December 2015 Housing Stats

The closed median home price in December 2015 for Long Island, which includes Nassau, Suffolk, and Queens's housing data, was $385,000 representing a 2.7% increase over last year. Nassau County reported a $437,000 closed median home price in December, representing a 2.8% increase over $425,000 reported by MLSLI last year. Suffolk County reported a closed median price of $326,000 which represents a 5.2% increase over a year ago. Queens reported a closed median home price of $438,000 which represents a 9.4% increase over last year. The total number of Long Island available residential inventory was 17,434 representing a 6.6% decline over last year.

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

November 2015 Housing Stats

The closed median home price in November 2015 for Long Island, which includes Nassau, Suffolk, and Queens's housing data, was $390,000 representing a 2.6% increase over last year. Nassau County reported a $430,000 closed median home price in November, representing a 1.7% increase over $422,750 reported by MLSLI last year. Suffolk County reported a closed median price of $331,000 which represents a 1.8% increase over a year ago. Queens reported a closed median home price of $432,000, which represents a 1.6% increase over last year.

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

October 2014 Housing Stats

The closed median home price in October 2014 for Long Island, which includes Nassau, Suffolk, and Queens's housing data, was $375,000 representing a 1.4% increase over last year. Nassau County reported a $420,000 closed median home price in October, representing a slight increase over $419,500 reported by MLSLI last year. Suffolk County reported a closed median price of $315,000 representing a 4.5% decrease over last October. Queens reported a closed median home price of $419,000, representing a 14.8% year over year increase.

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

April Housing Stats

Despite April's less than ideal weather, buyers continued to chase housing value. Contract sales activity was off slightly compared to last year, but 11.1% higher than in March. Median home prices were on a par with last April.

The closed median home price in April 2014 for Long Island, which includes Nassau, Suffolk, and Queens's housing data, was $359,000, representing a 2.6% increase over last year. Nassau County reported a $410,000 closed median home price in April, representing a 5.7% increase over $388,000 reported by MLSLI last April. Suffolk County reported a closed median price of $301,000 representing a slight increase over last year while Queens reported a closed median home price of $370,000, up 2.8% from $360,000 reported last year.

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

What Home Sellers Need to Know Before Putting Their Property Back on the Market

You've probably noticed that in today's market, many homes aren't selling as quickly as they used to. This has created an increasing number of homes for sale that the real estate industry often refers to as "expired listings." When putting an "expired" home back on the market, therefore, home sellers must take into account a variety of factors in order to ensure their home sells in a timely fashion this time around, advises Lawrence Finn, Jr., CEO Owner/Broker of Coach Realtors.

"If the listing or marketing agreement you had with your real estate agent has expired and you are looking to re-list your property," says Mr. Finn, "make sure you are aware of the many critical factors that are involved in influencing the sale of your home."

According to Finn, many real estate agents will advise home sellers to simply lower the price in order to get their home sold. Price, however, is only one part of the reason why a home doesn't sell.

"While price is certainly one component in the timely sale of your home, it is certainly not the only component," says Finn. "As you re-evaluate the proper pricing strategy for your home, be sure to request an updated market analysis from your real estate agent, and make sure it details the current pricing trends for your overall marketplace."

Finn, Jr. advises that the market analysis includes:

1. Days on the market for properties in your specific price range

2. The list-to-sales price ratios for homes that have sold (the more recent the better)

3. The rate at which homes are are being sold, also known as the Absorption Rate.

4. The number of price reductions or, where applicable, the number of price increases

5. The number of homes currently active in your price point

Mr. Finn adds that when considering how to reprice your home, home sellers should be aware that a lower listing price can sometimes ultimately lead to a higher sales price due to the increased number of bids and competitive environment an attractive price generates. Finn advises that all home sellers discuss the current supply-and-demand metrics that are influencing home values in your neighborhood with any agent you're considering working with.

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