The 2Q 2008 Long Island/Queens Market Overview [pdf] that I author for Prudential Douglas Elliman [PDE] is available for download. We took over the preparation of this market area study for them in 2Q 06.

You can see the methodology that went into the report.

An excerpt

…In continuation of last quarter’s market pattern,
the pace of inventory growth and the pace in the
decline in the number of sales continue to slow
but still show weakening market conditions. The
lower level of activity is reflective of stressed
economic conditions and more stringent
underwriting guidelines of mortgage lenders,
who are requiring larger down payments, tighter
ratios and higher credit scores. Despite a decline
in activity, price indicators were essentially
unchanged from the prior year quarter. There
is an expectation of higher sales activity in the
third quarter as spillover from the spring market
activity closes in the summer months…

Download report: 2Q 2008 Long Island/Queens Market Overview [pdf]