Home prices jump, but sales and inventory slow, states MLSLI report

New York /
Apr.April 15, 2019 04:16 PM

Long Island home prices rose for yet another month, while sales themselves slowed and inventory increased, Newsday reported. Homes in Suffolk County sold with a median price of $372,875 in March, a 5.9 percent rise from the same month a year earlier, according to data published by the Multiple Listing Service of Long Island. Similarly, Nassau County’s median home sale price rose 3.4 percent last month, to $517,000. Home sales, however, fell 5.8 percent in Suffolk when compared to March 2018. Nassau home sales fell 8.8 percent year-over-year. Those dips could soon be offset by a boost in the number of contract signings last month, which jumped 10 percent in Suffolk and 1.4 percent in Nassau, compared to March 2018. All of these factors have helped create a buyer’s market. “It’s a very competitive environment out there for buyers,” Massapequa-based agent Russ Bonanno told Newsday. “There’s a lot of very serious and very qualified buyers out there.” Nonetheless, Bonanno stressed to the outlet that the market is less competitive for more expensive homes. “As you go up in price, the buyer pool does shrink a bit,” he added. [Newsday]


Related Articles

arrow_forward_ios
Cushman's Gary Gabriel and Adam Spies with one of the Long Island Industrial Assets (Cushman, Sherwood Equities, Getty Images)
Silverman grabs Sherwood industrial portfolio for $76M
Silverman grabs Sherwood industrial portfolio for $76M
Ruschmeyer’s Hotel (Facebook, Getty)
Montauk hotspot quietly for sale after losing liquor license
Montauk hotspot quietly for sale after losing liquor license
Planet FItness' Chris Rondeau with 177 Old Country Road (Planet Fitness, Google Maps)
Planet Fitness filling Long Island’s retail vacuum
Planet Fitness filling Long Island’s retail vacuum
Five Pointe Real Estate's Corey Gluckstal with 7 Beach Lane (Five Pointe Real Estate, Douglas Elliman)
Westhampton Beach inn to reopen as luxury hotel
Westhampton Beach inn to reopen as luxury hotel
Verco Properties' John Verni with 227-239 Harrison Avenue (Twitter, Google Maps)
Tri-state deals: NJ industrial portfolio sale, multifamily deal in Westchester
Tri-state deals: NJ industrial portfolio sale, multifamily deal in Westchester
Illustration by Kevin Cifuentes for The Real Deal with Getty Images)
“Sucks, right?” Long Island landlord fined for fair housing violation
“Sucks, right?” Long Island landlord fined for fair housing violation
Tesla's Elon Musk and 1350 Corporate Drive in Westbury (Mattone Investors, Getty)
Tri-state deals: Tesla snaps up 50K sf for showroom, Albany hotel trades hands
Tri-state deals: Tesla snaps up 50K sf for showroom, Albany hotel trades hands
1724 5th Avenue (Loopnet, iStock)
Foodmaker ups footprint by 200K sf at former Entenmann’s factory
Foodmaker ups footprint by 200K sf at former Entenmann’s factory
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...