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Buying and selling real estate in the communities of Long Island

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LI home sales, prices rise in January

The Long Island housing market got a boost

The Long Island housing market got a boost last month, with sales and prices on the rise in Nassau and Suffolk counties. This house was on the market in Wading River late this past month. (Jan. 23, 2012) (Credit: Randee Daddona)

Long Island’s housing market got a boost last month, with sales and prices on the rise in Nassau and Suffolk counties.

The median price of a home in Nassau County was $400,000, up 3.8 percent compared to the previous January, the Multiple Listing Service of Long Island reported Tuesday. The number of sales rose by 0.8 percent year-over-year, to 635.

In Suffolk County, the past month’s median price of $310,000 marked a 6.9 percent gain over January 2012. There were 785 home sales, up 15.3 percent from  January  a year ago. The median is the midpoint, meaning half are greater and half less than the figure.

The number of pending sales on the Island rose sharply this past month, the start of  the long recovery from the devastation caused by superstorm Sandy on Oct. 29. In Nassau County, 727 homes went into contract last month, up 28 percent year-over-year. The median pending home price was $380,000, a gain of 2.7 percent over the previous January.

Suffolk County home buyers signed 765 contracts last month, up 20.1 percent over the previous January. The median price of a home going into contract was $291,000, up 0.4 percent over the same period last year.

Long Island’s housing market was hit hard in the immediate aftermath of Sandy, with sales falling in November, compared to the same period the previous year.  Many sales and contract signings were canceled or delayed at least until December, when sales rose year-over-year by 7 percent in Nassau County and 11.4 percent in Suffolk County.

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