MLS report: LI home sales, prices rise in December
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Long Island's housing market picked up steam last month, as transactions delayed by superstorm Sandy in November took place in December.
The storm's long-term effect on home sales is uncertain.
Home sales and prices rose in December, according to a report released Monday by the Multiple Listing Service of Long Island.
Many home sales set for November were delayed until last month because of the storm's aftermath, said Barbara Wanamaker, a broker with Douglas Elliman in Huntington. "Anybody who was thinking about selling a house at that point had to put it on hold," she said.
The homes that sold in December typically went into contract about three months before, so the prices and activity do not reflect the impact of the storm, said Jerry O'Neill, broker/owner of Coldwell Banker Harbor Light in Amity Harbor.
O'Neill said many buyers are interested in buying storm-damaged homes in "as is" condition, at a discount.
In December, the number of homes on the market fell year over year in both counties. There were 6,161 listings in Nassau, a decline of nearly 25 percent compared with December 2011.
In Suffolk County, 8,963 homes were listed, a 17 percent year-over-year decline.
"The first-time home buyers are coming out again; they're kind of fighting each other to get a house because inventory is much lower," Yakubovsky said. "On the flip side, mortgages are still not easy to get."
December 2011 median price: $380,000
December 2012 median price: $400,000
December 2011 number of sales:747
December 2012 number of sales: 800
December 2011 median price: $300,000
December 2012 median price: $314,500
December 2011 number of sales: 817
December 2012 number of sales: 910
SOURCE: Multiple Listing Service of Long Island