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FOR
IMMEDIATE RELEASE
Long Island Real Estate is Regaining Strength
August 2009 - West Babylon, NY - The Multiple Listing
Service of Long Island, Inc., (MLSLI) has recently released November
2009 home figures reporting a $363,000 closed median home price for Long
Island. The latest housing figure represents a decrease of 3.5
percent over the $376,500 reported in November 2008. Queens,
Nassau, and Suffolk counties reported lower home prices in November as
compared to a year ago. However, closed median home prices
for all three counties are slightly higher than the month prior. The
November 2009 closed median home price for Queens, Nassau, and Suffolk
counties are: $348,000, $407,000 and $330,000, respectively.
In November 2009, there were 2,558 closed sales reported for Nassau, Suffolk and Queens. This number represents an increase of 45.3 percent over November 2008. Additionally, the number of contracted sales was also higher in this November as compared to a year ago. MLSLI reported 2,224 contracted sales in November 2009 as compared to 1,671 in November 2008.
The Long Island contracted median home price, which usually reflects
transactions over the past month, was $355,000 in July 2009 representing
a downturn of 10 percent over last July. Contracted home prices
have been reported steadily in the $350k - $360k range since the beginning
of the year. Queens County reported a contracted median home price
of $355,000, Nassau was $394,000, and Suffolk was reported at $325,000.
The November 2009 available residential inventory was 30,126, representing
a 12.9 decrease from November 2008. This year the inventory has
averaged approximately 32,548 available properties per month. With
the significant increase in contracted activity over the past few months,
which experts say has been helped by the $8,000 first time homebuyer
federal tax credit, this is the lowest average available inventory since
2006 when the reported monthly average inventory was 30,004.
According to Joseph E. Mottola, CEO of MLSLI, November housing figures show signs of a market that is regaining strength. Mottola says, “Closed median home prices are only off by 3.5 percent from a year ago. With all that is happening in our economy, this is a positive sign. Mottola notes that, “In January of this year MLSLI reported a $350,000 closed median home price for Long Island, which represented a 16.1 percent decrease in pricing over the year prior.” Mottola further explains, “The gap between the data and percentages reported in November 2009 as compared to 2008 has narrowed considerably in recent months, supporting my belief that our local housing market is stabilizing and moving in the right direction for both, buyers and sellers.”
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Press Release Contact:
Christina DeFalco
Public Relations and Communications Specialist
631-661-4800 Ext. 358
The Multiple Listing Service of Long Island, Inc. (MLSLI™) is a subsidiary of the Long Island Board of REALTORS, Inc. and operates as a computerized network consisting of 2,800 participating real estate offices throughout Nassau, Suffolk and Queens. For more information on MLSLI™, visit our web site at www.mlsli.com.
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