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2019 Long Island and Queens

Market Report


Welcome Welcome to our 2019 Long Island and Queens Market Report. The information you’ll find in the following pages will provide a current assessment of the overall real estate market on Long Island as well as specific neighborhood highlights.

The Long Island real estate market overall remains dynamic, as a new generation of buyers is poised to purchase homes. The tightened inventory we saw throughout 2019 has helped drive up the average sales price in both Nassau and Suffolk Counties to $666,695 and $487,775, respectively, and remains among the highest in the country. These new buyers, many of whom are millennials, are redefining our markets with the type of homes and amenities they are attracted to. There is an increase in home sales for new and newly renovated properties, those with a walkability factor, as well as homes with smart house technology.

The luxury market, defined as homes with a sales price of $1,500,000 and above, has seen a slowdown across the country and we are feeling it here, too. Inventory has outpaced purchases and the SALT tax became a factor for buyers looking at homes in high tax areas. Starting in the late fall of 2018, and continuing well into 2019, there was a drop in the number of transactions as well as in the average closed price. Nevertheless, there are opportunities for buyers at this moment, as many markets have returned to normal from the formerly frenetic pace of a few years ago.

While the softening that occurred in 2018 and early 2019 was partially attributed to the SALT reform of 2017, the markets seem to have absorbed these new realities and have begun to offset the effects with low interest rates, low unemployment rates and low mortgage rates which are predicted to remain very affordable through 2020. With these key indicators all remaining positive for home buyers and sellers, our outlook for 2020 remains cautiously optimistic. We encourage you to reach out to one of our trusted Real Estate Advisors to assist you with all of your real estate needs.

DEIRDRE O’CONNELL

Chief Executive Officer


2019

Market Overview LONG ISLAND AND QUEENS The Market Overview is presented in six geographic areas: Nassau North Shore, Nassau South Shore, Suffolk North Shore, Suffolk South Shore, the North Fork and Queens. (The Long Island Expressway was used as a divider between the North and South shores). The Condo/Co-Op and Luxury Markets (over $1.5 million) were given their own category and are inclusive of Nassau, Suffolk and Queens. Since the data provided for the Hamptons proved unreliable, we have chosen not include that in this report.

NASSAU – NORTH SHORE

2,865 Closed Sales

-0.1% Change in

$990,621

-2.3%

Average Sales Price

Change in Average

Closed Sales

Closed Price

(2019 vs. 2018)

(2019 vs. 2018)

NASSAU – SOUTH SHORE

9,322 Closed Sales

+1.1% Change in

$529,445

+3.2%

Average Sales Price

Change in Average

Closed Sales

Closed Price

(2019 vs. 2018)

(2019 vs. 2018)

Sources: MLS & The Real Estate Report (01/01/2019 – 12/31/2019)


2019

Market Overview LONG ISLAND AND QUEENS

SUFFOLK – NORTH SHORE

8,178 Closed Sales

+1.7% Change in

$484,066

+5.4%

Average Sales Price

Change in Average

Closed Sales

Closed Price

(2019 vs. 2018)

(2019 vs. 2018)

SUFFOLK – SOUTH SHORE

6,703 Closed Sales

-1.8% Change in

$369,053

+7.6%

Average Sales Price

Change in Average

Closed Sales

Closed Price

(2019 vs. 2018)

(2019 vs. 2018)

Sources: MLS & The Real Estate Report (01/01/2019 – 12/31/2019)


NORTH FORK

560 Closed Sales

-3.9% Change in

$664,305

-6.1%

Average Sales Price

Change in Average

Closed Sales

Closed Price

(2019 vs. 2018)

(2019 vs. 2018)

THE HAMPTONS & SHELTER ISLAND

2,919 Closed Sales

-17.6% Change in

$1,389,483

-0.1%

Average Sales Price

Change in Average

Closed Sales

Closed Price

(2019 vs. 2018)

(2019 vs. 2018)

QUEENS

6,242 Closed Sales

-2.1% Change in

$544,104

+1.3%

Average Sales Price

Change in Average

Closed Sales

Closed Price

(2019 vs. 2018)

(2019 vs. 2018)

Sources: MLS & The Real Estate Report (01/01/2019 – 12/31/2019)

4


CONDO/CO - OP

3,618 -4.4% $382,594 +8.0% Closed Sales

Change in

Average Sales Price

Change in Average

Closed Sales

Closed Price

(2019 vs. 2018)

(2019 vs. 2018)

LUXURY ($1.5 Million and Above)

635 Closed Sales

5

-2.9% $2,163,412 -5.5% Change in

Average Sales Price

Change in Average

Closed Sales

Closed Price

(2019 vs. 2018)

(2019 vs. 2018)

Sources: MLS & The Real Estate Report (01/01/2019 – 12/31/2019)


LONG ISLAND AND QUEENS

Overall Price Point Breakdown

Under $500K

$500K – $750K

$750K – $1M

$1M – $1.5M

$1.5M & ABOVE

Closed

Average

Sales

Days on Market

(2019 vs. 2018)

-5%

-4.3%

2019 Total

16,677

67

2018 Total

17,561

70

(2019 vs. 2018)

10%

2.8%

2019 Total

7,121

74

2018 Total

6,425

72

(2019 vs. 2018)

11%

4.5%

2019 Total

2,188

92

2018 Total

1,971

88

(2019 vs. 2018)

7.7%

-0.9%

2019 Total

980

105

2018 Total

910

106

(2019 vs. 2018)

-2.9%

-10.3%

2019 Total

635

131

2018 Total

654

146

Sources: MLS & The Real Estate Report (01/01/2019 – 12/31/2019)


Average Days on Market Listing Price LONG ISLAND AND QUEENS

Average Days on Market Selling Price vs. Asking Price

Q4

Q1

Q2

Q3

Q4

2018

2019

2019

2019

2019

73

83

75

67

73

2.2%

2.7%

2.0%

1.9%

2.6%

Average Days on Market vs. Listing Discount * 3%

100

2.5% 80 2.0%

60

1.5%

Q4

Q1

Q2

Q3

Q4

2018

2019

2019

2019

2019

Average Days on Market 7

Sources: MLS & The Real Estate Report (01/01/2019 – 12/31/2019)

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


The Luxury Market CLOSED SALES, AVERAGE SALES PRICE & HIGHEST SALES PRICE

Q4

Q1

Q2

Q3

Q4

2018

2019

2019

2019

2019

156

136

159

188

152

Average Sales Price

$2,340,713

$2,184,044

$2,180,549

$2,159,929

$2,131,333

Highest Sales Price

$9,800,000

$5,050,000

$6,500,000

$9,035,000

$10,400,000

Closed Sales

Average Sales Price vs. # of Closed Sales $2,500,000

200

$2,250,000

100

$2,000,000

0

Q4

Q1

Q2

Q3

Q4

2018

2019

2019

2019

2019

Closed Sales

Average Sales Price Sources: MLS & The Real Estate Report (01/01/2019 – 12/31/2019)

8


LONG ISLAND & QUEENS

Neighborhood Highlights Nassau – North Shore

Closed Sales Average Sales Price Average Days on Market

Q4

Q1

Q2

Q3

Q4

2018

2019

2019

2019

2019

689

557

685

917

706

$1,000,714

$991,118

$1,000,653

$985,462

$987,196

88

105

101

83

94

Momentum increased during 2019 along Nassau’s North Shore with the number of sales up from earlier in the year. However, the average sales price decreased, which is reflective of the many incorporated villages and hamlets that are made up of luxury homes.

Nassau – South Shore

Closed Sales Average Sales Price Average Days on Market

Q4

Q1

Q2

Q3

Q4

2018

2019

2019

2019

2019

2,473

1,882

2,258

2,672

2,510

$517,386

$510,564

$522,142

$542,244

$536,547

70

78

71

65

74

With the exception of Q1, 2019 saw a steady pace of real estate sales for Nassau’s South Shore, both in average sales price and days on market, indicating this region was operating in a normal market where buyers and sellers remained consistent in both asking and purchase prices.

9

Sources: MLS & The Real Estate Report (01/01/2019 – 12/31/2019)


LONG ISLAND & QUEENS

Neighborhood Highlights Suffolk – North Shore

Closed Sales Average Sales Price Average Days on Market

Q4

Q1

Q2

Q3

Q4

2018

2019

2019

2019

2019

2,159

1,583

1,991

2,484

2,120

$457,252

$468,792

$474,509

$507,725

$476,726

76

85

76

66

73

Suffolk’s North Shore saw a healthy number of transactions at a consistent average price after Q1 2019. More affordable than some of it’s neighboring villages to the west, this area grew 5.5% year over year.

Suffolk – South Shore

Closed Sales Average Sales Price Average Days on Market

Q4

Q1

Q2

Q3

Q4

2018

2019

2019

2019

2019

1,841

1,373

1,680

1,927

1,723

$351,687

$341,210

$363,987

$381,589

$382,158

64

74

66

61

62

With an overall 7.6% increase in average price, Suffolk’s South Shore represents the strongest growth segment of the Long Island residential market, due to a lack of inventory and high demand.

Sources: MLS & The Real Estate Report (01/01/2019 – 12/31/2019)

10


LONG ISLAND & QUEENS

Neighborhood Highlights North Fork

Closed Sales Average Sales Price Average Days on Market

Q4

Q1

Q2

Q3

Q4

2018

2019

2019

2019

2019

172

100

147

169

144

$720,296

$677,991

$670,081

$644,972

$671,593

108

126

123

101

102

The North Fork experienced a very slow start to the year, and while it has gained momentum, closed sales were off nearly 4% and there was a decrease in average sales price as well.

The Hamptons & Shelter Island

Closed Sales Average Sales Price

Q4

Q1

Q2

Q3

Q4

2018

2019

2019

2019

2019

944

645

908

835

531

$1,366,096

$1,346,705

$1,439,509

$1,141,278

$1,746,202

A decline in sales during Q4 of 2019 contributed to the overall reduction in year end figures on the South Fork. The Westhampton area, west of Shinnecock Canal, experienced the greatest activity throughout the year. 11

Sources: MLS & The Real Estate Report (01/01/2019 – 12/31/2019)


LONG ISLAND & QUEENS

Neighborhood Highlights Queens

Closed Sales Average Sales Price Average Days on Market

Q4

Q1

Q2

Q3

Q4

2018

2019

2019

2019

2019

1,638

1,463

1,506

1,683

1,590

$544,465

$522,799

$527,366

$554,024

$569,059

74

81

82

78

80

The Queens market remained healthy throughout 2019, with a steady number of transactions and average days on market and a consistent average sales price.

Condo/Co-Op

Closed Sales Average Sales Price Average Days on Market

Q4

Q1

Q2

Q3

Q4

2018

2019

2019

2019

2019

1,003

736

875

1,039

968

$371,799

$366,494

$395347

$383,506

$382,329

70

80

71

65

69

The Condo/Co-Op market is an increased source of opportunity across Long Island as consumers continue to look for a more convenient lifestyle.

Sources: MLS & The Real Estate Report (01/01/2019 – 12/31/2019)

12


LONG ISLAND & QUEENS

Neighborhood Highlights Luxury ($1.5 Million and Above)

Closed Sales Average Sales Price Average Days on Market

Q4

Q1

Q2

Q3

Q4

2018

2019

2019

2019

2019

156

136

159

188

152

$2,340,713

$2,184,044

$2,180,549

$2,159,929

$2,131,333

156

137

140

115

139

Among the most challenging segments of our market in 2019, the luxury market saw a drop in sales at the end of 2018. This is reflected in the Q2 2019 closed numbers. On a positive note, there was an improvement in activity at the end of 2019 and we look forward to that continuing through 2020.

Sources: MLS & The Real Estate Report (01/01/2019 – 12/31/2019)


Sources: MLS & The Real Estate Report (01/01/2019 – 12/31/2019)


LONG ISLAND & QUEENS

Total Number of Sales by Area 3,000 2,500 2,000 1,500 1,000 500 200

Q4

Q1

Q2

Q3

Q4

2018

2019

2019

2019

2019

Nassau – North Shore Suffolk – South Shore

Nassau – South Shore North Fork

Suffolk – North Shore

The Hamptons & Shelter Island

Average Sales Price by Area 1.2 M

1M

800k

600k

400k

200k

15

Q4

Q1

Q2

Q3

Q4

2018

2019

2019

2019

2019

Sources: MLS & The Real Estate Report (01/01/2019 – 12/31/2019)

Queens


Inventory LONG ISLAND AND QUEENS

Number of Closed Listings at Various Price Points 16,677

Under $500K

7,121

$500K – $750K

2,188

$750K – $1M

980

$1M – $1.5M

635

$1.5M & Above

27,601

TOTAL

Absorption Rate Active Listings (12/31/19)

Closings (Q4 2019)

Absorption Rate “Months of Supply”

Under $500K

3,471

4,295

2.4

$500K – $750K

2,227

1,931

3.5

$750K – $1M

1,110

571

5.8

$1M – $1.5M

658

249

7.9

$1.5M & ABOVE

804

152

15.9

Sources: MLS & The Real Estate Report (01/01/2019 – 12/31/2019)

16


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

Glen Head/Old Brookville

36 Main Street

240 Glen Head Road

Cold Spring Harbor, NY 11724

Glen Head, NY 11545

800.445.4460

516.674.2000

DGNY Commercial

Greenport

2110 Northern Blvd.

114 Main Street

Manhasset, NY 11030

Greenport, NY 11944

833.346.9266

631.477.0013

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

Huntington

35-16B Francis Lewis Blvd.

187 Park Avenue

Flushing, NY 11358-1954

Huntington, NY 11743

718.762.2268

631.427.6600

Carle Place/Westbury

Locust Valley

356 Westbury Avenue

1 Buckram Road

Carle Place, NY 11514

Locust Valley, NY 11560

516.334.3606

516.759.4800

Cold Spring Harbor

Manhasset

5 Main Street

364 Plandome Road

Cold Spring Harbor, NY 11724

Manhasset, NY 11030

631.692.6770

516.627.4440


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 Shelter Island 17 Grand Avenue Shelter Island Heights, NY 11965 631.749.1155


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 – 12/31/2019) & The Real Estate Report (01/01/2019 – 12/31/2019)

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2019 Long Island and Queens Market Report  

2019 Long Island and Queens Market Report