NEW YORK, July 26, 2013 /PRNewswire/ -- Douglas Elliman released their 2Q 2013 Market Reports for Long Island, the Hamptons and the North Fork. All three reports show a trend of a quickened sales pace, falling inventory and high median sales prices.
"Long Island is hot, with home sales surging," said Dottie Herman, President and CEO of Douglas Elliman, New York's largest residential brokerage. The region saw its fastest sales pace since 2005, with pending sales jumping, prices rising and a falling inventory. "From a big picture perspective, Long Island has emerged with great sales and rising prices in most of the communities."
"The Hamptons were also extremely strong, with the highest number sales since 2006. We've been paying attention to the top end of the market," said Jonathan Miller, President and CEO of Miller Samuel and the author of the report, "and now we are finally seeing the middle of the market show some strength. What we saw this past quarter was that the $1 million to $5 million homes took off in a big, big way." Listing inventory in the Hamptons continued to fall, and sales achieved their second highest median price in five years.
On the North Fork, housing prices were up across all segments, yet credit remained tight keeping inventory levels low. There was a drop in marketing time, which also caused inventory to fall from year-ago levels.
About Douglas Elliman Real Estate
Douglas Elliman Real Estate is New York's largest residential brokerage, with over 70 offices in New York City, Long Island, the Hamptons ,Westchester/Putnam, and South Florida and more than 4,000 real estate agents and a network of national and international affiliates. They are strategic partners with London-based Knight Frank LLP for residential business in all of their New York markets. Douglas Elliman ranked in the top four of all real estate companies in the nation in 2007, 2008, 2009, 2010, 2011, and 2012. The company also controls a portfolio of real estate and homeowner services, including Manhattan's largest residential property manager, Douglas Elliman Property Management, as well as DE Title and DE Capital Mortgage. For more information on Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, visit the Douglas Elliman site at www.elliman.com
About Miller Samuel
Miller Samuel is an appraisal and consulting services firm covering the New York City metropolitan area. Miller Samuel provided property valuations of more than $5,000,000,000 in the past year. The company's clients include domestic and international financial institutions, law firms, consulting firms, developers, employee relocation companies, co-op and condo boards, managing agents, individuals and government agencies. The firm has authored this report series since 1994. For more information visit www.millersamuel.com
SOURCE Douglas Elliman Real Estate