Sales of homes on Long Island hit 6,977 in the third quarter — the highest level seen since 2006 and a 32 percent year-over-year increase, according to a new market report from Douglas Elliman. Median prices on Long Island – as well as in New Jersey and Westchester County – also rose, while the inventory shrunk, suggesting that the region is on the upswing.
Indeed, the median price on Long Island rose to $380,000, a year-over-year increase of 4 percent and the highest mark since the third quarter of 2008.
Miller Samuel CEO Jonathan Miller, who authored the Elliman report, told the Wall Street Journal that prices on Long Island peaked two years before they did in Manhattan. They then drifted downwards during the recession before plateauing for a couple of years, until now.
“In the last several quarters we have seen [prices] start to catch up and be more on par with the region,” Miller said. [WSJ] – Hiten Samtani