The 2nd Quarter Prudential Douglas Elliman Long Island/Queens Market Overview shows the housing market in stable condition with slight increases in the price indicators, a modest decline in the number of sales and a slow down in the rise of inventory.

“The Queens and Long Island market is showing stability this quarter,” said Dottie Herman, President and CEO of Prudential Douglas Elliman. “The demand for real estate is still strong, but the reality is that people are taking time with their purchases, and that the right pricing is key in selling a home. In upcoming quarters, we anticipate a market that is moving sideways, working towards further stability and eventual growth.”

“Price levels across the Long Island and Queens housing market were generally steady, while the pace of inventory added to the market slowed considerably,” said says Jonathan J. Miller, CRP, President/CEO of Manhattan residential real estate appraisal firm Miller Samuel. “Sales in Nassau and Suffolk counties showed a modest increase in the number of sales for the first time in a year and a half, suggesting that conditions are somewhat better than anticipated.”

Additional highlights from the 2nd Quarter Prudential Douglas Elliman Long Island/Queens Market Overview include:

Long Island/Queens Real Estate Market (Overall)
– Average sales price was $509,913 this quarter, up 0.7% from the prior year quarter amount of $506,580.
– Median sales price was $445,450 this quarter, up 0.1% from the prior year quarter amount of $445,000.
– Listing Inventory increased 3.6% to 37,928 units from the prior year quarter amount of 36,610 units.
– Number of sales decreased 5.3% to 8,237 units from 8,694 units in the prior year quarter.

Queens Real Estate Market
– Median sales price was $470,000 this quarter, up 0.2% from the prior year quarter.
– Listing Inventory increased 8.6% to 11,783 units from the prior year quarter.

Nassau Real Estate Market
– Median sales price was $485,000 this quarter unchanged from the same period last year.
– Listing Inventory increased 4.4% to 11,036 units from the prior year quarter.

Suffolk Real Estate Market
– Median sales price was $396,550 this quarter, down 0.6% from the prior year quarter.
– Listing Inventory slipped 0.5% to 15,109 units from the prior year quarter.

North Shore Market
– Median sales price was $730,000 this quarter, unchanged from the prior year quarter.
– Number of sales increased 5.6% to 607 units from the prior year quarter.

Luxury Market (upper 10%)
– Median sales price was $1,020,00 this quarter, up 6.9% from the prior year quarter.
– Suffolk saw the largest rise in prices with a 13.8% increase in the average sales price to $1,272,044 compared to the prior year quarter.

Condo Market
– Median sales price increased 2.2% to $255,000 this quarter from the prior year quarter.
– Queens market share was 52% of all sales, up from 50% in the prior year quarter.

About Prudential Douglas Elliman

Prudential Douglas Elliman Real Estate is New York’s largest residential brokerage, over 60 offices, more than 3,500 real estate agents and a network of national and international affiliates. Prudential Douglas Elliman, ranked in the top five of all real estate companies in the nation, closed $14 billion in sales in 2007. Prudential Douglas Elliman also controls a portfolio of real estate services, including Manhattan’s largest residential property manager, Douglas Elliman Property Management, as well as PDE Title and Preferred Empire Mortgage Company. For more information on Prudential Douglas Elliman as well as expert commentary on emerging trends in the real estate industry, visit the Prudential Douglas Elliman site at www.prudentialelliman.com.

About Miller Samuel ( www.millersamuel.com) - Miller Samuel is a New York based real estate appraisal services firm established in 1986. Miller Samuel provided property valuations of more than $5,000,000,000 in the past year. The company’s clients include domestic and international financial institutions, law firms, consulting firms, developers, employee relocation companies, co-op and condo boards, managing agents, individuals and government agencies. The firm developed what is now the largest database of Manhattan co-op and condo sales covering the sales market back to the late 1970s.