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Report: North Shore luxury market 'stable'

The North Shore real estate market has had a “return to normalcy,” according to a new report by Daniel Gale Sotheby’s International Realty.

The number of luxury transactions in the market -- which includes the North Fork -- rose 25 percent in Nassau and 55 percent in Suffolk County in 2010 compared to 2009, the report says.

In Nassau, the number of sales rose from 226 in 2009 to 284 in 2010. Homes spent an average of 160 days on the market last year compared to 148 in 2009. Prices rose in general, with a 6.7 percent increase in the average price and a 5.7 percent rise in the median, though the highest price for 2010 was $8.235 million – down 8.5 percent from the $9 million winner in 2009.

Perhaps the attractive discounts in Suffolk – the average fell 8.5 percent and the median slid by 5 percent -- account for some of that 55 percent leap in the number of sales for the county. The highest price in 2010 was $5.4 million, a 24.5 percent drop from $7.15 million in 2009.

“Although more cautious than during the ‘boom’ period we experienced just a few years ago, when we compare all closed luxury transactions for 2010 to 2009 we see what can only be considered as a return to normalcy,” the company’s president and chief executive Patricia Peterson writes in the report, also predicting that “the luxury market will continue to be stable in 2011.”

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