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Long Island Real Estate: Market Shows Stability

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RISMEDIA, July 18, 2008-The 2nd Quarter Prudential Douglas Elliman Long Island/Queens Market Overview shows the housing market in stable condition with slight increases in the price indicators, a modest decline in the number of sales and a slow down in the rise of inventory.

“The Queens and Long Island market is showing stability this quarter,” said Dottie Herman, president and CEO of Prudential Douglas Elliman. “The demand for real estate is still strong, but the reality is that people are taking time with their purchases, and that the right pricing is key in selling a home. In upcoming quarters, we anticipate a market that is moving sideways, working towards further stability and eventual growth.”

“Price levels across the Long Island and Queens housing market were generally steady, while the pace of inventory added to the market slowed considerably,” said says Jonathan J. Miller, CRP, President/CEO of Manhattan residential real estate appraisal firm Miller Samuel. “Sales in Nassau and Suffolk counties showed a modest increase in the number of sales for the first time in a year and a half, suggesting that conditions are somewhat better than anticipated.”

Additional highlights from the 2nd Quarter Prudential Douglas Elliman Long Island/Queens Market Overview include:

Long Island/Queens Market (Overall)

- Average sales price was $509,913 this quarter, up 0.7% from the prior year quarter amount of $506,580.
- Median sales price was $445,450 this quarter, up 0.1% from the prior year quarter amount of $445,000.
- Listing Inventory increased 3.6% to 37,928 units from the prior year quarter amount of 36,610 units.
- Number of sales decreased 5.3% to 8,237 units from 8,694 units in the prior year quarter.

Queens Market

- Median sales price was $470,000 this quarter, up 0.2% from the prior year quarter.
- Listing Inventory increased 8.6% to 11,783 units from the prior year quarter.

Nassau Market

- Median sales price was $485,000 this quarter unchanged from the same period last year.
- Listing Inventory increased 4.4% to 11,036 units from the prior year quarter.

Suffolk Market

- Median sales price was $396,550 this quarter, down 0.6% from the prior year quarter.
- Listing Inventory slipped 0.5% to 15,109 units from the prior year’s quarter.

North Shore Market

- Median sales price was $730,000 this quarter, unchanged from the prior year quarter.
- Number of sales increased 5.6% to 607 units from the prior year quarter.

Luxury Market (upper 10%)

- Median sales price was $1,020,00 this quarter, up 6.9% from the prior year quarter.
- Suffolk saw the largest rise in prices with a 13.8% increase in the average sales price to $1,272,044 compared to the prior year quarter.

Condo Market

- Median sales price increased 2.2% to $255,000 this quarter from the prior year quarter.
- Queens market share was 52% of all sales, up from 50% in the prior year quarter.

For more information, visit http://www.prudentialelliman.com.

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