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Q3 2020 Long Island and Queens

Market Report


A LETTER FROM

Deirdre O’Connell & Patricia J. Petersen 2020 will be remembered as a year like no other. Nearly every facet of day-to-day life has been affected, and nearly every industry has seen its share of change, real estate included. During 2020 the median price in Queens and on Long Island has risen 7.29% and the median pending (under contract) price has soared 11.46%. While many industries have been challenged as a result of the Covid-19 pandemic, this is not true for residential real estate economics. In some markets, such as the North Fork and the Hamptons, median home sales are at an average 15-year high, and on Long Island in general, including condominiums and rentals, sales have soared. The Luxury market, which we define as prices over $1.5 million, also rose. Available inventory at all price levels will be our biggest challenge in the fourth quarter and most likely into early next year as well. The real story for the third quarter in 2020 lies in this lack of available inventory, driving prices up and creating urgency for buyers actively searching for their next home. Today, more than ever before, buyers begin their journey online, making the digital/virtual presentation of a property more important than ever before. Professional photography, virtual tours and of course proper pricing all make a difference in the way a property is received by the buying public. Daniel Gale Sotheby’s International Realty continues to provide the highest level of service at every price point. Our professional sales consultants have all the tools necessary to help you achieve your real estate goals – either virtually or safely in person. Our White Glove concierge service enables us to help you stage, renovate or update the home you plan to sell without any upfront cost, and our intimate knowledge of the local marketplace allows us to guide you toward the best pricing strategies. Knowing they can search with ease and confidence for the community and properties they desire, more buyers search our website for listings on Long Island than any other local company! The Long Island and Queens markets began 2020 at an all-time high, came to a screeching halt in April and May and then ramped up and successfully charged through the Summer and early Fall. We are very proud that no matter what the world throws our way, our Daniel Gale Sotheby’s International Realty team quickly adjusts its strategies to provide you with the appropriate market information and professional service. We invite you to reach out to any of our 850+ trusted real estate advisors and allow them to guide you through your next real estate transaction. Daniel Gale…There is a Difference!

Deirdre O’Connell

Patricia J. Petersen

Chief Executive Officer

President & Chairman


"Linden Hill" • Locust Valley, NY • MLS# 3133083


LONG ISLAND & QUEENS

Market Overview NASSAU – NORTH SHORE

675

-11%

$1,226,910

+14%

Closed Sales

Change in Closed Sales

Average Sales Price

Change in Average Closed Price

Q3 2020

(Q3 2020 vs. Q3 2019)

Q3 2020

(Q3 2020 vs. Q3 2019)

NASSAU – SOUTH SHORE

2,101

-13%

$590,874

+5%

Closed Sales

Change in Closed Sales

Average Sales Price

Change in Average Closed Price

Q3 2020

(Q3 2020 vs. Q3 2019)

Q3 2020

(Q3 2020 vs. Q3 2019)

SUFFOLK – NORTH SHORE

1,816

-13%

$558,718

+5%

Closed Sales

Change in Closed Sales

Average Sales Price

Change in Average Closed Price

Q3 2020

(Q3 2020 vs. Q3 2019)

Q3 2020

(Q3 2020 vs. Q3 2019)

SUFFOLK – SOUTH SHORE

1

1,306

-24%

$425,855

+9%

Closed Sales

Change in Closed Sales

Average Sales Price

Change in Average Closed Price

Q3 2020

(Q3 2020 vs. Q3 2019)

Q3 2020

(Q3 2020 vs. Q3 2019)

Sources: MLS & The Real Estate Report Inc (01/01/2019 – 09/30/2020)


“Arden Manor” • Sands Point, NY • MLS# 3256555

NORTH FORK

198

+37%

$795,104

+18%

Closed Sales

Change in Closed Sales

Average Sales Price

Change in Average Closed Price

Q3 2020

(Q3 2020 vs. Q3 2019)

Q3 2020

(Q3 2020 vs. Q3 2019)

THE HAMPTONS & SHELTER ISLAND

438

-16%

$2,118,341

+53%

Closed Sales

Change in Closed Sales

Average Sales Price

Change in Average Closed Price

Q3 2020

(Q3 2020 vs. Q3 2019)

Q3 2020

(Q3 2020 vs. Q3 2019)

533

-35%

$735,082

+2%

Closed Sales

Change in Closed Sales

Average Sales Price

Change in Average Closed Price

Q3 2020

(Q3 2020 vs. Q3 2019)

Q3 2020

(Q3 2020 vs. Q3 2019)

QUEENS

Sources: MLS & The Real Estate Report Inc (01/01/2019 – 09/30/2020)

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Hampton Bays, NY • MLS# 3255945

CONDO/CO - OP

1,168

-37%

$395,331

+3%

Closed Sales

Change in Closed Sales

Average Sales Price

Change in Average Closed Price

Q3 2020

(Q3 2020 vs. Q3 2019)

Q3 2020

(Q3 2020 vs. Q3 2019)

LUXURY ($1.5 Million and Above) *

3

238

+18%

$2,300,330

+8%

Closed Sales

Change in Closed Sales

Average Sales Price

Change in Average Closed Price

Q3 2020

(Q3 2020 vs. Q3 2019)

Q3 2020

(Q3 2020 vs. Q3 2019)

Sources: MLS & The Real Estate Report Inc (01/01/2019 – 09/30/2020)

* 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)

–30%

+17%

Q3 2020

3,832

76

Q3 2019

5.434

65

(2020 vs. 2019)

–10%

+15%

Q3 2020

2,549

78

Q3 2019

2,816

68

(2020 vs. 2019)

–12%

+20%

Q3 2020

867

95

Q3 2019

983

79

(2020 vs. 2019)

–11%

+37%

Q3 2020

353

114

Q3 2019

397

83

(2020 vs. 2019)

+20%

+25%

Q3 2020

254

141

Q3 2019

211

113

"Red Oaks" • Locust Valley, NY • MLS# 3256300.


Average Days on Market Listing Price LONG ISLAND AND QUEENS

Q3

Q4

Q1

Q2

Q3

2019

2019

2020

2020

2020

Average Days on Market

69

75

82

79

82

Selling Price vs. Asking Price

2%

2.7%

3.7%

2.9%

2.6%

Average Days on Market vs. Listing Discount * 4%

100

2%

80

0%

60

Q3

Q4

Q1

Q2

Q3

2019

2019

2020

2020

2020

Average Days on Market 5

Sources: MLS & The Real Estate Report Inc (01/01/2019 – 09/30/2020)

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

Q3

Q4

Q1

Q2

Q3

2019

2019

2020

2020

2020

211

173

148

124

254

Average Sales Price

$2,126,458

$2,098,628

$2,266,590

$2,235,567

$2,288,667

Highest Sales Price

$9,035,000

$10,400,000

$7,700,000

$6,975,000

$10,650,000

Closed Sales

Average Sales Price vs. # of Closed Sales 300

$2,500,000

200 $2,250,000

100 $2,000,000

Q3

Q4

Q1

Q2

Q3

2019

2019

2020

2019

2020

Closed Sales * Includes homes & condo/co-ops. Excludes the Hamptons & Shelter Island

Average Sales Price Sources: MLS & The Real Estate Report Inc (01/01/2019 – 09/30/2020)

6


LONG ISLAND & QUEENS

Neighborhood Highlights Nassau – North Shore

Closed Sales Average Sales Price Average Days on Market

Q3

Q4

Q1

Q2

Q3

2019

2019

2020

2020

2020

757

565

434

344

675

$1,074,606

$1,081,201

$1,157,894

$1,231,073

$1,226,910

83

97

116

116

106

The average sales price rose 23% year over year to reach new records, due in part to a significant decline in inventing.

Nassau – South Shore

Closed Sales Average Sales Price Average Days on Market

Q3

Q4

Q1

Q2

Q3

2019

2019

2020

2020

2020

2,413

2,232

1,683

1,190

2,101

$561,767

$557,922

$549,099

$599,047

$590,874

64

74

81

75

77

Along Nassau County's South Shore communities the average price rose while days on market remained somewhat consistent. Inventory began to rise, but not enough to meet the needs of the buyer.

7

Sources: MLS & The Real Estate Report Inc (01/01/2019 – 09/30/2020)


LONG ISLAND & QUEENS

Neighborhood Highlights Suffolk – North Shore

Closed Sales Average Sales Price Average Days on Market

Q3

Q4

Q1

Q2

Q3

2019

2019

2020

2020

2020

2,093

1,775

1,320

1,152

1,816

$534,619

$500,702

$498,299

$510,662

$558,718

68

74

83

77

77

The North Shore of Suffolk County has a wide range of prices. The average sales price reached an all time high and inventory remains low.

Suffolk – South Shore

Closed Sales Average Sales Price Average Days on Market

Q3

Q4

Q1

Q2

Q3

2019

2019

2020

2020

2020

1,710

1,530

1,215

999

1,306

$391,287

$394,430

$382,604

$407,279

$425,855

62

63

70

67

68

Year over year, the average price has increased almost 10%. The number of closed units rose from the 2nd Quarter, but inventory remains low.

Sources: MLS & The Real Estate Report Inc (01/01/2019 – 09/30/2020)

8


LONG ISLAND & QUEENS

Neighborhood Highlights North Fork

Closed Sales Average Sales Price Average Days on Market

Q3

Q4

Q1

Q2

Q3

2019

2019

2019

2020

2020

145

127

110

102

198

$673,372

$696,189

$646,925

$748,112

$795,104

105

101

101

128

113

The average sales price has risen to its highest level in over a decade. Inventory, however was at its lowest rate in a decade and resulted in bidding wars in many instances.

The Hamptons & Shelter Island *

Closed Sales Average Sales Price

Q3

Q4

Q1

Q2

Q3

2019

2019

2020

2020

2020

519

375

234

276

438

$1,386,524

$1,377,662

$2,581,714

$2,320,270

$2,118,341

* Average Days on Market not available.

Listing inventory remains low in the Hamptons and Shelter Island. Many listings that have been lingered have been sold and the average price reflected that.

9

Sources: MLS & The Real Estate Report Inc (01/01/2019 – 09/30/2020)


LONG ISLAND & QUEENS

Neighborhood Highlights Queens

Closed Sales Average Sales Price Average Days on Market

Q3

Q4

Q1

Q2

Q3

2019

2019

2020

2020

2020

820

834

700

367

533

$720,667

$729,188

$713,297

$719,932

$735,082

75

79

83

85

100

Sales in Queens have begun to pick up after experiencing a sharp decline earlier this year. The average sales price has rebounded after a sharp decline in spring of 2020.

Condo/Co-Op

Closed Sales Average Sales Price Average Days on Market

Q3

Q4

Q1

Q2

Q3

2019

2019

2020

2020

2020

1,865

1,685

1,375

900

1,168

$382,645

$378,080

$377,100

$371,258

$395,331

73

74

78

77

89

Condominiums and Co-Op sales are off nearly 40% year over year, which helped to drive pricing up.

Sources: MLS & The Real Estate Report Inc (01/01/2019 – 09/30/2020)

10


LONG ISLAND & QUEENS

Neighborhood Highlights Luxury ($1.5 Million and Above)*

Closed Sales Average Sales Price Average Days on Market

Q3

Q4

Q1

Q2

Q3

2019

2019

2020

2020

2020

202

164

137

120

238

$2,133,394

$2,108,321

$2,304,080

$2,254,976

$2,300,330

113

137

161

155

146

The luxury market in Queens, Nassau and Suffolk Counties has increased in average price and units year over year. Much of the older inventory has traded as this sector remains attractive to buyers making lifestyle decisions. * Excluding the Hamptons & Shelter Island

"Le' Paradis" • Matinecock, NY • MLS# 3216400


Inventory LONG ISLAND AND QUEENS

Number of Closed Listings at Various Price Points 3,832

Under $500K

2,549

$500K – $750K

867

$750K – $1M

353

$1M – $1.5M

254

$1.5M & Above

7,855

TOTAL


LONG ISLAND & QUEENS

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

Q3

Q4

Q1

Q2

Q3

2019

2019

2020

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

Q3

Q4

Q1

Q2

Q3

2019

2019

2020

2020

2020

Sources: MLS & The Real Estate Report Inc (01/01/2019 – 09/30/2020)

Queens


Lido Beach, NY • MLS# 3238956

Absorption Rate Active Listings

Closings (Q3 2020)

Absorption Rate “Months of Supply”

Under $500K

4,586

3,832

3.6

$500K – $750K

3,721

2,549

4.4

$750K – $1M

2,005

867

6.9

$1M – $1.5M

1,162

353

9.9

$1.5M & ABOVE

1,283

254

15.2

Sources: MLS & The Real Estate Report Inc (01/01/2019 – 09/30/2020)

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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


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.

Data Sources: MLS (01/01/2019 – 09/30/2020) & The Real Estate Report Inc (01/01/2019 – 09/30/2020)

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Q3 2020 Long Island and Queens Market Report  

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