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.

2 Comments »

  1. Comment by Meredith Kurz — July 22, 2009 @ 9:31 am

    In the past several months property sales were driven by first time home buyers looking for that $8,000 tax credit. Now we’re seeing the “move up” buyers.

    This means properties listed in higher ranges are finally beginning to sell.
    Although house prices continue to come down, the median price of homes sold appears to rise. This is how I read these stats.

    It’s wonderful that more expensive homes are beginning to sell, however, I don’t want to give sellers the impression that Long Island home values are rising – I’m still not seeing it – and I continue to see 1, 2, or 3 appraisals.

    We need to put the bank appraiser hat on when pricing homes – what has sold in the immediate area, in the past 3 months – and how has that specific price point changed from quarter to quarter.

  2. Pingback by Long Island Real Estate Report releases 2nd Qtr 2009 figures | Just another blog.redfin.com weblog — July 22, 2009 @ 10:36 am

    [...] Second Quarter Median Price Rise – by Township July 21, 2009 | by The Long Island Real Estate Report | 1 Comment | [...]

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