The Multiple Listing Service of Long Island, Inc., (MLSLI) has recently released January 2010 home figures reporting a $365,000 closed median home price for Long Island. The latest housing figure represents an increase of 4.3 percent from last January when the MLS of LI reported a $350,000 closed median home price. In December 2009, a month prior, the closed median home price on Long Island was $354,000.
Three Long Island counties make up the Multiple Listing Service of Long Island, Inc.; Nassau, Suffolk, and Queens. According to the new market updates provided by the Multiple Listing Service of Long Island, Inc, Nassau County reported a closed median home price in January of $417,500 in Nassau County, representing an 8.4 percent increase over January 2009. Queens County reported a closed median home price of $360,000, representing an increase of 4.7 percent over January 2009’s figure of $343,750. Suffolk County reported a closed median home price of $317,000, falling just slightly below the $320,750 closed median home price reported in January 2009.
The available residential, condo, and coop inventory levels continue to diminish as sales activity in all three counties remains active. According to the new MLSLI Market Report, Nassau County reported 7,297 available properties in January 2010, which represents a 21.4% decrease since July 2009. Suffolk County reported 13,264 available properties compared to 15,993 six month prior and Queens reported 6,674 properties compared to 7,377 in July of 2009.
According to Joseph E. Mottola, CEO of MLSLI, January figures show signs of a balanced housing market as home prices rebound and inventory levels trend downward. Mottola further notes that, “The extension of the tax credit is still providing a strong incentive for buyers to enter the market and coupled with favorable financing and product selection, support a continuation of an active housing market well into Spring.”
Three Long Island counties make up the Multiple Listing Service of Long Island, Inc.; Nassau, Suffolk, and Queens. According to the new market updates provided by the Multiple Listing Service of Long Island, Inc, Nassau County reported a closed median home price in January of $417,500 in Nassau County, representing an 8.4 percent increase over January 2009. Queens County reported a closed median home price of $360,000, representing an increase of 4.7 percent over January 2009’s figure of $343,750. Suffolk County reported a closed median home price of $317,000, falling just slightly below the $320,750 closed median home price reported in January 2009.
The available residential, condo, and coop inventory levels continue to diminish as sales activity in all three counties remains active. According to the new MLSLI Market Report, Nassau County reported 7,297 available properties in January 2010, which represents a 21.4% decrease since July 2009. Suffolk County reported 13,264 available properties compared to 15,993 six month prior and Queens reported 6,674 properties compared to 7,377 in July of 2009.
According to Joseph E. Mottola, CEO of MLSLI, January figures show signs of a balanced housing market as home prices rebound and inventory levels trend downward. Mottola further notes that, “The extension of the tax credit is still providing a strong incentive for buyers to enter the market and coupled with favorable financing and product selection, support a continuation of an active housing market well into Spring.”
Millie Thomas
Broker/Owner
Landmark Realty of L.I., Inc.
6347 Route 25A (Next to McDonalds)
Wading River, NY 11792
631-929-3600
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