Dear friends,
​​​​​​​Long Island's real estate market continues to evolve, with listing inventory reaching a record low while price trend indicators climbed to new highs. Over half of all closings involved bidding wars, reflecting the competitive nature of the market. In the luxury segment, both average and median sales prices experienced a sharp year-over-year increase, while luxury listing inventory showed a modest rise.
In the Hamptons, annual sales surged, returning to what is considered normal levels based on the decade average for the fourth quarter. An increase in listing inventory supported this growth, allowing for more transactions. While price trend indicators declined year over year for the first time in five quarters, the number of sales above the $5 million mark reached an all-time high, underscoring continued demand in the high-end market.
The North Fork market also demonstrated resilience, with the median sales price reaching a record high, settling just below the $1 million threshold. Sales activity increased year over year for the sixth consecutive time, despite a decline in available inventory. Additionally, the share of sales above $2 million set a new record for the second time, highlighting sustained strength in the luxury segment of the region.
At Douglas Elliman, we recognize that access to timely and accurate market insights is essential for making informed real estate decisions. Our commitment to delivering in-depth analysis and data-driven reports reflects our dedication to empowering our clients and industry professionals alike. In an ever-changing market landscape, we take pride in being a trusted resource, providing the expertise and knowledge necessary to navigate these dynamic conditions with confidence.
As always, please enjoy the curated selection of articles and market insights below. I am always available for a real estate discussion!
Sincerely,
