Long Island sees spike in housing inventory and prices, per Elliman report

TRD TRI-STATE /
Jul.July 26, 2019 01:54 PM

Inventory on Long Island rose sharply in the second quarter, but that didn’t stop prices from rising as well, according to a quarterly sales report for the region prepared by Douglas Elliman and appraisal firm Miller Samuel. Listing inventory in Nassau and Suffolk counties rose by 21.7 percent year-over-year, to 14,051, according to the report, marking the largest year-over-year increase in inventory in more than a dozen years. The average sales price was up 3.7 percent year-over-year, to $518,119, and the median sales price jumped 4.7 percent year-over-year, to $445,000. That means the median sales price for homes on Long Island haven’t fallen year-over year for 25 quarters in a row, per the report. Long Island had a total of 6,889 sales in the second quarter — a 1.9 percent increase from the same time last year — and homes spent an average of 73 days on the market, down from 75 days a year ago. Recent data from the Multiple Listing Service of Long Island found that home prices rose in June, amid a rise in inventory and a dip in sales. [Douglas Elliman]


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