March 2014 Housing Stats

The closed median home price in March 2014 for Long Island, which includes Nassau, Suffolk, and Queens's housing data, was $345,000, representing a less than 1% increase over last year. Nassau County reported a $387,000 closed median home price in March, representing a 1.8% increase over $380,000 reported by MLSLI last March. Suffolk County reported a closed median price of $305,000 representing a 1.7% increase over last year while Queens reported a closed median home price of $370,000, up 4.2% from $355,000 reported last year.

Available inventory is edging up from the unusually low levels reported by MLSLI in December, January and February. The rough winter weather we experienced this year has caused many would be sellers to delay listing their property until the now. With the arrival of warmer weather we expect an influx of housing inventory and together with the pent up housing demand, predict that the stage is set for a very active spring market.

To see the detailed reports for each county, please click the county name below to view the PDF file.

Suffolk County

Nassau County

Queens County

Long Island Housing Data for May

As reported by MLSLI:The closed median home price in May 2013 for Long Island, which includes Nassau, Suffolk, and Queens's housing data, was $350,000. The closed median home price is equal to what was reported one year ago, and is unchanged from last month as well. Nassau County reported a $423,500 closed median home price in May compared to $405,000 last May. Suffolk County reported a closed median price of $315,000 representing a 4.1% increase over last year and Queens reported a closed median home price of $361,000, which is 3.1% higher than $350,000 reported in May 2012. p>

To see the detailed reports for each county, please click the county name below to view the PDF file.

Suffolk County

Nassau County

Queens County

Long Island Housing Data for March

As reported by MLSLI:The closed median home price in March 2013 for Long Island, which includes Nassau, Suffolk, and Queens housing data, was $345,000, representing an increase of 4.5% over last year. Nassau County reported a March 2013 closed median home price of $379,000 compared to $365,000 in March 2012. Suffolk County reported a closed median price of $305,000 in March representing a 4.3% increase over last year and Queens reported a closed median home price of $356,080, which is 4.7% higher than $340,000 reported in March 2012..

To see the detailed reports for each county, please click the county name below to view the PDF file.

Suffolk County

Nassau County

Queens County

Long Island Housing Data for January

As reported by MLSLI:The impact of super storm sandy on real estate appears to have been a temporary disruption in activity that was reflected in the housing data released by MLSLI for the months of November and December 2012. Overall activity in January, however, indicates that the market is rebounding from the affects of the storm, and returning to a more normal pace.

Historically favorable affordability conditions continue to drive the market's recovery, both nationally and locally. Home prices and transactions are up compared to a year prior, while available inventory is low.

The closed median home price in January 2013 for Long Island, which includes Nassau, Suffolk, and Queens data, was $350,000, representing a 4.5% increase over January 2012. Nassau County reported a January 2013 closed median home price of $400,000 compared to $385,500 a year prior. Suffolk County reported a closed median price of $310,000 in January representing a 6.9% increase over last year and Queens reported a closed median home price of $356,000, which is 3.2% higher than $345,000 reported in January 2012.

To see the detailed reports for each county, please click the county name below to view the PDF file.

Suffolk County

Nassau County

Queens County

Housing Data for the Month of February

The following is an analysis of the Long Island housing market for the month of February as reported by the Multiple Listing Service of Long Island:

"Despite extreme weather conditions this winter, contracted home sales activity on Long Island has seen a surge in February compared to January. Many buyers that have been sitting on the sidelines are starting to see the window of opportunity quickly closing. Interest rates that cannot stay this low for too much longer has serious buyers searching for a new home again." - Dorothy Aschkar, 2011 MLSLI President

The closed median home price on Long Island, which includes Nassau, Suffolk, and Queens, for February 2011 was $355,000 representing a 1.4 % increase over the year prior. Nassau County reported a closed median home price of $396,750 representing a 3.1 % increase from the prior year.

Suffolk County reported a closed median home price of $300,000 compared to $325,000 from the prior year that represents a 7.7 % decrease and Queens reported a closed median home price of $360,000 which represents the highest gain of 3.5 % over a year ago. The contracted (pending) median sales price of a Long Island residential property was $341,500 in February 2011, down 2.4 % from $350,000 in the same period last year.

Inventory is up slightly with 29,655 units in February 2011 compared to 29,175 a year prior. Buyers still have plenty of inventory to choose from. Inventory levels should expand as the spring market revs up.

Overall, experts in the industry see the development of broad fundamentals for a gradual housing recovery. Job growth, high housing affordability and rising apartment rent are conducive to bringing more buyers into the market. Some buyers may be looking to real estate as a hedge against potential long term future inflation.

Long Island Market Data and Graphs

As 2010 comes to a close, we want to provide a look back over the past 11 months worth of real estate market data.

We have provided links to detailed reports about the housing market in Nassau and Suffolk counties.  These reports are in PDF format.

Suffolk market data, click here.

Nassau market data, click here.

These reports contain a wealth of information, some of which may look foreign to the non-real estate professional.  We welcome any questions you may have about these reports, the current value of your home or the real estate market in your local community.

To speak with a real estate professional within our firm, please contact us.

May you have a wonderful holiday season a prosperous New Year!

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