Second Quarter Median Price Rise – by Township

July 21, 2009 | by The Long Island Real Estate Report |

In last week’s post, we reported that the 2nd quarter rise in the median price of private homes and condos was greater than any 2nd quarter increase in the past 5 years. With another week’s worth of closings recorded and published, the percent of increase in the median price is holding steady, with a slight increase in the Nassau County figures.
   
Last week’s announcement resulted in several questions being asked of us; focused mostly on how the figures for the narrower markets compared to each other, and ultimately, to the overall market.

We recalculated the figures, breaking them down by township and grouping them as shown in the charts.

Each chart shows the 2nd quarter median price increase for the past 10 years.
The bars represent the overall Long Island Numbers. The lines represent the individual townships in the selected area.

The numbers show that in 7 of 12 Long Island townships (Shelter Island was not included due to the low number of closings), the 2nd quarter increase in median price was the highest since 2006.

The tables below list the percentage of change in the median price for all long Island townships, from the 1st to 2nd quarter of 2009, as well as the median sale price for each township.

Township Change
Hempstead 0.00%
North Hempstead 7.69%
Oyster Bay 2.84%
Babylon 1.92%
Brookhaven 5.69%
East Hampton 20.79%
Huntington 5.27%
Islip -0.80%
Riverhead -5.41%
Shelter Island -37.10%
Smithtown 7.23%
Southampton 25.49%
Southold 2.80%
Nassau 0.63%
Suffolk 6.06%
Long Island 3.29%

Township Median
Hempstead 375,000
North Hempstead 560,000
Oyster Bay 435,000
Babylon 318,000
Brookhaven 290,640
East Hampton 806,250
Huntington 489,500
Islip 312,200
Riverhead 350,000
Shelter Island 780,000
Smithtown 445,000
Southampton 800,000
Southold 411,500
Nassau 407,035
Suffolk 350,000
Long Island 382,188
For complete information on Long Island sale prices, visit

The Long Island Real Estate Report Stats/Trends area.

Long Island Home Sales Median Price Rises by 3.29% in Second Quarter

July 14, 2009 | by The Long Island Real Estate Report |

At the end of each quarter, we instinctively look for signs – positive or negative.

Although the 2nd quarter numbers are not completely filled in (at this point in a typical quarter, approximately 80% of the previous quarter closings are recorded and published),
the numbers point to an increase in the median closing price of private homes and condos.

A rise in the median price is typical in the 2nd quarter; however, this year’s increase is higher than any 2nd quarter increase in the past 5 years.

For example, the 2006 increase was 1.01%, whereas the 2009
increase is 3.29%.

The Long Island median price increase of 3.29% is driven almost completely by Suffolk County’s increase of
6.06%. Nassau County shows a minimal increase of 0.12%.

The median price in Suffolk County rose from $330,000 to $350,000, in Nassau County from $404,500 to $405,000, and on Long Island from $370,000 to $382,188.

For more information and details on the individual counties, visit

The Long Island Real Estate Report Stats/Trends area.

Long Island home purchases fall to 3-year low
Foreclosure closings rise to 3-year high

July 6, 2009 | by The Long Island Real Estate Report |
The number of weekly closings on private homes and condos on Long Island has fallen by 42.3% during the 29 month period beginning January 1, 2007. Trend chart of weekly private home and condo salesDuring the same period, the number of weekly foreclosure auction sales has risen by 133%.In January 2007, the average number of closings per week was 643, as opposed to 371 in May 2009. The average number of foreclosure auction sales per week was 18, rising to 42 in May 2009.
Note: Averages are based on standard trend formulas.

Trend chart of weekly foreclosure sales
Over 88% of the foreclosure homes were taken over by the holders of the mortgage, indicating that the amount due on the mortgage was greater than the current market value of the property.

For more information and details on the individual counties, visit

The Long Island Real Estate Report Stats/Trends area.