Excerpt "…The number of sales was up sharply from the same period last year. There were 582 sales in the second quarter, up 89.6% from 307 sales in the same period last year and up 19.8% from 486 sales in the prior quarter. This is consistent with the 5-year quarterly average of 559 sales. There were 2,190 listings at the end of the second quarter, 4.2% below the 2,286 in the same period last year and 5.5% below the 2,318 in the prior quarter. Listing inventory was 13.5% above the 5-year quarterly average of 1,894. The combination of rising sales and falling inventory resulted in a decline in monthly absorption, the number of months to sell all listing inventory at the current pace of sales. The monthly absorption rate was 11.3 months, approximately half the 22.3 month absorption rate in the same period last year…"
The 2Q 2010 Hamptons/North Fork Market Overview that I author for Prudential Douglas Elliman was released today.
Posted by Jonathan J. Miller of Miller Samuels, July 22, 2010
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