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A tight supply of homes has squeezed buyers in Nassau and Suffolk. (Credit: Jessica Rotkiewicz)
The median home price in Nassau County jumped nearly 10 percent last month compared to a year ago, as limited supply continued to drive prices up.
The median price in Nassau was $525,000 in July, 9.8 percent higher than a year earlier, the Multiple Listing Service of Long Island reported Tuesday.
In Suffolk County, the median price was $365,000, a 5.8 percent annual gain.
Nassau prices are being pushed higher by tight supply, said Kimberly Bancroft, a selling agent with Daniel Gale Sotheby’s International Realty in Locust Valley.
Bancroft, who primarily works with home buyers shopping in the $2 million to $3 million range, said “lower-priced homes here are seeing bidding wars.” Homes in the $300,000 to $800,000 range are “flying out the door,” she said.
In the higher-end housing market, sellers are being advised to “price very tightly and intelligently,” Bancroft said. “Because there are fewer buyers in that market we have to be very competitive and price well.”
In Suffolk, Deborah Galligan, broker/owner of Marylou Swan Realty Corp. in East Patchogue, said competition has been so fierce that a recent listing for a $450,000 home received four bids over the asking price in two days.
“We haven’t had that since the heyday,” she said.
The nation’s low interest rates remain a major factor in the market, said Jerry O’Neill, broker/owner of Coldwell Banker Harbor Light in Amity Harbor.
“The fact that the interest rates continue to stay low in spite of the threat of increases, [means] buyers are coming to the market while the rates are still low,” O’Neill said.
Nassau’s median price in July was well above the record $502,500 reached in 2007, before the recession. In Suffolk, the median has yet to reach its pre-recession high of $420,000.
MLS reported last month that the median home price in Nassau reached $505,000 in June, passing the 2007 pre-recession high. But the latest MLS data revised the median price in June to $500,000.
Thought all the LI haters were complaining and whining about the horrors of LI living...then moved to promise land
There were a couple of folks who repeatedly posted that LI was crashing, the population was shrinking, neighborhoods were emptying, the taxes were destructive, the housing market was collapsing, and everyone with a brain was fleeing. Or was already gone. Always had complicated explanations as to why - notwithstanding reality - they were right. And I always suspected they worked for a local moving/relocation company trying to pump up business.
Last edited by Quick Commenter; 08-16-2017 at 04:18 AM..
There were a couple of folks who repeatedly posted that LI was crashing, the population was shrinking, neighborhoods were emptying, the taxes were destructive, the housing market was collapsing, and everyone with a brain was fleeing. Or was already gone. Always had complicated explanations as to why - notwithstanding reality - they were right. And I always suspected they worked for a local moving/relocation company trying to pump up business.
Suffolk is still a fair ways lower than 10 years ago, yet taxes still go up. Nassau is hot as people want to leave the city.
While the population isn’t shrinking per se, it is growing at a slower rate than the US as a whole. Long term that’s not a good sign.
Nothing has changed; they still are. LI salaries are only a few thousands above the national average, while taxes are 4-5 times higher. I'm not expressing an anti-union bias. It's a simple math equation that shows why LI taxes are unsustainable.
LI is currently reaping the benefits of NYC housing prices skyrocketing. If and when there's a NYC downtown, LI r.e. will take a powerful hit, similar to 2009.
At the risk of being painfully obvious, it is certainly true that the gargantuan economy of NYC has a large economic effect on its suburbs, economies are of a cyclic nature, nobody likes taxes, and half of the country (at one time or another) is above the average population growth rate and half of the country (at one time or another) is below the average population growth rate.
Nevertheless,
" The median home price in Nassau County jumped nearly 10 percent last month compared to a year ago, as limited supply continued to drive prices up.
The median price in Nassau was $525,000 in July, 9.8 percent higher than a year earlier, the Multiple Listing Service of Long Island reported Tuesday.
In Suffolk County, the median price was $365,000, a 5.8 percent annual gain."
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