Long Island Unemployment Drops to 7.1%

Unemployment rates across New York saw a significant decline in March compared to February, and an even bigger decline compared to the same time last year, painting a rosier picture of the region.

On Long Island, unemployment for both counties averaged 7.1 percent, down from 7.7 percent the previous month and 7.8 percent in March 2010. That unemployment reduction was driven mostly by large increases in employment in the recreation field and the construction/contracting industry. According to statistics released today from the New York State Department of Labor, over 4,200 construction and contracting jobs were added in March, while the recreation sector added 2,700 new jobs.

New York saw a similar increase in jobs and decrease in unemployment, going from an average unemployment rate of 8.7 percent in February to 8 percent in March. A year ago, the unemployment rate had just barely eclipsed the 9 percent mark. Construction jobs also bolstered the state economy in March, mainly from a large increase in residential home construction.

Despite the improving numbers in the construction/contracting field, James Castellane, president of theNassau/Suffolk Building Trades Council, said those jobs weren’t going to his workers.

“We see little lights here and there, but there’s still 30 percent unemployment for us,” Castellane said. “We’re still fighting the recession hard.”

*Source: Long Island Business News

North Fork Update – 1st QTR 2011

[NOTE: This study focuses on the communities that make up the bulk of Southold Township including Cutchogue, Mattituck, Greenport, Orient and Southold.]

Like most of Long Island, the North Fork is not immune to affects of the current housing crisis. According to published data, the median sales price among these five (5) North Fork Communities has declined from a high $485,000 to the current price point of $410,000. This represents a loss in value of 15.46 percent. What is interesting to note is the fact that the median sales price in the Town of Southold had peaked in 2008 while much of the Island peaked in 2006.

That said, there are some positive signs for the North Fork. According to our study, the median sales price for non-luxury homes is following along a trend-line that has an upward projection. While home prices have ebbed and flowed with the market, the overall guidance appears to be moving in a positive direction.

At the other end of the spectrum is the luxury housing market that has a negative trend-line indicating further pain. However, it is plausible that the luxury market is skewed by the fact that the sample size is limited. Financing for jumbo-loans is difficult to obtain and therefore many potential sellers have resisted placing their homes on the market.

SW Brooklyn Market Report

BAY RIDGE, BENSONHURST & DYKER HEIGHTS

<
>

SINGLE FAMILY HOUSING MARKET

The single family housing market in southwestern Kings has shown modest signs of improvement throughout the year.  One year age, the median sales price stood at $620,000 while the most recent sales data shows that the median sales price is now standing at $665,000.  This represents an increase in pricing of 7.25 percent for the year.  In looking deeper, the median sales price for a row-style home (attached or semi-attached) stands at $609,000 while a fully detached home has a median sales price of $705,000.   In addition to the building type, it is also important to recognize the fact that many of the detached homes will offer a larger building lot thus pulling prices upwards.

TWO FAMILY HOUSING MARKET

The 2-family housing market is still more fragile at this time.  One year ago, the median sales price for a two-family was $710,000 while the current median sales price is $657,000.  This would represent a loss in pricing of 7.46 percent.  The uncertainty revolves around the seasonality and the fact that we were impacted by more than 20 snow days this winter which may have caused potential buyers to “stay home”.   This is evident in the volume of sales.   During the last three quarters of 2010, there was an average of 69 transactions per quarter.   In the most recent quarter, there were only 50 transactions, a decline of 27.5 percent.