Daniel Gale Sotheby's Market Report Released
Posted by Kathleen Caputi — July 11, 2011
Cold Spring Harbor, NY. July 8, 2011. The housing market is like the weather, everyone talks about it, and its fluctuations affect our daily lives and well-being. Each quarter, Daniel Gale Sotheby's International Realty (DGSIR) generates 20 individual real estate market reports covering communities from Manhasset and Garden City to Southold and Shelter Island. Each market report looks at community-specific statistics for closed residential real estate sales including number of transactions, days on the market, median and average sale price, and compares that data against the same period of time of the previous year. This latest report covers activity for the first six months of 2011 (January through June), which is traditionally one of the busiest times for real estate transactions, and often a predictor of the overall health of the market.
"The specificity of data relevant to individual communities and neighborhoods is what makes our market reports particularly meaningful to the local homeowner," said Patricia Petersen, President and CEO of Daniel Gale Sotheby's. "Real estate always has been, and always will be local. Our strategy is to provide consumers with closed sales data so that they may make their own informed decisions for the areas they are most interested in. Long Island cannot be compared to national statistics any more than Port Washington can be compared to Greenport. You have to look at what's going on in your own neighborhood."
Petersen goes on to say, "When comparing the North Shore market to national results, the data is unrelated, nevertheless there is a favorable pattern. If I had to select an operative word it would be that we're doing better. Among my three favorite major National forecasters are Real Trends (forecasting 2011 total units at 5,040,000, up 2.7% from 2010), NAR (forecasting 2011 total units at 5,153,000, up 5% from 2010) and Fannie Mae (forecasting total units at 5,122,000, up 4.4% from 2010)."
"Looking nationally, I have confidence that the number of units will increase, albeit slightly, " Petersen states. "Consumer confidence continues to be low because of concerns about the job market, debt, and the overall economy. On a regional basis (total Long Island-market), for a running 12 months, units are down about 10%, and average sales price in Nassau is up 5%, but pretty flat for Suffolk (-0.6%). Reviewing the 20 Town Market Reports we just did for the first six months of 2011 as compared to the same time period for 2010 (the reports incorporate closed residential sales for the areas serviced by our 21 sales offices), we are more optimistic. Our markets continue to be hyper local, with many of the neighborhoods, villages, etc. performing independently of each other. And at Daniel Gale Sotheby's International Realty, our Sales Volume and Average Sales Price are both up for the first six months of 2011. To get really specific, our average sales price for the 1st 6 months of 2011 companywide actually increased by 2% when compared to 2010."
To view the Town Market Reports and a separate Luxury Market Report, visit http://www.danielgale.com/selling_market-reports.html.
About Daniel Gale Sotheby’s International Realty
Founded in 1922, Daniel Gale Sotheby's International Realty consistently leads the nation in achieving one of the highest average sales prices in the country. Voted Best Residential Real Estate Company in the Long Island Business News and Long Island Press annual readership polls, Daniel Gale Sotheby's is a $1.5 billion dollar plus organization with close to 600 sales associates in 21 sales offices spanning Long Island. Services include a Relocation Division, an award-winning Marketing & Technology Department, Commercial and Rental Divisions; Ambassador Abstract title company, and a Wells Fargo Home Mortgage affiliation. The Sotheby's affiliate for Long Island's North Shore since 1976, DGSIR has gained national and international recognition, including top honors worldwide.
Daniel Gale Sotheby's International Realty is on the Regents Board of "Who's Who in Luxury Real Estate," a global network of leading real estate companies and active in both Real Trends and The Realty Alliance (some of the real estate industry's most influential companies with participation "by invitation only"). More information may be obtained at www.danielgale.com.