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2020 Mid-Year Long Island and Queens

Market Report


A LETTER FROM

Deirdre O’Connell & Patricia J. Petersen Welcome to the Mid-Year Market Report for 2020. What a difference a few months can make. The Covid-19 global pandemic crisis hit us in mid-March and immediately caused our housing market to pause. New York State’s Shelter-in-Place rule prevented in-person transacting, and we were forced to pivot our business to virtual. For a few weeks the market stood still. But we adapted and learned how to successfully do business in the new normal and homes began to once again sell. Welcome to our 2020 mid-year Long Island and Queens Market Report. It represents the first half of 2020, which has been a year like no other. It therefore makes sense that the closed sales on Long Island and Queens are down across all markets, with an average decrease of 46% year over year. Queens, which remained on Pause for longer than other regions, has seen a decline of 59% in closed transactions. With sellers on the sidelines and a pent-up demand on the buy side, we have seen a rise in average sales price of 8% year over year. The luxury market, defined as homes with a sales price of $1,500,000 and above has seen similar results. Sales are off by 46%, but the average sales price is now $2,200,000, which is 5% higher than this time last year. New inventory in the luxury market has been light and many of the homes that had been on the market for long time have been selling, creating increased opportunity for sellers in the luxury market, which has struggled for the past few years. COVID-19 pushed our traditional Spring market forward to Summer and Long Island is presently benefiting from historically low interest rates as well as New York City residents choosing to move to our suburban towns, charming villages and country homes on the East End. In addition, we are seeing local homeowners choosing to move within their communities to properties with different amenities. There is a definite demand for home offices, gyms, larger backyards, pools, quarantine space, etc. This buyer demand is expected to continue for the months to come, yet the supply of inventory is severely limited to meet this demand – so now is the time to list your home. With our pending sales up year over year for the month of June, we are optimistic that the second half of 2020 will tell a very positive real estate story for Long Island and Queens.

Sincerely,

Deirdre O’Connell

Patricia J. Petersen

Chief Executive Officer

President & Chairman


Westhampton Beach, NY – "Dune View" • SD #2 • MLS# 3193843 • $11,995,000


LONG ISLAND & QUEENS

Market Overview NASSAU – NORTH SHORE

779

-24%

$1,188,448

+9%

Closed Sales

Change in Closed Sales

Average Sales Price

Change in Average Closed Price

2020 Mid-Year

2020 Mid-Year vs.

2020 Mid-Year

2020 Mid-Year vs.

2019 Mid-Year

2019 Mid-Year

NASSAU – SOUTH SHORE

2,836

-23%

$569,726

+7%

Closed Sales

Change in Closed Sales

Average Sales Price

Change in Average Closed Price

2020 Mid-Year

2020 Mid-Year vs.

2020 Mid-Year

2020 Mid-Year vs.

2019 Mid-Year

2019 Mid-Year

SUFFOLK – NORTH SHORE

2,454

-17%

$504,363

+3%

Closed Sales

Change in Closed Sales

Average Sales Price

Change in Average Closed Price

2020 Mid-Year

2020 Mid-Year vs.

2020 Mid-Year

2020 Mid-Year vs.

2019 Mid-Year

2019 Mid-Year

SUFFOLK – SOUTH SHORE

2,179

-21%

$393,401

+10%

Closed Sales

Change in Closed Sales

Average Sales Price

Change in Average Closed Price

2020 Mid-Year

2020 Mid-Year vs.

2020 Mid-Year

2020 Mid-Year vs.

2019 Mid-Year

1

Sources: MLS & The Real Estate Report Inc (01/01/2019 – 06/30/2020)

2019 Mid-Year


NORTH FORK

208

-8%

$694,376

+1%

Closed Sales

Change in Closed Sales

Average Sales Price

Change in Average Closed Price

2020 Mid-Year

2020 Mid-Year vs.

2020 Mid-Year

2020 Mid-Year vs.

2019 Mid-Year

2019 Mid-Year

THE HAMPTONS & SHELTER ISLAND

510

-52%

$2,450,992

Closed Sales

Change in Closed Sales

Average Sales Price

Change in Average Closed Price

2020 Mid-Year

2020 Mid-Year vs.

2020 Mid-Year

2020 Mid-Year vs.

2019 Mid-Year

+78% 2019 Mid-Year

QUEENS

1,053

-21%

$715,942

+3%

Closed Sales

Change in Closed Sales

Average Sales Price

Change in Average Closed Price

2020 Mid-Year

2020 Mid-Year vs.

2020 Mid-Year

2020 Mid-Year vs.

2019 Mid-Year

2019 Mid-Year

Sources: MLS & The Real Estate Report Inc (01/01/2019 – 06/30/2020)

2


CONDO/CO - OP

2,248

-29%

$374,541

+1%

Closed Sales

Change in Closed Sales

Average Sales Price

Change in Average Closed Price

2020 Mid-Year

2020 Mid-Year vs.

2020 Mid-Year

2020 Mid-Year vs.

2019 Mid-Year

2019 Mid-Year

LUXURY ($1.5 Million and Above) *

254

-4%

$2,280,130

+6%

Closed Sales

Change in Closed Sales

Average Sales Price

Change in Average Closed Price

2020 Mid-Year

2020 Mid-Year vs.

2020 Mid-Year

2020 Mid-Year vs.

2019 Mid-Year

3

Sources: MLS & The Real Estate Report Inc (01/01/2019 – 06/30/2020)

2019 Mid-Year

* Excluding the Hamptons & Shelter Island


LONG ISLAND AND QUEENS

Overall Price Point Breakdown

Under $500K

$500K – $750K

$750K – $1M

$1M – $1.5M

$1.5M & ABOVE

Closed Sales

Average Days on Market

(2020 vs. 2019)

-29%

-3%

2020 Mid-Year

6,474

71

2019 Mid-Year

9,058

73

(2020 vs. 2019)

-13%

3%

2020 Mid-Year

3,147

82

2019 Mid-Year

3,612

79

(2020 vs. 2019)

-14%

0%

2020 Mid-Year

1,075

94

2019 Mid-Year

1,249

94

(2020 vs. 2019)

-21%

10%

2020 Mid-Year

328

122

2019 Mid-Year

471

110

(2020 vs. 2019)

-41%

11%

2020 Mid-Year

158

157

2019 Mid-Year

270

142


Average Days on Market Listing Price LONG ISLAND AND QUEENS

Average Days on Market Selling Price vs. Asking Price

Q2

Q3

Q4

Q1

Q2

2019

2019

2019

2020

2020

76

69

75

82

81

2.2%

2%

2.7%

3.7%

3.4%

Average Days on Market vs. Listing Discount * 4%

100

2%

80

0%

60

Q2

Q3

Q4

Q1

Q2

2019

2019

2019

2020

2020

Average Days on Market 5

Sources: MLS & The Real Estate Report Inc (01/01/2019 – 06/30/2020)

Listing Discount * Difference between last list price and sold price.


*

The Luxury Market $1.5 Million and Above CLOSED SALES, AVERAGE SALES PRICE & HIGHEST SALES PRICE

Q2

Q3

Q4

Q1

Q2

2019

2019

2019

2020

2020

174

211

173

148

120

Average Sales Price

$2,149,656

$2,126,458

$2,098,628

$2,274,934

$2,237,742

Highest Sales Price

$6,500,000

$9,035,000

$10,400,000

$7,700,000

$6,975,000

Closed Sales

Average Sales Price vs. # of Closed Sales 250

$2,500,000

200 150 $2,250,000 100 50 $2,000,000

Q2

Q3

Q4

Q1

Q2

2019

2019

2019

2019

2020

Closed Sales * Excluding the Hamptons & Shelter Island

Average Sales Price Sources: MLS & The Real Estate Report Inc (01/01/2019 – 06/30/2020)

6


LONG ISLAND & QUEENS

Neighborhood Highlights Nassau – North Shore

Closed Sales Average Sales Price Average Days on Market

Q2

Q3

Q4

Q1

Q2

2019

2019

2019

2020

2020

562

757

565

434

335

$1,075,196

$1,074,606

$1,081,201

$1,156,738

$1,228,944

105

83

97

117

116

Halfway through 2020, inventory remains very tight, with a 24% drop in closed sales year over year. A 9% average increase in prices is reflective of the low inventory making it a perfect time to sell. As soon as “shelter in place” lifted, the markets heated up and are currently running on all cylinders as buyers head west out of New York City.

Nassau – South Shore

Closed Sales Average Sales Price Average Days on Market

Q2

Q3

Q4

Q1

Q2

2019

2019

2019

2020

2020

1,997

2,413

2,232

1,683

1,153

$544,102

$561,767

$557,922

$549,099

$599,834

71

64

74

81

76

The coastal towns along Nassau’s South Shore experienced low inventory in the beginning of 2020, which has continued into the late spring, in part due to the pandemic. Prices have increased 7% year over year, and closed property sales are off 23%. The late spring market indicators are all positive.

7

Sources: MLS & The Real Estate Report Inc (01/01/2019 – 06/30/2020)


LONG ISLAND & QUEENS

Neighborhood Highlights Suffolk – North Shore

Closed Sales Average Sales Price Average Days on Market

Q2

Q3

Q4

Q1

Q2

2019

2019

2019

2020

2020

1,669

2,093

1,775

1,320

1,134

$491,531

$534,619

$500,702

$497,931

$511,422

77

68

74

83

80

The North Shore of Suffolk County saw a dramatic drop in inventory at the beginning of 2020. The lack of inventory continues, off 17% year over year in closed sales. The average sales price has increased by 3% in this region, reflective of the wide range in home values in this area.

Suffolk – South Shore

Closed Sales Average Sales Price Average Days on Market

Q2

Q3

Q4

Q1

Q2

2019

2019

2019

2020

2020

1,513

1,710

1,530

1,215

964

$372,828

$391,287

$394,430

$382,604

$407,009

66

62

63

70

66

Similar to the other regions in this report, South Shore coastal towns saw a 21% decrease in closed sales, with decreased available inventory. There is a 10% increase in prices year over year and rising demand.

Sources: MLS & The Real Estate Report Inc (01/01/2019 – 06/30/2020)

8


LONG ISLAND & QUEENS

Neighborhood Highlights North Fork

Closed Sales Average Sales Price Average Days on Market

Q2

Q3

Q4

Q1

Q2

2019

2019

2019

2019

2020

139

145

127

108

98

$675,481

$673,372

$696,189

$646,928

$747,637

125

105

101

102

115

Listing inventory was tight heading in to 2020 but is down only 8% in closed sales year over year. With Covid-19, the market froze temporarily, but the uptick in 2nd homes as primary residences created a day’s on market and negotiability tightening. The average sales price is up 1% year over year and it is a strong seller’s market.

The Hamptons & Shelter Island

Closed Sales Average Sales Price

Q2

Q3

Q4

Q1

Q2

2019

2019

2019

2020

2020

617

519

375

234

276

$1,381,817

$1,386,524

$1,377,662

$2,581,714

$2,320,270

* Average Days on Market not available.

The Hamptons saw strong results in the first quarter of 2020 and after mid-March, there was a sharp drop in inventory. Sellers hesitated to sell their second homes and instead chose to reside full time in a second home market. Buyers who travelled farther to purchase were met with a lack of availability and need to meet the seller on price. The Hamptons is experiencing a purchase and rental pace they have not seen in years.

9

Sources: MLS & The Real Estate Report Inc (01/01/2019 – 06/30/2020)


LONG ISLAND & QUEENS

Neighborhood Highlights Queens

Closed Sales Average Sales Price Average Days on Market

Q2

Q3

Q4

Q1

Q2

2019

2019

2019

2020

2020

697

820

834

700

353

$699,583

$720,667

$729,188

$713,297

$721,188

78

75

79

83

85

As part of New York City, Queens real estate behaves differently than other areas of Long Island. 2020 started strong with increased sales and rising prices. By the 2nd week of March real estate was declared non-essential, causing a great deal of stress on the market despite rate cuts. The market ended the 2Q with a 21% decrease in sales year over year but with an overall increase in prices of 3%. Since NYC has eased, we expect this market to get busy quickly.

Condo/Co-Op

Closed Sales Average Sales Price Average Days on Market

Q2

Q3

Q4

Q1

Q2

2019

2019

2019

2020

2020

1,649

1,865

1,685

1,375

873

$380,870

$382,645

$378,080

$376,914

$373,713

78

73

74

71

70

The numbers reflect all condo/co-op activity in Nassau/Suffolk and Queens. Inventory was at an 11 year low at the beginning of 2020 as demand outpaced construction. The pause during Covid-19 has pushed back any new construction and therefore we see a 29% decline in closings year over year.

Sources: MLS & The Real Estate Report Inc (01/01/2019 – 06/30/2020)

10


LONG ISLAND & QUEENS

Neighborhood Highlights Luxury ($1.5 Million and Above)*

Closed Sales Average Sales Price Average Days on Market

Q2

Q3

Q4

Q1

Q2

2019

2019

2019

2020

2020

151

113

137

161

117

$2,152,066

$2,133,394

2,108,321

$2,313,659

$2,252,086

151

113

137

161

156

The first quarter of 2020 has been strong for luxury sales due to consumer confidence and the rising stock market. Listing inventory declined as the properties with the highest days on market were cleared from the inventory. Prices are up 6% year over year while closings are off only 4%. New inventory has been slow to come to market. * Excluding the Hamptons & Shelter Island

Old Westbury, NY • SD #2 • MLS# 3229432 • $9,750,000


Inventory LONG ISLAND AND QUEENS

Number of Closed Listings at Various Price Points 6,474

Under $500K

3,147

$500K – $750K

1,075

$750K – $1M

328

$1M – $1.5M

158

$1.5M & Above

11,182

TOTAL


LONG ISLAND & QUEENS

Total Number of Sales by Area 2,500 2,000 1,500 1,000 500 0

Q2

Q3

Q4

Q1

Q2

2019

2019

2019

2020

2020

Nassau – North Shore Suffolk – South Shore

Nassau – South Shore North Fork

Suffolk – North Shore

The Hamptons & Shelter Island

Average Sales Price by Area $3 M $2.5 M $2 M $1.5 M $1 M $500K 0

13

Q2

Q3

Q4

Q1

Q2

2019

2019

2019

2020

2020

Sources: MLS & The Real Estate Report Inc (01/01/2019 – 06/30/2020)

Queens


Local Expertise Global Presence

Centre Island, NY – "High Tide" • SD #6 • MLS# 3219117 • $3,650,000

Absorption Rate Active Listings

Closings (Q2 2020)

Absorption Rate “Months of Supply”

Under $500K

4,624

2,718

5.1

$500K – $750K

3.693

1,408

7.9

$750K – $1M

1,795

495

10.9

$1M – $1.5M

986

187

15.8

1,001

120

25.0

$1.5M & ABOVE

Sources: MLS & The Real Estate Report Inc (01/01/2019 – 06/30/2020)

14


O F F I C E S S T R AT E G I C A L LY L O C AT E D

Throughout Long Island & Queens

Corporate Office

Cutchogue

36 Main Street

28080 Main Road

Cold Spring Harbor, NY 11724

Cutchogue, NY 11935

631.423.1180

631.734.5439

Relocations & Referrals

Garden City

36 Main Street

102 Seventh Street

Cold Spring Harbor, NY 11724

Garden City, NY 11530

800.445.4460

516.248.6655

DGNY Commercial

Glen Head/Old Brookville

2110 Northern Blvd.

240 Glen Head Road

Manhasset, NY 11030

Glen Head, NY 11545

833.346.9266

516.674.2000

Astoria/Long Island City

Great Neck

35-37 36th Street, 2nd Floor

42B Middle Neck Road

Astoria, NY 11106

Great Neck, NY 11021

718.650.5855

516.466.4036

Bayside/Flushing

Greenport

35-16B Francis Lewis Blvd.

114 Main Street

Flushing, NY 11358-1954

Greenport, NY 11944

718.762.2268

631.477.0013

Carle Place/Westbury

Huntington

356 Westbury Avenue

187 Park Avenue

Carle Place, NY 11514

Huntington, NY 11743

516.334.3606

631.427.6600

Cold Spring Harbor

Locust Valley

5 Main Street

1 Buckram Road

Cold Spring Harbor, NY 11724

Locust Valley, NY 11560

631.692.6770

516.759.4800


Manhasset

Shelter Island

364 Plandome Road

11 Grand Avenue

Manhasset, NY 11030

Shelter Island Heights, NY 11965

516.627.4440

631.749.1155

Mattituck

Smithtown

10095 Main Road

81 Route 111

Mattituck, NY 11952

Smithtown, NY 11787

631.298.0300

631.584.6600

Mattituck Love Lane

Stony Brook/Port Jefferson

70 Love Lane, PO Box 1710

1067 Route 25A

Mattituck, NY 11952

Stony Brook, NY 11777

631.298.4130

631.689.6980

Northport

Syosset/Muttontown

77 Main Street

7951 Jericho Turnpike

Northport, NY 11768

Woodbury, NY 11797

631.754.3400

516.677.0030

Port Washington

Westhampton Beach

350 Main Street

100 Main Street

Port Washington, NY 11050

Westhampton Beach, NY 11978

516.883.2900

631.288.1050

Rockville Centre

Wheatley Plaza

36 S. Park Avenue

342 Wheatley Plaza

Rockville Centre, NY 11570

Greenvale, NY 11548

516.678.1510

516.626.7600

Sea Cliff 266 Sea Cliff Avenue Sea Cliff, NY 11579 516.759.6822


danielgale.com Each office is independently owned and operated. We are pledged to provide equal opportunity for housing to any prospective customer or client, without regard to race, color, religion, sex, handicap, familial status or national origin.

Data Sources: MLS (01/01/2019 – 06/30/2020) & The Real Estate Report Inc (01/01/2019 – 06/30/2020)

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