Prudential Douglas Elliman released their 2012 Q1 report this morning and while it doesn't paint as rosy a picture as Town & Country's recent one, it's not filled with bad news either. Basically, it's all quiet on the eastern front. The high end continues to be strong and there was a small uptick in the sale of lower-priced ($1M and less) homes.
According to the reports preparer, Jonathan Miller of Miller Samuel, there was "one interesting wrinkle" during the last quarter:
"[I]nventory declined yet sales did not rise as one would expect with falling inventory (more sales working off inventory). This might suggest that sellers that enter the market now are serious rather than simply throwing the listing out there to see what they can get. By not listing their homes, they probably expect more of the same market conditions over the near term."· 1Q - 2012 Long Island Sales [Prudential Douglas Elliman]
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