Long Island Real Estate Report released their official 1st Quarter 2009 Sales Statistics for Long Island this week.

Yes, it takes until mid-May to gather all the sales for a period ending the end of March. Why? Because Suffolk County still uses the horse and buggy manual way of recording sales and there is no real-time reporting of recordings. That’s just one more reason to employ an MLS or similar system that creates market-wide sales reports.

On the following Quarterly Sales for the East End (comprising of the five East End Townships of Southold, Riverhead, Shelter Island, Southampton and East Hampton) there are four things that stand out for me:

1- the Number of sales are down 66% from the 1st Quarter 2007 (arguably the peak)

2- The dollar volume of sales is down 80% from 1st Q 2007 and down 85% from the peak of 2nd Q 2007

3- the median sales of  525,000 is down 32% from the peak of 2nd Q 2007 to approximately 2004 levels.

4- the 8 foreclosure sales recorded in the 1st Quarter of 2009 is the lowest number of foreclosure sales in the last 6 quarters.

Quarterly Sales History for East End
Quarter Total Sales Foreclosure Sales
# $ Amount Median # $ Amount Median
2007  Q1 757 1,093,415,572 720,000 5 2,449,899 528,286
2007  Q2 – 907 1,363,583,656 765,000 7 5,178,282 571,672
2007  Q3 -724 1,051,374,697 733,500 5 2,433,719 435,695
2007  Q4 -736 973,603,132 671,500 11 7,455,399 516,626
2008  Q1 -475 778,808,070 658,000 12 6,155,984 460,481
2008  Q2 -677 901,032,078 712,500 11 5,853,132 414,275
2008  Q3 -517 600,598,787 575,000 9 4,495,219 383,959
2008  Q4 -459 545,595,387 587,500 15 6,123,742 363,270
2009  Q1 225 219,577,218 525,000 8 3,059,001 346,691
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