2021 Long Island and Queens Mid-Year Market Report

2021 Long Island and Queens

Mid-Year Market Report

A LETTER FROM

Deirdre O’Connell & Patricia J. Petersen What a difference a year makes! Just 12 short months ago we were in the middle of a pandemic, the housing market was uncertain at best, and no one knew what the future held. Fast forward to the end of the 2nd Quarter, and we have seen the real estate industry experience one of the greatest, fastest comebacks in our lifetime.

The first half of 2021 proved to be one for the record books. Closed sales across Nassau County’s North and South Shores increased by 56% and 44% respectively, while in Suffolk County we saw a 22% jump along the North Shore and a 20% uptick on the South Shore.

Queens demonstrated a very strong market as well with an impressive increase of 62%.

Moving East to the North Fork the numbers were equally as notable with closed sales up by 31%. Not surprisingly, the most remarkable performance came from The Hamptons and Shelter Island where the change in closed sales increased by an astonishing 137%.

The housing market remains robust. Interest rates continue to be favorable and the allure of living on Long Island and Queens is stronger than ever. With that said, there are indicators that there may be an end to the frenzy we saw earlier this year with homes selling fast, multiple offers and oftentimes over asking prices. Total active inventory nationwide is down 43% year over year, however, the number of new listings available in June 2021 compared to June 2020 is up 5.5% which points to the potential of a more balanced market. The same is true right here on Long Island where inventory is not as scarce as it once was as sellers who were hesitant to list their homes at the height of the pandemic are now deciding to sell. And buyers are becoming more discerning about what they want and what they are willing to pay.

What does this mean for sellers? It means it is imperative to competitively price homes and to remember that being “in” the market is much different than just being “on” the market.

We have ready, willing and able buyers but they will not overpay for a home.

At Daniel Gale Sotheby’s International Realty we are cautiously optimistic about the real estate market for the remainder of 2021 and our Real Estate Advisors are ready to assist and guide you – whether you are buying, selling, renting or relocating! Please enjoy our 2021 Mid-Year Market Report. It is full of information about all the areas we service, from Queens across Nassau and Suffolk Counties and inclusive of the North Fork, Shelter Island and the Hamptons.

Deirdre O’Connell

Patricia J. Petersen

Chief Executive Officer

President & Chairman

"Hawk Cove" • Lloyd Neck, NY

LONG ISLAND & QUEENS

Market Overview NASSAU – NORTH SHORE

1,266

+56%

$1,260,167

+26%

Closed Sales

Change in Closed Sales

Average Sales Price

Change in Average Closed Price

2021 Mid-Year

2021 Mid-Year vs.

2021 Mid-Year

2021 Mid-Year vs.

2020 Mid-Year

2020 Mid-Year

NASSAU – SOUTH SHORE

4,080

+44%

$649,284

+14%

Closed Sales

Change in Closed Sales

Average Sales Price

Change in Average Closed Price

2021 Mid-Year

2021 Mid-Year vs.

2021 Mid-Year

2021 Mid-Year vs.

2020 Mid-Year

2020 Mid-Year

SUFFOLK – NORTH SHORE

2,999

+22%

$612,459

+21%

Closed Sales

Change in Closed Sales

Average Sales Price

Change in Average Closed Price

2021 Mid-Year

2021 Mid-Year vs.

2021 Mid-Year

2021 Mid-Year vs.

2020 Mid-Year

2020 Mid-Year

SUFFOLK – SOUTH SHORE

2,606

+20%

$472,038

+20%

Closed Sales

Change in Closed Sales

Average Sales Price

Change in Average Closed Price

2021 Mid-Year

2021 Mid-Year vs.

2021 Mid-Year

2021 Mid-Year vs.

2020 Mid-Year

1

Source: OneKey MLS & The Real Estate Report Inc (1/1/2020 – 6/30/2021)

2020 Mid-Year

“Osprey Landing” • Sands Point, NY

NORTH FORK

272

+31%

$910,989

+31%

Closed Sales

Change in Closed Sales

Average Sales Price

Change in Average Closed Price

2021 Mid-Year

2021 Mid-Year vs.

2021 Mid-Year

2021 Mid-Year vs.

2020 Mid-Year

2020 Mid-Year

THE HAMPTONS & SHELTER ISLAND

1,208

+137%

$2,582,294

+5%

Closed Sales

Change in Closed Sales

Average Sales Price

Change in Average Closed Price

2021 Mid-Year

2021 Mid-Year vs.

2021 Mid-Year

2021 Mid-Year vs.

2020 Mid-Year

2020 Mid-Year

QUEENS

1,702

+62%

$793,278

+11%

Closed Sales

Change in Closed Sales

Average Sales Price

Change in Average Closed Price

2021 Mid-Year

2021 Mid-Year vs.

2021 Mid-Year

2021 Mid-Year vs.

2020 Mid-Year

2020 Mid-Year

Source: OneKey MLS & The Real Estate Report Inc (1/1/2020 – 6/30/2021)

2

“Lume di Luna” • Mill Neck, NY

CONDO/CO - OP

1,708

+27%

$416,736

+11%

Closed Sales

Change in Closed Sales

Average Sales Price

Change in Average Closed Price

2021 Mid-Year

2021 Mid-Year vs.

2021 Mid-Year

2021 Mid-Year vs.

2020 Mid-Year

2020 Mid-Year

LUXURY ($1.5 Million and Above) *

495

+95%

$2,355,717

+2%

Closed Sales

Change in Closed Sales

Average Sales Price

Change in Average Closed Price

2021 Mid-Year

2021 Mid-Year vs.

2021 Mid-Year

2021 Mid-Year vs.

2020 Mid-Year

3

Source: OneKey MLS & The Real Estate Report Inc (1/1/2020 – 6/30/2021)

2020 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

(2021 vs. 2020)

4.7%

0%

2021 Mid-Year

6,776

71

2020 Mid-Year

6,474

71

(2021 vs. 2020)

90%

-5%

2021 Mid-Year

5,979

78

2020 Mid-Year

3,147

82

(2021 vs. 2020)

109%

-1%

2021 Mid-Year

2,247

93

2020 Mid-Year

1,075

94

(2021 vs. 2020)

157%

-2%

2021 Mid-Year

842

120

2020 Mid-Year

328

122

(2021 vs. 2020)

244%

-4%

2021 Mid-Year

543

150

2020 Mid-Year

158

157

Sag Harbor, NY

Average Days on Market & Listing Discount LONG ISLAND AND QUEENS

Average Days on Market Selling Price vs. Asking Price

Q2

Q3

Q4

Q1

Q2

2020

2020

2020

2021

2021

81

82

70

72

73

3.4%

2.5%

1.6%

1.7%

1.2%

Average Days on Market & Listing Discount * Listing Discount

Avg. DOM

4%

100

2%

80

0%

60

Q2

Q3

Q4

Q1

Q2

2020

2020

2020

2021

2021

Average Days on Market 5

Source: OneKey MLS & The Real Estate Report Inc (1/1/2020 – 6/30/2021)

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

2020

2020

2020

2021

2021

121

248

324

236

259

Average Sales Price

$2,275,018

$2,260,902

$2,113,003

$2,342,048

$2,369,387

Highest Sales Price

$6,975,000

$10,650,000

$10,000,000

$8,800,000

$20,100,000

Closed Sales

Average Sales Price & Closed Sales Avg. Sales Price

Closed Sales

$2,500,000 300

200

$2,250,000

100

$2,000,000

Q2

Q3

Q4

Q1

Q2

2020

2020

2020

2021

2021

Closed Sales * Excluding the Hamptons & Shelter Island

Average Sales Price Source: OneKey MLS & The Real Estate Report Inc (1/1/2020 – 6/30/2021)

6

LONG ISLAND & QUEENS

Neighborhood Highlights Nassau – North Shore

Closed Sales Average Sales Price Average Days on Market

Q2

Q3

Q4

Q1

Q2

2020

2020

2020

2021

2021

359

706

881

612

654

$1,228,704

$1,229,592

$1,137,769

$1,239,983

$1,279,055

116

106

92

67

64

At the midway mark of the year, we’ve seen the number of closed sales on the North Shore of Nassau County more than double compared to this time last year and the average sale price has risen by 26%. Homes not only sold at a higher price but they also sold faster as we see the average days on the market drop from 116 days to just 64.

Nassau – South Shore

Closed Sales Average Sales Price Average Days on Market

Q2

Q3

Q4

Q1

Q2

2020

2020

2020

2021

2021

1,232

2,150

2,778

2,092

1,988

$595,872

$590,806

$622,020

$635,573

$663,712

76

77

71

67

64

The coastal towns along the South Shore of Nassau County have experienced a steady increase in both the average sales price and the number of closed listings over the past year, while the average days on market continued to decrease, reflecting greater buyer demand than available inventory.

7

Source: OneKey MLS & The Real Estate Report Inc (1/1/2020 – 6/30/2021)

LONG ISLAND & QUEENS

Neighborhood Highlights Suffolk – North Shore

Closed Sales Average Sales Price Average Days on Market

Q2

Q3

Q4

Q1

Q2

2020

2020

2020

2021

2021

1,199

1,875

2,242

1,592

1,407

$508,737

$552,980

$608,958

$588,700

$639,342

76

77

58

62

63

The North Shore of Suffolk County saw one of the greatest increases in average sales price across all of Long Island with an uptick of 21% year over year.

Suffolk – South Shore

Closed Sales Average Sales Price Average Days on Market

Q2

Q3

Q4

Q1

Q2

2020

2020

2020

2021

2021

1,093

1,410

1,713

1,350

1,256

$410,397

$428,469

$453,953

$460,764

$484,156

69

67

57

56

57

A shortage of inventory seems to be a common driver of activity among all the neighborhoods across Long Island. This is certainly the case on the South Shore of Suffolk County where we saw a dramatic drop in the average days on the market while the average sales price rose by 20%.

Source: OneKey MLS & The Real Estate Report Inc (1/1/2020 – 6/30/2021)

8

LONG ISLAND & QUEENS

Neighborhood Highlights North Fork

Closed Sales Average Sales Price Average Days on Market

Q2

Q3

Q4

Q1

Q2

2020

2020

2020

2021

2021

102

208

233

143

129

$734,401

$775,360

$850,722

$881,616

$943,550

132

111

79

78

84

The normally seasonal North Fork of Long Island became a year-round haven for buyers seeking more living space and more green space. This was evident in the impressive rise in the number of sales by 31% and the average sales price increase of over $200,000.

The Hamptons & Shelter Island *

Closed Sales Average Sales Price

Q2

Q3

Q4

Q1

Q2

2020

2020

2020

2021

2021

276

438

529

776

432

$2,320,270

$2,118,341

$2,499,278

$2,413,806

$2,884,949

* Average Days on Market not available.

We anticipated a surge in activity for The Hamptons and Shelter Island as many people fled Manhattan over the past year. What we saw was an astonishing increase in closed sales by 137% and a 5% increase in the average sales price.

9

Source: OneKey MLS & The Real Estate Report Inc (1/1/2020 – 6/30/2021)

LONG ISLAND & QUEENS

Neighborhood Highlights Queens

Closed Sales Average Sales Price Average Days on Market

Q2

Q3

Q4

Q1

Q2

2020

2020

2020

2021

2021

393

563

869

829

873

$717,391

$741,618

$767,695

$782,492

$803,520

87

98

85

81

85

Queens continues to thrive in this market with an impressive 62% increase in the number of sales year over year while the average days on the market held fairly steady.

Condo/Co-Op

Closed Sales Average Sales Price Average Days on Market

Q2

Q3

Q4

Q1

Q2

2020

2020

2020

2021

2021

998

1,238

1,787

1,680

1,799

$378,324

$389,547

$412,611

$395,582

$402,037

78

87

76

85

89

The Condo and Co-Op market continues to improve as buyers are transitioning back into full service community living.

Source: OneKey MLS & The Real Estate Report Inc (1/1/2020 – 6/30/2021)

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

2020

2020

2020

2021

2021

124

245

331

244

271

$2,249,260

$2,246,259

$2,103,091

$2,316,535

$2,336,728

150

144

119

128

141

One of the greatest comebacks over the past year has been the luxury market.

We haven’t had this kind of demand for our grand Gold Coast estates in nearly 10 years, as evidenced by the highest price sale so far in 2021 of $20,100,000.

* Excluding the Hamptons & Shelter Island

Inventory LONG ISLAND AND QUEENS

Number of Closed Listings at Various Price Points Under $500K

6,776

$500K – $750K

5,979

$750K – $1M

2,247

$1M – $1.5M

842

$1.5M & Above

543

TOTAL

16,387

Long Beach, NY

LONG ISLAND & QUEENS

Total Number of Sales by Area 3,000 2,500 2,000 1,500 1,000 500 0

Q2

Q3

Q4

Q1

Q2

2020

2020

2020

2021

2021

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

2020

2020

2020

2021

2021

Source: OneKey MLS & The Real Estate Report Inc (1/1/2020 – 6/30/2021)

Queens

Forest Hills, NY

Absorption Rate Active Listings

Closings (Mid-Year 2021)

Absorption Rate “Months of Supply”

Under $500K

4,021

3,167

3.8

$500K – $750K

3,044

2,977

3.1

$750K – $1M

1,594

1,208

4.0

$1M – $1.5M

916

466

5.9

1,123

282

11.9

$1.5M & Above

Source: OneKey MLS & The Real Estate Report Inc (1/1/2020 – 6/30/2021)

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 Headquarters

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

516.402.3469

516.674.2000

Astoria/Long Island City

Great Neck

28-07 Ditmars Blvd.

42B Middle Neck Road

Astoria, NY 11105

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

Long Beach

Sea Cliff

350 National Blvd

266 Sea Cliff Avenue

Long Beach, NY 11561

Sea Cliff, NY 11579

516.670.1700

516.759.6822

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

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.

Source: OneKey MLS & The Real Estate Report Inc (1/1/2020 – 6/30/2021)