Long Island Real Estate Update: Q1 2021

Long Island Real Estate Update: Q1 2021

It’s no secret that Long Island has been a hot real estate market so far this year. The Q1 sales numbers are in and there is some great data we would like to share. The first quarter of 2021 showed significant increases in prices and faster sales compared to the first quarter of 2020 (before the pandemic shut everything down for most of the second quarter). However, inventory was much lower year over year and also compared to the final quarter of 2020.

Long Island Home Sales

First, let’s take a look at some of the sales data from Long Island as a whole:

            • Average Sales Price – $609,550 (up 16.3% from Q1 2020)
            • Number of Sales Closed – 7,789 (up 35.3% from Q1 2020)
            • Days on Market – 63 (down 21.3% from Q1 2020)
            • Listing inventory – 5,532 (down 33.6% from Q1 2020)

Click here to download the full Q1 2021 Elliman Report for Long Island, NY.

A lack of housing inventory—combined with an abundance of buyer demand and low mortgage rates—has definitely driven up the prices. Many listings that go on the market are attracting bidding wars and selling very quickly. This is good news for home sellers throughout Long Island, and especially on the North Shore.

North Shore Home Sales

Speaking of the North Shore, let’s review the Q1 2021 sales data for one of Long Island’s premier luxury markets:

            • Average Sales Price – $621,081 (up 18.9% from Q1 2020)
            • Number of Sales Closed – 780 (up 37.6% from Q1 2020)
            • Days on Market – 59 (down 23.4% from Q1 2020)

We’re seeing similar trends throughout Long Island, even in the luxury markets like the North Shore. This is great news to see the luxury market (including our main market here in Manhattan) so active during a time of economic recovery.

Featured North Shore Listings

We currently have two incredible North Shore homes listed for sale. The first is 30 Smith Lane in Nissequogue. This stunning home known as “Beachbend” was built in 1687 with multiple additions made between 1712 and 1742. It has been in the Smith family for nearly three centuries. The estate features 19 bucolic acres near the edge of Stony Brook Harbor, adorned with ancient specimen plantings. The main 5-bedroom, 4-bath house retains many of its original 17th Century details, including the fireplace that is the heart of the oldest part of this historic home.

Click here to learn more about “Beachbend.”

The next featured property is the majestic “Somerset” at 2 Wallis Lane in Nissequogue. This spectacular estate sits on 15 waterfront acres overlooking Long Island Sound. It was inspired by the Governor’s Palace in Williamsburg, Virginia. Somerset was originally built in 1935 and remains a crown jewel of the fabled North Shore area. A long, private road leads you to the main house, which features 7 bedrooms and 5.5 bathrooms. The secluded property includes nearly 900-feet of unobstructed water frontage, the toe of which has been fortified by a newly constructed seawall of steel and stone. The views of this estate are breathtaking and the home is truly inspired.

Click here to learn more about “Somerset.”

The Long Island real estate market is moving fast. If you are looking to buy or sell on the Island, contact us today.

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© 2021 Tom Postilio & Mickey Conlon