As Economy Recovers, Real Estate Market Follows
The Mid-Year Market Reports released by Daniel Gale Sotheby’s International Realty reveal good news: As the country continues to recover from several years of economic unrest, the luxury housing marketing has taken an optimistic turn.
Based in New York, the firm publishes 19 different reports every three months. The reports compare and contrast the housing markets in the communities of the firm’s market. The recent reports show that home sales have increased over the last year while the average home price has dropped. In Port Washington, for example, the average home price fell to $703,173… almost $34,000 less than the average home price in 2009. The number of sales increased by about 55 percent, from a total of 50 in 2009 to 90 in 2010.
In the Lloyd Harbor area of Huntington, the average price declined by more than $1 million. Still, while some areas saw decreases in average home price and increases in the number of home son the market, others saw just the opposite.
The mid-year reports also compare the number of closed residential sales, the number of days on the market, median home price and highest price. Patricia J. Peterson, CEO and President of Daniel Gale Sotheby’s International Realty, believes the improved trends are the result of “the lowest interest rates in history combined with realistic pricing.”
— Kaitlin MacRae
