Monthly Indicators 2017 The employment landscape and wages have both improved over the last few years, allowing for more people to participate in the home-buying process. When the economy is in good working order, as it is now, it creates opportunities in residential real estate, and right now is a potentially lucrative time to sell a home. Houses that show well and are priced correctly have been selling quickly, often at higher prices than asking. Activity Snapshot - 3.0% + 9.2% - 6.1% One-Year Change in Closed Sales One-Year Change in Median Sales Price One-Year Change in Homes for Sale Residential activity in Nassau, Queens and Suffolk Counties, comprised of single-family homes, townhomes and co-ops combined. Percent changes are calculated using rounded figures. New Listings were down 11.5 percent to 5,481. Pending Sales decreased 8.9 percent to 3,495. Inventory shrank 6.1 percent to 21,891 units. Prices moved higher as the Median Sales Price was up 9.2 percent to $415,000. Average Sales Price increased 8.0 percent to $498,454, the twelfth consecutive month of year-over-year gains. Months Supply of Inventory was down 8.2 percent to 6.7 months, indicating that demand increased relative to supply. Although there is a mounting amount of buyer competition during the annual spring market cycle, buyer demand has not abated, nor is it expected to in the immediate future unless something unpredictable occurs. While strong demand is generally considered a good problem to have, it creates an affordability issue for some buyers, especially first-time buyers. And yet, prices will continue to rise amidst strong demand. Activity Overview New Listings Closed Sales Median Sales Price Average Sales Price Pending Sales Median Contract Price Average Contract Price Housing Affordability Index Inventory of Homes for Sale Months Supply of Inventory 2 3 4 5 6 7 8 9 10 11 12 Current as of May 10, 2017. All data from the Multiple Listing Service of Long Island. Provided by the New York State Association of REALTORS. Report 2017 ShowingTime.
Activity Overview Key metrics by report month and for year-to-date (YTD) starting from the first of the year. Key Metrics Historical Sparkbars 4-2016 4-2017 Percent Change YTD 2016 YTD 2017 Percent Change New Listings 6,195 5,481-11.5% 21,292 20,039-5.9% Closed Sales 2,469 2,394-3.0% 10,263 10,416 + 1.5% Median Sales Price $380,000 $415,000 + 9.2% $380,000 $409,679 + 7.8% Avg. Sales Price $461,534 $498,454 + 8.0% $472,914 $496,456 + 5.0% Pending Sales 3,837 3,495-8.9% 12,233 12,153-0.7% Median Contract Price $382,000 $415,000 + 8.6% $380,000 $410,000 + 7.9% Average Contract Price $463,769 $500,889 + 8.0% $475,014 $498,316 + 4.9% Affordability Index 113 98-13.3% 113 100-11.5% Homes for Sale 23,323 21,891-6.1% -- -- -- Months Supply 7.3 6.7-8.2% -- -- -- Current as of May 10, 2017. All data from the Multiple Listing Service of Long Island. Provided by the New York State Association of REALTORS. Report 2017 ShowingTime. 2
New Listings A count of the properties that have been newly listed on the market in a given month. 6,968 6,195 21,214 21,292 20,039 5,481-11.1% - 11.5% + 0.4% -5.9% New Listings May 2016 6,093 6,857-11.1% June 2016 5,934 6,575-9.7% July 2016 4,988 5,790-13.9% August 2016 4,796 5,178-7.4% September 2016 4,771 5,105-6.5% October 2016 4,254 4,744-10.3% November 2016 3,604 3,825-5.8% December 2016 2,622 2,995-12.5% January 2017 4,296 4,495-4.4% February 2017 4,391 4,449-1.3% March 2017 5,871 6,153-4.6% 2017 5,481 6,195-11.5% 12-Month Avg 4,758 5,197-8.4% Historical New Listings by Month 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 Current as of May 10, 2017. All data from the Multiple Listing Service of Long Island. Provided by the New York State Association of REALTORS. Report 2017 ShowingTime. 3
Closed Sales A count of the actual sales that closed in a given month. 2,469 10,263 10,416 2,394 2,233 8,835 + 10.6% - 3.0% + 16.2% + 1.5% Closed Sales May 2016 2,750 2,501 +10.0% June 2016 3,624 3,027 +19.7% July 2016 3,495 3,534-1.1% August 2016 4,204 3,721 +13.0% September 2016 3,566 3,375 +5.7% October 2016 3,215 3,325-3.3% November 2016 3,192 2,813 +13.5% December 2016 3,354 3,271 +2.5% January 2017 2,770 2,547 +8.8% February 2017 2,413 2,575-6.3% March 2017 2,839 2,672 +6.3% 2017 2,394 2,469-3.0% 12-Month Avg 3,151 2,986 +5.5% Historical Closed Sales by Month 5,000 4,000 3,000 2,000 1,000 Current as of May 10, 2017. All data from the Multiple Listing Service of Long Island. Provided by the New York State Association of REALTORS. Report 2017 ShowingTime. 4
Median Sales Price Point at which half of the sales sold for more and half sold for less, not accounting for seller concessions, in a given month. $415,000 $409,679 $370,000 $380,000 $372,500 $380,000 + 2.7% + 9.2% + 2.0% + 7.8% Median Sales Price May 2016 $393,000 $380,000 +3.4% June 2016 $407,500 $390,000 +4.5% July 2016 $415,000 $397,500 +4.4% August 2016 $419,500 $410,000 +2.3% September 2016 $415,000 $390,000 +6.4% October 2016 $412,000 $387,000 +6.5% November 2016 $400,000 $388,000 +3.1% December 2016 $410,000 $382,500 +7.2% January 2017 $417,000 $385,000 +8.3% February 2017 $395,000 $382,000 +3.4% March 2017 $400,000 $373,000 +7.2% 2017 $415,000 $380,000 +9.2% 12-Month Avg $410,000 $389,000 +5.4% Historical Median Sales Price by Month * Median Sales Price for all properties from May 2016 through 2017. This is not the average of the individual figures above. $500,000 $475,000 $450,000 $425,000 $400,000 $375,000 $350,000 $325,000 Current as of May 10, 2017. All data from the Multiple Listing Service of Long Island. Provided by the New York State Association of REALTORS. Report 2017 ShowingTime. 5
Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month. $471,941 $461,534 $498,454 $466,468 $472,914 $496,456-2.2% + 8.0% + 1.4% + 5.0% Avg. Sales Price May 2016 $495,046 $473,120 +4.6% June 2016 $513,956 $485,358 +5.9% July 2016 $503,222 $490,348 +2.6% August 2016 $507,338 $494,162 +2.7% September 2016 $499,891 $489,197 +2.2% October 2016 $517,351 $476,986 +8.5% November 2016 $484,192 $481,231 +0.6% December 2016 $498,684 $467,071 +6.8% January 2017 $506,672 $479,108 +5.8% February 2017 $492,033 $481,114 +2.3% March 2017 $488,557 $469,622 +4.0% 2017 $498,454 $461,534 +8.0% 12-Month Avg* $501,129 $479,938 +4.4% Historical Average Sales Price by Month * Average Avg. Sales Price of all properties from May 2016 through 2017. This is not the average of the individual figures above. $650,000 $600,000 $550,000 $500,000 $450,000 $400,000 Current as of May 10, 2017. All data from the Multiple Listing Service of Long Island. Provided by the New York State Association of REALTORS. Report 2017 ShowingTime. 6
Pending Sales A count of the properties on which offers have been accepted in a given month. 3,837 12,233 12,153 3,495 3,251 10,356 + 18.0% - 8.9% + 18.1% -0.7% Pending Sales May 2016 3,990 3,484 +14.5% June 2016 4,002 3,822 +4.7% July 2016 3,363 3,518-4.4% August 2016 3,604 3,303 +9.1% September 2016 3,225 3,108 +3.8% October 2016 3,121 3,222-3.1% November 2016 2,939 2,764 +6.3% December 2016 2,649 2,745-3.5% January 2017 2,296 2,213 +3.8% February 2017 2,743 2,608 +5.2% March 2017 3,619 3,575 +1.2% 2017 3,495 3,837-8.9% 12-Month Med* 3,254 3,183 +2.2% Historical Pending Sales by Month 5,000 4,000 3,000 2,000 1,000 Current as of May 10, 2017. All data from the Multiple Listing Service of Long Island. Provided by the New York State Association of REALTORS. Report 2017 ShowingTime. 7
Median Contract Price Point at which half of the contracts were signed for more and half were signed for less, not accounting for seller concessions, in a given month. $415,000 $410,000 $370,000 $382,000 $375,000 $380,000 + 3.2% + 8.6% + 1.3% + 7.9% Median Contract Price May 2016 $395,000 $382,500 +3.3% June 2016 $409,000 $390,000 +4.9% July 2016 $415,000 $399,000 +4.0% August 2016 $420,000 $410,000 +2.4% September 2016 $415,000 $390,000 +6.4% October 2016 $414,900 $389,000 +6.7% November 2016 $400,000 $390,000 +2.6% December 2016 $410,000 $385,000 +6.5% January 2017 $419,950 $385,000 +9.1% February 2017 $396,000 $385,000 +2.9% March 2017 $400,000 $375,000 +6.7% 2017 $415,000 $382,000 +8.6% 12-Month Avg* $410,000 $390,000 +5.1% Historical Median Contract Price by Month * Median Contract Price of all properties from May 2016 through 2017. This is not the average of the individual figures above. $460,000 $440,000 $420,000 $400,000 $380,000 $360,000 $340,000 $320,000 Current as of May 10, 2017. All data from the Multiple Listing Service of Long Island. Provided by the New York State Association of REALTORS. Report 2017 ShowingTime. 8
Average Contract Price Average contract price for all pending sales, not accounting for seller concessions, in a given month. $474,301 $463,769 $500,889 $468,956 $475,014 $498,316-2.2% + 8.0% + 1.3% + 4.9% Average Contract Price May 2016 $497,987 $475,464 +4.7% June 2016 $515,457 $487,236 +5.8% July 2016 $505,784 $492,323 +2.7% August 2016 $509,548 $496,005 +2.7% September 2016 $502,007 $491,257 +2.2% October 2016 $519,261 $479,119 +8.4% November 2016 $486,035 $483,068 +0.6% December 2016 $500,258 $468,751 +6.7% January 2017 $508,847 $480,851 +5.8% February 2017 $493,489 $483,699 +2.0% March 2017 $489,969 $471,471 +3.9% 2017 $500,889 $463,769 +8.0% 12-Month Avg* $503,138 $481,938 +4.4% Historical Average Contract Price by Month * Average Average Contract Price for all properties from May 2016 through 2017. This is not the average of the individual figures above. $600,000 $550,000 $500,000 $450,000 $400,000 $350,000 Current as of May 10, 2017. All data from the Multiple Listing Service of Long Island. Provided by the New York State Association of REALTORS. Report 2017 ShowingTime. 9
Housing Affordability Index This index measures housing affordability for the region. For example, an index of 120 means the median household income is 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability. 116 113 115 113 98 100-2.6% - 13.3% - 1.7% - 11.5% Affordability Index May 2016 109 113-3.5% June 2016 107 109-1.8% July 2016 105 105 0.0% August 2016 104 102 +2.0% September 2016 105 109-3.7% October 2016 107 110-2.7% November 2016 104 109-4.6% December 2016 98 110-10.9% January 2017 96 108-11.1% February 2017 104 112-7.1% March 2017 102 114-10.5% 2017 98 113-13.3% 12-Month Avg 103 110-5.7% Historical Housing Affordability Index by Month 130 120 110 100 90 80 70 60 Current as of May 10, 2017. All data from the Multiple Listing Service of Long Island. Provided by the New York State Association of REALTORS. Report 2017 ShowingTime. 10
Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month. 25,667 23,323 21,891-9.1% - 6.1% Homes for Sale May 2016 23,695 27,032-12.3% June 2016 23,655 27,486-13.9% July 2016 23,603 27,478-14.1% August 2016 23,052 27,217-15.3% September 2016 22,832 26,760-14.7% October 2016 22,381 25,697-12.9% November 2016 21,477 24,404-12.0% December 2016 19,193 21,604-11.2% January 2017 19,656 21,987-10.6% February 2017 20,174 22,114-8.8% March 2017 21,138 22,756-7.1% 2017 21,891 23,323-6.1% 12-Month Avg 21,896 24,822-11.8% Historical Inventory of Homes for Sale by Month 60,000 50,000 40,000 30,000 20,000 10,000 Current as of May 10, 2017. All data from the Multiple Listing Service of Long Island. Provided by the New York State Association of REALTORS. Report 2017 ShowingTime. 11
Months Supply of Inventory The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months. 9.2 7.3 6.7-20.7% - 8.2% Months Supply May 2016 7.3 9.6-24.0% June 2016 7.3 9.6-24.0% July 2016 7.3 9.5-23.2% August 2016 7.1 9.3-23.7% September 2016 7.0 9.1-23.1% October 2016 6.9 8.7-20.7% November 2016 6.6 8.2-19.5% December 2016 5.9 7.1-16.9% January 2017 6.0 7.2-16.7% February 2017 6.2 7.2-13.9% March 2017 6.4 7.3-12.3% 2017 6.7 7.3-8.2% 12-Month Avg 6.7 8.3-19.3% Historical Months Supply of Inventory by Month 25.0 20.0 15.0 10.0 5.0 Current as of May 10, 2017. All data from the Multiple Listing Service of Long Island. Provided by the New York State Association of REALTORS. Report 2017 ShowingTime. 12