Welcome to the Luxury Long Island Market Trends and Statistics courtesy of Maria Babaev, MBA & Luxury Real Estate Specialist. We are pleased to provide you with this new informative report based on the North Shore Luxury Real Estate Market. From time to time, we will be bringing you exciting news and current events about our beautiful North Shore as well as interesting market activity and statistics that target a most important asset – your
home!
As an exclusive recipient of my Luxury Long Island Newsletter, you will also be exposed to many new innovations in marketing luxury homes and estates, current trends in the top tier of the Long Island Luxury Market and opportunities to search for your own dream home, next investment property or vacation rental.
LUXURY MARKET REVIEW FIRST QUARTER 2010
Here are the Luxury Market Statistics during the first quarter 2010 versus 2009 for the Residential Market. This report is based on homes in Nassau County within three tier groups:
• $1 million - $3 million • $3 million - $5 million & • $5 million+
There are a few positive highlights worth mentioning. Overall, the luxury market experienced renewed activity during the first quarter 2010 versus the same period 2009. Home sales were up across the board but downward pricing pressures are still evident.
Within the $1 Million - $3 Million threshold home sales showed a significant rebound. Actual units sold increased from 126 in 1Q 2009 to 240 during 1Q 2010, an increase of 90.5%. This is a very significant step on the path to recovery. Yet, as we have been cautioning, downward pricing pressures of close to -5.0% are still
being felt in 2010. However, we are still confident that a well-priced home will be valued accordingly in the current market environment.
Still positive is a renewed vigor evident in the $3 Million -$5 Million price point. A significant increase from 8 units during the first quarter 2009 to 16 units during the comparable quarter in 2010 is most encouraging. We do mention that the -5.3% decline in sold prices year-over-year first quarter 2009 versus 2010 was not entirely unexpected given the stronger buyer willingness to effect a deal.
Finally, in the highest level of the market, $5 Million and greater, we experienced a substantial increase in market activity. For the quarter ending March 31 2010, there were 6 units sold with an average selling price of $6.266 million versus nothing for the same period the prior year.
Lastly, if you are interested, I would be happy to send the same data sets for Suffolk & Queens Counties.