The pandemic drained listings for the Long Island, Hamptons, and North Fork sales markets just as the spring selling season was due to get underway.
Inventory dropped to a record low for Long Island, and fell significantly for the other two markets, according to Douglas Elliman’s first quarter market report. Pricing and transactions largely reflect pre-pandemic market conditions, also seen in first quarter reports for New York City.
That’s because inventory is best data point we have right now to reveal the pandemic’s impact on the sales market, Jonathan Miller, president and CEO of appraisal firm Miller Samuel and author of the market reports previously told Brick Underground, because of the inherent lag time in closing deals.
Miller says the first two and half months showed “noticeably stronger results.” In mid-March, awareness of the coronavirus pandemic slowed inventory growth.
For Long Island, listings fell 29.5 percent, a new record, and single-family listings saw a record year-over-year decline in the 12 years of tracking this metric.
As if taking place on another planet—the number of sales increased annually for the sixth time in seven quarters and the median sales price rose 4.7 percent to $450,000.
In the Hamptons, listings fell 19.9 percent, while the number of sales rose sharply from the year-ago quarter for the second straight time, increasing 15.5 percent. The median sales price jumped 16.5 percent to $999,000.
On the North Fork, inventory fell 20.9 percent, representing the first year-over-year drop in six quarters. The numbers of sales increased 3.6 percent and the median sales rose a slight .4 percent to $608,425.
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