As the summer season is in full swing, we asked top Long Island agents what they currently see in the market. How has the inventory been as of late, and what type of effect is that having on your business?
Sheri Winter Parker
THE CORCORAN GROUP
MATTITUCK
With summer in full swing, I am seeing a noticeable increase in inventory, including new construction, similar to what I observed last year. Despite an increase in significant price reductions, home values remain high post-COVID. Home prices on Long Island are setting records this year, with closed median sales prices up across the area, including a 13.3% increase in Suffolk County over 2023, according to a statistic from the Long Island Business News. It’s still a great time to buy and a great time to sell!
Kieran Rodgers
THE AGENCY
HUNTINGTON
As summer unfolds, the real estate market in Suffolk and Nassau counties is experiencing an intriguing shift. Inventory remains tight, with desirable properties moving swiftly. This low supply, coupled with high demand, has inevitably driven up prices, creating a seller’s market. From a business perspective, this dynamic has necessitated a more strategic approach. For buyers, we’re focusing on swift, decisive actions and leveraging strong relationships to secure properties before they hit the broader market. Our strong relationships have allowed us to push forward without growing pains, ensuring smooth transactions and satisfied clients. For sellers, we’re emphasizing the benefits of listing now to maximize their return on investment. The challenge is balancing the heightened competition with the need for thorough client education, ensuring they understand market trends and can make informed decisions. Overall, this environment has bolstered our market agility, driving innovation in our practices and enhancing client trust and satisfaction.
Marie Salerno
DOUGLAS ELLIMAN
SYOSSET
The Long Island real estate market is evolving, which has led to both challenges and opportunities. Scarcity in desirable areas is driving competitive offers on well-priced properties. Recently, I listed a high-end new construction residence in Jericho for $2.728 million. This was a first for the neighborhood. After several offers were made, we came to a deal. This property is poised to set a record for residential sales in Jericho’s four communities: West Birchwood, East Birchwood, White Birch and Princeton Park, while at the same time creating a robust database of new buyers for me. The current climate favors sellers who are willing to collaborate closely with their agents on pricing and marketing strategies, so I am achieving strong results for my clients. While the restricted inventory limits options for buyers, it also creates opportunities for sellers to maximize their property’s value. As we move toward late summer, I expect continued demand for quality homes in prime locations with serious buyers ready to swoop in on the right property.
Heidi Karagianis
DANIEL GALE SOTHEBY’S INTERNATIONAL REALTY
PORT WASHINGTON
I specifically cover North Shore communities of Port Washington, Manhasset and Sands Point, as an Associate Broker for Daniel Gale Sotheby’s International Realty. Never in my 15 years of doing real estate have I seen a summer season so active. The inventory has been incredibly light this spring, and it started later than usual, around late April, so most buyers did not secure homes by the start of summer. This has pushed them to a more of a “rolling” market of moving on a property when they see something they like. They are very real buyers desperately looking for homes to purchase. At the same time, sellers who have been waiting for their next steps, have decided to list, albeit still slowly, so the listings this summer are experiencing multiple offers and terrific prices, and long-time buyers are happy to finally find homes. I’ve typically never list over the summer, and it’s usually very slow, but this year I have put on six properties, and planning on listing a few more homes through August.
Abigail Mago
FIRE ISLAND SALES AND RENTALS
After a prolonged period of extraordinarily low inventory on Fire Island, we are finally seeing a small uptick in listings. Inventory loosening up a little bit has spurred renewed buyer activity, with a lot of buyers actively looking at the moment. As a summer destination, this is always a busy time for us, but it helps a lot to have more available homes to offer. The higher interest rate environment does seem to be impacting the buyer pool at the lower end of the market, who are typically more reliant on financing than at the high end where we tend to see primarily all cash transactions. After a very slow start to the year, our company is on pace to have our best July ever, so it does feel like things are moving in the right direction.
