Douglas Elliman Releases Q2 2017 Hamptons, North Fork and Long Island Sales Market Reports

Hamptons Shows Sales Uptick with Slide in Inventory

Long Island Continues to Boom with Heavy Sales, Rising Prices, Low Inventory

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Jul 27, 2017, 09:00 ET

NEW YORK, July 27, 2017 /PRNewswire/ -- Douglas Elliman Real Estate, the largest brokerage in the New York Metropolitan area and the fourth largest residential real estate company nationwide, today releases the second quarter 2017 Hamptons, North Fork and Long Island Sales Market Reports. All three markets improved substantially, with the Hamptons and North Fork showing an uptick in sales, with a declining inventory and a very strong Long Island Market with heavy sales volume, rising prices and low inventory.

"Sales activity in the Hamptons has been quite robust after a somewhat lackluster two years, along with a continued decline in inventory. What's most interesting is that we are seeing more sales at the upper end of the market, something that was lacking last year," said Scott Durkin, COO, Douglas Elliman. "The North Fork showed a similar pattern. Both markets had noticeable improvement."

"After an underperforming 2016, the first two quarters of 2017 showed a pronounced increase in activity in the Hamptons, with sales at their highest levels in two years," said Jonathan Miller of Miller Samuel, Inc, the author of the report. "The North Fork mirrored the Hamptons, with the number of sales rising year over year for the fourth time in five quarters. Inventory slipped in both markets, as price indicators moved higher. At the same time, the Long Island market to the west saw rising sales and falling inventory for an unprecedented ten consecutive quarters and the least negotiability in twelve years."

"We're experiencing extremely heavy sales, rising prices and low inventory here on Long Island," echoed Ann Conroy, President, Long Island Division, Douglas Elliman. "With intense sales volume burning off supply faster than it can be created, prices are rising. There's no question that the Long Island market is booming!"

Highlights of the Douglas Elliman Q2 Market Reports:

HAMPTONS SALES

Overview
- After weak 2016, first two quarters of 2017 showed pronounced sales increase
- Sales at their highest level in two years
- Inventory slipped annually for the eighth consecutive quarter.
- Price trend indicators moved higher
- Rise in sales skewed more to high end of market

Key Trend Metrics (compared to same year ago period)
- Median sales price increased 5.6% to $1,030,000
- Average sales price rose 12.7% to $1,898,934
- Number of sales increased 22.8% to 689
- Days on market was 150, down from 170
- Listing discount was 12%, down from 12.4%
- Listing inventory fell 4.1% to 1,464

NORTH FORK SALES

Overview
- Shrinking inventory and shorter marketing times were key characteristics
- Number of sales rose year over year for fourth time in five quarters
- Price trend indicators moved higher as inventory declined
- A decline in marketing time and negotiability

Key Tend Metrics (compared to same year ago period)
- Median sales price rose 3% to $551,000
- Average sales price increased 4.6% to $726,350
- Number of sales increased 3.9% to 181
- Days on market was 122, down from 157
- Listing discount was 6.3%, down from 9.8%
- Listing inventory fell 20.5% to 434

LONG ISLAND SALES

Overview
- Rising sales and falling inventory for an unprecedented ten consecutive quarters
- Lowest second quarter inventory in at twelve years
- Most second quarter sales in twelve years
- Seventeenth consecutive quarter without annual decline in median sales price
- Least negotiability in twelve years

Key Trend Metrics (compared to same year ago period)
- Median sales price increased 5.8% to $404,000
- Number of sales rose 5.8% to 6,690
- Days on market was 87, down from 103
- Listing discount was 3.4%, down from 4.5%
- Listing inventory fell 16.3% to 13,391

About Douglas Elliman Real Estate
Established in 1911, Douglas Elliman Real Estate is the largest brokerage in the New York Metropolitan area and the fourth largest residential real estate company nationwide. With more than 6,500 agents, the company operates approximately 90 offices in Manhattan, Brooklyn, Queens, New Jersey, Long Island, the Hamptons & North Fork, Westchester, Greenwich, South Florida, Colorado and Beverly Hills. Moreover, Douglas Elliman has a strategic global alliance with London-based Knight Frank Residential for business in the worldwide luxury markets spanning 59 countries and six continents. The company also controls a portfolio of real estate services including Douglas Elliman Development Marketing; Manhattan's largest residential property manager, Douglas Elliman Property Management with over 250 buildings; and DE Commercial. For more information on Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, please visit www.elliman.com.