Long Island: Luxury Home Prices Drop
the Long Island and Queens luxury home market, which is defined as those homes priced from $750,000 to $12.5 million, saw a drop in home prices and were sitting on the market longer in the first quarter of 2007. The median sales price drop 5.3% to $900,000 from a year earlier and houses took 25% longer to sell.
In general, housing in the Long Island area has also dropped, but that has been considered typical for this time of year. Many will be watching the second quarter to get an idea as to whether or not the market is actually declining. Sales fell 6.4% to 7,001 from a year ago and the median sales price dropped less than 1% to $437,500. The number of homes for sale also jumped 18% to 31,954.