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Elliman Report: Long Island Sales 4Q 2013

…The final quarter of 2013 represented a strong finish to a year that appeared to mark the Long Island housing market’s transition from a stable market to an improving market. Housing price indicators moved higher, the number of sales surged to a multi-year high, while listing inventory slid to a record low.

The number of sales surged 31.8% to 5,982, the highest fourth quarter total in 7 years. The market seemingly rebounded from the weak Superstorm Sandy related sales activity last year along with the late year rush of “fence-sitters” entering the market before mortgage rates moved higher. Listing inventory fell 12.2% to 12,801, the lowest level reached since we began tracking this metric more than a decade ago. As a result of rising demand and falling supply, the absorption rate, the number of months to sell all listing inventory at the current pace of sales, fell to 6.4 months from 9.6 months in the prior year quarter…

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