Long Island luxury home prices rising three times faster than overall market
High-end homes, such as the one listed for $799,900 in Wading River home, are seeing a hefty increase in sales prices, according to a report by Douglas Elliman Real Estate. Credit: Newsday
Sales prices of luxury homes are rising faster than the overall Long Island housing market, according to a new second quarter report by Douglas Elliman Real Estate.
The median sales price in the Island’s luxury market — homes that go for $760,000 and higher, but excluding the East End — rose more than 4 percent over the same time last year to $999,000, while the median sales price in the overall market increased by just 1.4 percent.
The price increase comes along with a nearly 14 percent dip in inventory in the luxury real estate market. There have also been more luxury sales in the first half of this year — 527 sales, up 15 percent from 458 sales over the same period in 2012.
“The high end of the Long Island housing market, excluding the East End, has been showing more robust activity in 2013 after years of moving sideways,” said Jonathan Miller, chief executive of Manhattan appraisal firm Miller Samuel, which produced the report in conjunction with Douglas Elliman.
It was a similar story on Nassau County’s North Shore. Inventory fell and sales surged, both by more than 15 percent, in the first half of 2013 compared to the same time last year, according to Elliman’s report. In the first half of this year, there were 527 sales on the North Shore, up from 458 during the same time last year. The median sales price also jumped 6.4 percent to $715,000.
