FOR IMMEDIATE RELEASE

2003 Long Island Home Sales

January 26, 2004 - West Babylon, NY - Overall home sales processed through the Multiple Listing Service of Long Island, Inc.(MLSLI) in 2003 have surpassed the previous record in 2002, according to the West Babylon based organization.

There were a total of 28,583 existing-home sales in 2003, up 15.3 percent from the previous record of 24,770 in 2002.

The year ended with a reported sales volume of 11.2 billion for Queens, Nassau, and Suffolk Counties combined, reflecting a 31.7 percent increase over the 8.5 billion reported in December 2002.

Housing inventory was 7 percent higher at the end of December 2003 as compared to December 2002, with 12,457 available residential properties throughout Long Island, which also includes Queens.

The average existing-home price for Long Island as reported by MLSLI for all of 2003 was $393,425, up 14.1 percent from 2002 when the annual average price was $344,661. The strongest recent gain in Long Island home prices was 26.8 percent reported in 2002 when the average price on Long Island rose from $271,719 in 2001 to $344,660 in 2002.

Existing-home sale prices in Suffolk County increased 16.6 percent in 2003 to an average price of $357,090. In Nassau County, home prices were 11.5 percent higher than a year ago. The average price reported for a home in Nassau County in 2003 was $479,484. The most significant increase in home prices during 2003 was in Queens County where prices rose 19.2 percent. The average sale price increased from $280,979 in 2002 to $334,858 in 2003.

Low mortgage interest rates and a strong underlying demand for housing is what continues to support the home prices reported over the past two or three years. Joseph E. Mottola, LIBOR/MLS CEO says, “The impact of low interest rates can't be underestimated and seem to be the driving factor in the record sales and home prices on Long Island.” He further notes, “Looking ahead to this year, it seems that signs of an improving economy are in place to yield a continued strong housing market for 2004.”

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Press Release Contact:
Tricia Chirco
Marketing & Communication Director
631-661-4800 Ext. 345

The Long Island Board of REALTORS® is a non-profit trade association consisting of more than 23,500 professional Realtors. For more information about LIBOR, or to locate a Realtor in your area, visit our web site at: www.mlsli.com.