Monthly Indicators 2018 Just like last year at this time, prospective home buyers should expect a competitive housing market for the next several months. With payrolls trending upward and unemployment trending downward month after month in an extensive string of positive economic news, demand remains quite strong. Given the fact that gradually rising mortgage rates often infuse urgency to get into a new home before it costs more later, buyers need to remain watchful of new listings and make their offers quickly. New Listings were up 6.5 percent to 6,791. Pending Sales decreased 2.0 percent to 4,107. Inventory grew 1.8 percent to 23,897 units. Prices moved higher as the Median Sales Price was up 8.6 percent to $447,500. Average Sales Price increased 6.7 percent to $545,039. Months Supply of Inventory remained flat at 7.2. Although home sales may actually drop in year-over-year comparisons over the next few months, that has more to do with low inventory than a lack of buyer interest. As lower days on market and higher prices persist year after year, one might rationally expect a change in the outlook for residential real estate, yet the current situation has proven to be remarkably sustainable likely due to stronger fundamentals in home loan approvals than were in place a decade ago. Activity Snapshot - 6.1% + 8.6% + 1.8% One-Year Change in Closed Sales One-Year Change in Median Sales Price 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 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. 2 3 4 5 6 7 8 9 10 11 12 Current as of June 10, 2018. All data from the Multiple Listing Service of Long Island. Provided by the New York State Association of REALTORS. Report 2018 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 5-2017 5-2018 Percent Change YTD 2017 YTD 2018 Percent Change New Listings 6,375 6,791 + 6.5% 26,939 27,567 + 2.3% Closed Sales 3,143 2,952-6.1% 13,844 13,391-3.3% Median Sales Price $412,000 $447,500 + 8.6% $410,000 $436,000 + 6.3% Avg. Sales Price $511,032 $545,039 + 6.7% $500,021 $534,930 + 7.0% Pending Sales 4,189 4,107-2.0% 16,390 16,587 + 1.2% Median Contract Price $415,000 $447,825 + 7.9% $410,000 $438,000 + 6.8% Average Contract Price $514,636 $546,701 + 6.2% $502,261 $536,778 + 6.9% Affordability Index 106 93-12.3% 106 96-9.4% Homes for Sale 23,465 23,897 + 1.8% -- -- -- Months Supply 7.2 7.2 0.0% -- -- -- Current as of June 10, 2018. All data from the Multiple Listing Service of Long Island. Provided by the New York State Association of REALTORS. Report 2018 ShowingTime. 2
New Listings A count of the properties that have been newly listed on the market in a given month. 27,403 26,939 27,567 6,791 6,095 6,375 + 4.6% + 6.5% - 1.7% + 2.3% New Listings June 2017 5,978 5,944 +0.6% July 2017 5,440 5,001 +8.8% August 2017 5,022 4,811 +4.4% September 2017 4,806 4,803 +0.1% October 2017 4,605 4,273 +7.8% November 2017 3,817 3,628 +5.2% December 2017 2,689 2,646 +1.6% January 2018 4,549 4,382 +3.8% February 2018 4,695 4,471 +5.0% March 2018 5,380 6,054-11.1% April 2018 6,152 5,657 +8.8% 2018 6,791 6,375 +6.5% 12-Month Avg 4,994 4,837 +3.2% Historical New Listings by Month 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 Current as of June 10, 2018. All data from the Multiple Listing Service of Long Island. Provided by the New York State Association of REALTORS. Report 2018 ShowingTime. 3
Closed Sales A count of the actual sales that closed in a given month. 3,143 2,753 2,952 13,017 13,844 13,391 + 14.2% - 6.1% + 6.4% -3.3% Closed Sales June 2017 3,739 3,626 +3.1% July 2017 3,552 3,497 +1.6% August 2017 4,393 4,212 +4.3% September 2017 3,499 3,571-2.0% October 2017 3,546 3,225 +10.0% November 2017 3,246 3,212 +1.1% December 2017 3,293 3,388-2.8% January 2018 2,868 2,814 +1.9% February 2018 2,319 2,471-6.2% March 2018 2,707 2,908-6.9% April 2018 2,545 2,508 +1.5% 2018 2,952 3,143-6.1% 12-Month Avg 3,222 3,215 +0.2% Historical Closed Sales by Month 5,000 4,000 3,000 2,000 1,000 Current as of June 10, 2018. All data from the Multiple Listing Service of Long Island. Provided by the New York State Association of REALTORS. Report 2018 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. $447,500 $436,000 $412,000 $410,000 $392,750 $385,000 + 4.9% + 8.6% + 6.5% + 6.3% Median Sales Price June 2017 $440,000 $407,500 +8.0% July 2017 $449,000 $415,000 +8.2% August 2017 $445,000 $419,000 +6.2% September 2017 $430,495 $415,000 +3.7% October 2017 $440,000 $412,000 +6.8% November 2017 $432,000 $400,000 +8.0% December 2017 $435,000 $410,000 +6.1% January 2018 $435,000 $418,000 +4.1% February 2018 $425,000 $395,000 +7.6% March 2018 $435,875 $403,994 +7.9% April 2018 $440,000 $415,000 +6.0% 2018 $447,500 $412,000 +8.6% 12-Month Avg $439,000 $410,000 +7.1% Historical Median Sales Price by Month * Median Sales Price for all properties from June 2017 through 2018. 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 June 10, 2018. All data from the Multiple Listing Service of Long Island. Provided by the New York State Association of REALTORS. Report 2018 ShowingTime. 5
Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month. $545,039 $534,930 $494,864 $511,032 $500,021 $477,506 + 3.3% + 6.7% + 4.7% + 7.0% Avg. Sales Price June 2017 $538,892 $514,103 +4.8% July 2017 $548,230 $503,097 +9.0% August 2017 $544,985 $507,116 +7.5% September 2017 $529,937 $500,009 +6.0% October 2017 $533,271 $516,927 +3.2% November 2017 $520,916 $483,722 +7.7% December 2017 $531,006 $498,332 +6.6% January 2018 $530,774 $507,959 +4.5% February 2018 $520,820 $491,599 +5.9% March 2018 $540,861 $489,354 +10.5% April 2018 $534,419 $497,983 +7.3% 2018 $545,039 $511,032 +6.7% 12-Month Avg* $535,563 $502,305 +6.6% Historical Average Sales Price by Month * Average Avg. Sales Price of all properties from June 2017 through 2018. 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 June 10, 2018. All data from the Multiple Listing Service of Long Island. Provided by the New York State Association of REALTORS. Report 2018 ShowingTime. 6
Pending Sales A count of the properties on which offers have been accepted in a given month. 3,985 4,189 4,107 16,164 16,390 16,587 + 5.1% - 2.0% + 1.4% + 1.2% Pending Sales June 2017 3,978 3,989-0.3% July 2017 3,486 3,378 +3.2% August 2017 3,782 3,591 +5.3% September 2017 3,197 3,237-1.2% October 2017 3,382 3,117 +8.5% November 2017 3,038 2,943 +3.2% December 2017 2,486 2,661-6.6% January 2018 2,418 2,305 +4.9% February 2018 2,825 2,735 +3.3% March 2018 3,469 3,652-5.0% April 2018 3,768 3,509 +7.4% 2018 4,107 4,189-2.0% 12-Month Med* 3,328 3,276 +1.6% Historical Pending Sales by Month 5,000 4,000 3,000 2,000 1,000 Current as of June 10, 2018. All data from the Multiple Listing Service of Long Island. Provided by the New York State Association of REALTORS. Report 2018 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. $447,825 $438,000 $415,000 $395,000 $410,000 $385,000 + 5.1% + 7.9% + 6.5% + 6.8% Median Contract Price June 2017 $442,000 $409,000 +8.1% July 2017 $449,000 $415,000 +8.2% August 2017 $445,000 $420,000 +6.0% September 2017 $434,450 $415,000 +4.7% October 2017 $440,000 $414,900 +6.0% November 2017 $435,000 $400,000 +8.7% December 2017 $438,000 $410,000 +6.8% January 2018 $435,000 $420,000 +3.6% February 2018 $425,000 $396,000 +7.3% March 2018 $438,000 $405,000 +8.1% April 2018 $440,000 $415,000 +6.0% 2018 $447,825 $415,000 +7.9% 12-Month Avg* $440,000 $410,500 +7.2% Historical Median Contract Price by Month * Median Contract Price of all properties from June 2017 through 2018. 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 June 10, 2018. All data from the Multiple Listing Service of Long Island. Provided by the New York State Association of REALTORS. Report 2018 ShowingTime. 8
Average Contract Price Average contract price for all pending sales, not accounting for seller concessions, in a given month. $546,701 $536,778 $497,803 $514,636 $502,261 $479,784 + 3.4% + 6.2% + 4.7% + 6.9% Average Contract Price June 2017 $540,653 $515,606 +4.9% July 2017 $549,834 $505,658 +8.7% August 2017 $546,897 $509,307 +7.4% September 2017 $531,839 $502,121 +5.9% October 2017 $535,570 $518,812 +3.2% November 2017 $522,286 $485,572 +7.6% December 2017 $533,324 $499,909 +6.7% January 2018 $532,682 $510,110 +4.4% February 2018 $523,354 $492,949 +6.2% March 2018 $542,684 $490,792 +10.6% April 2018 $535,818 $500,419 +7.1% 2018 $546,701 $514,636 +6.2% 12-Month Avg* $537,434 $504,367 +6.6% Historical Average Contract Price by Month * Average Average Contract Price for all properties from June 2017 through 2018. 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 June 10, 2018. All data from the Multiple Listing Service of Long Island. Provided by the New York State Association of REALTORS. Report 2018 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. 109 106 111 106 93 96-2.8% - 12.3% - 4.5% -9.4% Affordability Index June 2017 99 107-7.5% July 2017 97 105-7.6% August 2017 99 104-4.8% September 2017 102 105-2.9% October 2017 98 107-8.4% November 2017 101 104-2.9% December 2017 99 98 +1.0% January 2018 96 99-3.0% February 2018 98 107-8.4% March 2018 96 105-8.6% April 2018 95 104-8.7% 2018 93 106-12.3% 12-Month Avg 98 104-6.2% Historical Housing Affordability Index by Month 130 120 110 100 90 80 70 60 Current as of June 10, 2018. All data from the Multiple Listing Service of Long Island. Provided by the New York State Association of REALTORS. Report 2018 ShowingTime. 10
Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month. 23,830 23,465 23,897-1.5% + 1.8% Homes for Sale June 2017 24,068 23,814 +1.1% July 2017 24,559 23,761 +3.4% August 2017 24,224 23,242 +4.2% September 2017 24,124 23,043 +4.7% October 2017 23,594 22,618 +4.3% November 2017 22,651 21,744 +4.2% December 2017 20,624 19,483 +5.9% January 2018 21,226 20,031 +6.0% February 2018 21,728 20,647 +5.2% March 2018 22,083 21,768 +1.4% April 2018 22,843 22,694 +0.7% 2018 23,897 23,465 +1.8% 12-Month Avg 22,968 22,193 +3.5% Historical Inventory of Homes for Sale by Month 60,000 50,000 40,000 30,000 20,000 10,000 Current as of June 10, 2018. All data from the Multiple Listing Service of Long Island. Provided by the New York State Association of REALTORS. Report 2018 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. 7.4 7.2 7.2-2.7% 0.0% Months Supply June 2017 7.3 7.4-1.4% July 2017 7.5 7.4 +1.4% August 2017 7.3 7.2 +1.4% September 2017 7.3 7.1 +2.8% October 2017 7.1 7.0 +1.4% November 2017 6.8 6.7 +1.5% December 2017 6.2 6.0 +3.3% January 2018 6.4 6.1 +4.9% February 2018 6.5 6.3 +3.2% March 2018 6.7 6.6 +1.5% April 2018 6.8 7.0-2.9% 2018 7.2 7.2 0.0% 12-Month Avg 6.9 6.8 +1.5% Historical Months Supply of Inventory by Month 25.0 20.0 15.0 10.0 5.0 Current as of June 10, 2018. All data from the Multiple Listing Service of Long Island. Provided by the New York State Association of REALTORS. Report 2018 ShowingTime. 12