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Douglas Elliman Releases Q3 2017 Long Island, Hamptons, and North Fork Sales Market Reports

Date: Oct 26, 2017

DouglasElliman Releases Q3 2017 Long Island, Hamptons, and North Fork Sales Market Reports

LongIsland Continues to Boom with Heavy Sales, Rising Prices, Low Inventory

HamptonsShows Stable Sales with Decline in Inventory

New York, NY (October 26, 2017) -- Douglas EllimanReal Estate, the largest brokeragein the New York Metropolitan area and the fourth largest residential realestate company nationwide, today releases the third quarter 2017 Long Island, Hamptons,and North Fork Sales Market Reports. Long Islandhad a very strong quarter with heavy sales volume, rising prices and lowinventory.

“Lotsof records are being set on Long Island right now,” said Ann Conroy, President,Long Island Division, Douglas Elliman. “This quarter we saw the most sales infifteen years with dwindling supply and rising prices contributing to thestrength of the market. In the luxury market, the report showed a decline in inventoryas overpriced listings are allowed to expire and leave the market. This isgreat news for the North Shore.”

The Hamptons showed asolid market with stable sales and declining inventory, and the North Forkshowed to be a bit weaker than the South Fork.

“Sales in the Hamptonswere well above the decade quarterly average, and stayed stable overall,” saidCarl Benincasa, Elliman’s Regional Vice President of Sales for the Hamptons. “Wealso saw that overall inventory continued to decline, spurring a growth inbidding wars in the mid-market. Bidding wars fell by half in the luxury market asinventory expanded.”

In the third quarter, medianprice rose but the average slipped because of the decline in luxury sales over$5M.  

“Basically the ‘soft atthe top’ characterization remains in place for the Hamptons,” added JonathanMiller of Miller Samuel, Inc., the author of the report. “The overall marketseems solid and is moving steadily. The high end is still active, but clearlyslower than the rest of the market.”

Highlights of the Douglas Elliman Q3 Market Reports:

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LONG ISLAND SALES

Overview

-Most sales in fifteen years and has not seen a year over year declinein median sales price in four and a half years.

-Listing inventory edged higher for the first time after falling forten consecutive quarters. 

-Fastest paced market in 14 years and least negotiability in 13 years

-Shortest marketing time in twelve years

-Luxury inventory fell year over year for sixth consecutive quarter

Key Trend Metrics (compared to same year ago period)

- Median sales price increased 4.9% to $425,000

- Average sales price increased 5.4% to $517,638

- Number of sales rose 2% to 8,528
- Days on market was 73, down from 87
- Listing discount was 3.1%, down from 3.6%

- Listing inventory rose 2.8% to 12,818

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HAMPTONS SALES

Overview

- Sales stable year overyear but remain well above quarterly average for decade

- Ninth consecutive quarterof inventory decline in overall market as luxury inventory jumps

- The “Hamptons middle” from$1M to $5M was only segment to show sales gain

- Bidding wars for overallmarket increased as luxury market declined

- Fastest condo marketingtime in the six years of recording this metric

Key TrendMetrics (compared to same year ago period)

- Median sales price increased 7.9% to $890,000

- Average sales price slipped 4% to $1,675,998

- Number of sales held steady at 517
- Days on market was 132, down from 142
- Listing discount was 11.6%, up from 8.8%

- Listing inventory fell 4.4% to 1,465

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NORTH FORK SALES

Overview

- Price trend indicatorsmoved higher as sales declined

- Sixth consecutive year overyear decline in listing inventory

- Lowest marketing time intwelve years and least negotiability in three years

- Market share of salesabove $1M declined as sales below the threshold declined

Key TendMetrics (compared to same year ago period)

- Median sales price rose 6.8% to $550,000

- Average sales price increased 1.3% to $691,061

- Number of sales declined 10.1% to 179
- Days on market was 92, down from 118
- Listing discount was 6.3%, down from 8.8%

- Listing inventory fell 9.1% to 429

About Douglas Elliman Real Estate

Established in 1911, Douglas Elliman Real Estate is the largest brokerage in the New York Metropolitan area and the fourth largest residential real estate company nationwide. With more than 7,000 agents, the company operates approximately 110 offices in Manhattan, Brooklyn, Queens, New Jersey, Long Island, the Hamptons & North Fork, Westchester, Greenwich, South Florida, Colorado and California. 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; Manhattans largest residential property manager, Douglas Elliman Property Management with over 250 buildings; and DE Commercial. For more information on Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, please visit elliman.com.

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