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Elliman Report: Long Island Sales 3Q 2016
Long Island sales activity rose to a 14-year record, consistent with the heavy volume seen in other New York City suburban markets. There were 8,362 sales, up 9.2% from the year ago quarter and up 32.2% from the prior quarter. The latter was consistent with the 28.8% jump in pending sales in the prior quarter. Listing inventory fell 22.3% to 12,473 and a 13-year low. As a result of unusually high sales and low inventory, the pace of the market was the fastest since 2003. The absorption rate, the number of months to sell all inventory at the current rate of sales, fell 28.6% to 4.5 months, the fastest paced quarter in 13 years…
