Housing sales for this region have improved since the 1st quarter of 2014 which reflected the harsh winter conditions. The market, however, is not as strong as it was in 2013. We do know that real estate is valued per location and specifics to that neighborhood and property etc. With inventory levels—the number of homes for sale in an area relative to the rate they are selling in that zip code or neighborhood—varying widely within our counties of Queens, Nassau and Suffolk, we can see multiple bidding on properties in some areas and a seller’s market while other areas still have an oversupply of homes for sale (more than seven months of inventory) and buyers more in control.
Monthly closed sales activity was up 16.3% from April 2014 to May 2014, but down -14.2 percent from May 2013. Contracts pending for May 2014, reflecting more current sales activity, are down only -7.9 percent from May 2013.
The median home price for Long Island (includes Nassau, Suffolk and Queens housing data) was $360,000—a 2.9 percent increase over this time last year. Price increases here were more modest than in some regions of the country experiencing double digit appreciation. This lower price appreciation creates a more sustainable market going forward.
Inventory levels are approaching the normal market range of six months of inventory for sale where there is an equal number of buyers and sellers—a balanced market. Suffolk County for May still had all neighborhoods experiencing more than 6 months of inventory of homes for sale and buyers more in control. Nassau and Queens have several sectors in each county with a low of four to five months of inventory available and experiencing multiple bidding as a result. Other areas of each county have six to nine months of homes for sale.
Real estate is local so it is important to know the prices and influencing factors for the neighborhoods or regions you are considering moving to. This is important for sellers as they gaauge how to price their property realistically for sale and for buyers as they formulate their offers versus the competition.
*All statistics from Long Island Board of Realtors Multiple Listing Service research