Douglas Elliman Real Estate, the largest brokerage in the New York Metropolitan area and the second largest independent residential real estate brokerage in the United States by sales volume, today releases the first quarter 2019 Long Island, Hamptons and North Fork Sales Market Reports. Long Island sales slowed but prices continued to rise. Sales prices in the North Fork showed stability while sales and pricing in the Hamptons declined.
“Long Island remains the regional outlier with rising prices and sales levels that are still high despite a decline,” said Ann Conroy, President of Long Island Division, Douglas Elliman. “The median sales price hasn’t shown a year-over-year decline in 24 consecutive quarters, and the marketing time for single-family homes is the shortest we’ve seen in over a decade.”
In the Hamptons, the number of sales declined annually for the fifth straight quarter, though the market share of sales below $1 million was the second highest in five years. Inventory has been on the rise.
“The Hamptons market is skewing to the low end, with high sales activity in the sub-million dollar market this quarter and the lowest number of sales at or above $10 million in six years,” said Carl Benincasa, Elliman’s Regional Vice President of Sales for the Hamptons. “With a sharp rise in listing inventory, buyers are going to have more options as we head into the spring and summer, and now that tax day is behind us and consumers are figuring out the effects of the new tax law, we may see some pent-up demand start to affect sales in the coming quarters.”
Prices in the North Fork stabilized, and the report showed an easing of sales growth. Listing inventory edged higher, and sales above $2 million were tied for the second lowest number in six years.
“Long Island and the North Fork showed similar patterns this quarter with steady to rising prices but declining sales,” said Jonathan Miller, President and CEO of Miller Samuel Inc. and author of the report. “On Long Island, low mortgage rates are helpful but the effects of the federal tax law and property taxes are still holding the market back. Hopefully, the prolonged period of uncertainty buyers have been facing across the three regions will come to a close in the coming quarters as they become more informed about the impact of pricing with the cap on SALT and property tax exemptions.”
LONG ISLAND SALES
Overview
“Sales slowed as prices continued to rise.”
- There has not been a year over year decline in median sales price for twenty-four consecutive quarters
- The number of sales slipped year over year for the second time in three quarters
- Listing inventory expanded annually for the first time in four quarters
- Shortest first quarter marketing time for single-families in at least twelve years
- The number of condo sales has declined year over year for five consecutive quarters
- Luxury listing inventory rose year over year for five straight quarters
Key Trend Metrics (compared to same year ago period)
- Median sales price increased 4.9% to $429,999
- Average sales price increased 4.1% to $507,028
- Number of sales slipped 0.4% to 5,659
- Days on market was 81, down from 84
- Listing discount was 3.7%, unchanged
- Listing inventory rose 7.3% to 11,828
HAMPTONS SALES
Overview
“The sub-million dollar market had its second highest sales share in five years.”
- Second highest market share of sales below $1 million in five years
- The number of sales has declined annually for the fifth straight quarter as the market resets
- Lowest first quarter number of sales in seven years
- Listings inventory rose sharply for the last two quarters
- Tied for the lowest number of sales at or above $10 million in six years
- Luxury listing inventory expanded sharply for six straight quarters
Key Trend Metrics (compared to same year ago period)
- Median sales price declined 5.5% to $850,000
- Average sales price slipped 3.1% to $1,692,648
- Number of sales fell 19.3% to 297
- Days on market was 138, down 10.4%
- Listing discount was 10.6%, down from 12.6%
- Listing inventory jumped 87.8% to 2,407
NORTH FORK SALES
Overview
“Stable pricing with easing sales growth.”
- Median sales price has not showed a year over year decline in eight straight quarters
- Listing inventory edged higher year over year for two straight quarters
- The number of sales declined year over year for the third time in four quarters
- The market share of sales under and over $1 million was unchanged
- Tied for the second lowest number of sales above $2 million in six years
Key Tend Metrics (compared to same year ago period)
- Median sales price was unchanged at $606,250
- Average sales price rose 09% to $741,049
- Number of sales declined 9.8% to 110
- Days on market was 143, up from 136
- Listing discount was 12.9%, up from 9.8%
- Listing inventory edged up 5.4% to 368
About Douglas Elliman Real Estate
Established in 1911, Douglas Elliman Real Estate is the largest brokerage in the New York Metropolitan area and the second largest independent residential real estate brokerage in the United States by sales volume. With more than 7,000 agents, the company operates approximately 118 offices in New York City, Long Island, The Hamptons, Westchester, Connecticut, New Jersey, Florida, California, Colorado and Massachusetts. Moreover, Douglas Elliman has a strategic global alliance with London-based Knight Frank Residential for business in the worldwide luxury markets spanning 60 countries and six continents. The company also controls a portfolio of real estate services including Douglas Elliman Development Marketing, Douglas Elliman Property Management and Douglas Elliman Commercial. For more information on Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, please visit elliman.com.
