The Douglas Elliman 2023 Q3 Sale Reports are in by Jonathan Miller of Miller Samuel.
LONG ISLAND HIGHLIGHTS
“Every submarket showed prices reaching new records, as sales and listing inventory declined.”
• Average and median sales prices reached their highest levels on record
• Sales fell year over year for the eighth consecutive quarter
• Listing inventory fell annually for the second straight quarter
• Luxury average and median sales prices reached their highest levels on record
• The entry threshold for the luxury market rose to the highest on record
• Luxury listing inventory declined year over year for the second straight quarter
HAMPTONS HIGHLIGHTS
“Sales rose from the second to the third quarter for only the second time in eighteen years.”
• Both price trend indicators fell short of year-ago levels but remained sharply higher than pre-pandemic levels
• Sales declined year over year for the ninth consecutive time as bidding wars accounted for nearly one in five sales
• Sales rose from the second to the third quarter for only the second time in eighteen years
• Listing inventory rose annually for the fourth straight quarter
NORTH FORK HIGHLIGHTS
“Price trend indicators remained the third-highest on record while sales began to rise year over year.”
• Both price trend indicators remained at their third-highest levels on record for the third straight quarter
• Sales rose year over year for the first time in nine quarters
• Listing inventory declined annually for the first time in five quarters
• Bidding war market share declined annually but accounted for more than one out of four sales