from 4,343 prior year.
Sold at Discount:
6.5% discount on selling price remains flat from 6.4% prior year.
One interesting thing the report shows is while in most markets prices declined and sales increased, South Shore Nassau sales prices increased while sales volume declined. I see the # of listing has always been lower in this area than the other regions.
That Massapequa and the Riviera is the best Value on Long Island.
Rocky Point is not.
That's a given, but surely you're more educated to actually analyze the data and give a intelligent and thought out detailed description of your thoughts to the report and what it says about the housing market on Long Island compared to the rest of the country. I could very well be giving you way too much credit, if so I apologize and continue on your way.
Nyliguy, it looks like the North Shore took a beating last quarter in both Nassau & Suffolk. South Shore (especially So. Shore Suffolk) showed a lot more strength. There's still a lot of weakness all around the Island (distressed sales) that is holding down a recovery from happening.
Here's the link to the Quarterly Prudential Elliman - Long island Sales report. Here are some highlights for the overall Long Island market.
Sold for Price:
3.9% decline YoY to $457,496 from $475, 946 due to homebuyer’s credit driving prices up last year.
Sales Volume:
Sales rose 18.4% YoY to 5,141 from 4,343 prior year.
Sold at Discount:
6.5% discount on selling price remains flat from 6.4% prior year.
One interesting thing the report shows is while in most markets prices declined and sales increased, South Shore Nassau sales prices increased while sales volume declined. I see the # of listing has always been lower in this area than the other regions.
What's your take on the report?
Out of these numbers, the 6.5% discount on selling price probably has no meaning. Simply, it's a hard to prove number and since these reports originate with real estate agencies, it is highly inflated. From observations, typically, the starting listed price is very often A LOT higher than the final sell price - not uncommon by 20-30% higher - due to delusional sellers or even sometimes a reasonable price but no suitable buyers.
Eventually, it converges to the true current sell value - and if you take the last listed price with respect to the negotiated price - maybe 6.5% can be reached, maybe...
The really high-priced real estate in the Hamptons (>$5mil) has done exceptionally well this quarter - as it is viewed still as a good investment.
"Regular" houses are not viewed as an investment at this point but as a liability/albatross ... until better times come around, and they will - just not too soon.
Nyliguy, it looks like the North Shore took a beating last quarter in both Nassau & Suffolk. South Shore (especially So. Shore Suffolk) showed a lot more strength. There's still a lot of weakness all around the Island (distressed sales) that is holding down a recovery from happening.
Hmmmmmmm?
Interesting spin, lets try this one on as well... shall we?
It looks to me like the median home in South Nassau(370k)is coming in at less than 50 cents on the dollar in comparison to its North Nassau neighbors (755k) and just a hair over the LI Median of 365k. Wow!!! I'm so glad PruLI cleared that up, I almost confused Massapequa for Muttontown with all its glamorous Fucco and Hi-ranches.Whats that old saying in Nassau? "North Shore Flash ....South Shore Trash" or something like that?
Heres where it really gets fun. Also of note, that renowned C-D dung heap known as North Suffolk outshines S Nassau significantly (472k vs 370k). Its astonishing that it was able to pull that feat off with the enormous singular downward burden of Rocky Point itself (gasp). I am stunned that this data would even suggest that N Suffolk is a more desirable place to live than S Nassau with all we know that is wrong out there. ....Bikers, Bungalows, ....egads!
Hell even S Suffok is creeping up on the Riv with a respectable 295k median. You would think with all that awesome blue ribbonness in the schools and that lightning quick commute to NYC that it would eclipse just about anything in Suffolk?
Blah, PBR goggles, Crooks. South Shore did ok. Here's the rest:
NASSAU North Shore: Price indicators slipped. Median sales price fell 5% to $755,000 from $795,000 in the prior year quarter. Average sales price showed a similar pattern.
South Shore: Price indicators continued to rise. Median sales price edged 1.4% higher to $370,000 above prior year quarter result of $365,000. Average sales price increased 4.4% to $445,875 from $427,195 over the same period.
================= SUFFOLK North Shore: Price indicators declined. Median sales price fell 8.6% to $472,500 from $517,000 in the same quarter last year.
South Shore: Price indicators were mixed. Median sales price edged 1% higher to $295,000 from $292,000 in the prior year quarter. Average sales price slipped 1% over the same period to $312,814.
-----------------
This is not a competition, crooks. I think my assessment was accurate. You're free to leave RP if you want, you know that right? Youre never going to get the ask you were looking for.. Just saying ; )
Peqs
Bonus:
Median Sale price Sep '11 vs. Prev. Month vs. Prev. Year Massapequa -- Median Sold Price $550K +22.2% +4.3% Rocky Point -- Median Sold Price $270K +2.3% -11.5%
Blah, PBR goggles, Crooks. South Shore did ok. Here's the rest:
NASSAU North Shore: Price indicators slipped. Median sales price fell 5% to $755,000 from $795,000 in the prior year quarter. Average sales price showed a similar pattern.
South Shore: Price indicators continued to rise. Median sales price edged 1.4% higher to $370,000 above prior year quarter result of $365,000. Average sales price increased 4.4% to $445,875 from $427,195 over the same period.
================= SUFFOLK North Shore: Price indicators declined. Median sales price fell 8.6% to $472,500 from $517,000 in the same quarter last year.
South Shore: Price indicators were mixed. Median sales price edged 1% higher to $295,000 from $292,000 in the prior year quarter. Average sales price slipped 1% over the same period to $312,814.
-----------------
This is not a competition, crooks. I think my assessment was accurate. You're free to leave RP if you want, you know that right? Youre never going to get the ask you were looking for.. Just saying ; )
Peqs
Bonus:
Median Sale price Sep '11 vs. Prev. Month vs. Prev. Year Massapequa -- Median Sold Price $550K +22.2% +4.3% Rocky Point -- Median Sold Price $270K +2.3% -11.5%
Please allow me to to net this down. Here are the facts of the areas as they stand today.
LI by Median Price Ranks as such per PruLI.
1)N. Nassau
2)N. Suffolk
3)S. Nassau
4)S. Suffolk.
Crooks
PS
I'm sill a little unclear if theyre including the Hamptons in the S Suffolk data or not.It seems low if they are.
Please allow me to to net this down. Here are the facts of the areas as they stand
Crooks
PS
I'm sill a little unclear if theyre including the Hamptons in the S Suffolk data or not.It seems low if they are.
What's your point? First youre trying to picky back on belle terre and Old field with the No shore, now the hamptons? Every area has outliers that will skew each region...like I'm sure they're including Freeport, Roosevelt, Baldwin and part of Hempstead in the south shore figure.
You took a trend that I observed in the data (which is blatantly obvious and even noted by Pru in their assessment) and turned into some imaginary attack on the north shore. Get a grip.
Here are the facts of the areas as they stand today.
Median Price Ranks as such per PruLI.
1)N. Nassau $755k
2) Massapequa $550k
3)N. Suffolk $472k
4)S. Nassau $370k
5)S. Suffolk. $295k
6) Rocky Point $270k
There, you happy? Does this really even matter?
I would end this with a "stay classy", but you threw any you had out the window on page 1.
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