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Report: Fewer Long Island houses for sale than last year
The for-sale inventory in October fell to 10.2 months, compared to 16.9 months a year ago, reported the Multiple Listing Service of Long Island, which also covers Queens.
That’s 31,243 listings last month and 35,221 a year ago, the report said. The inventory used to be a key indicator of how the housing market was faring, and if inventory was down, prices went up. That’s the law of supply versus demand. But nowadays, how well does the inventory level reflect or forecast the health of the housing market? Even as inventory goes down, prices have gone down also, not up, MLS figures show. Unlike the boom and normal times, real estate agents said, many homeowners have refrained from listing their properties if they don’t have a powerful reason to leave, such as relocating for a job. That helps lower the inventory level, which could make the market look like it’s recovering faster than it really is.Tags: Multiple Listing Service of Long Island , housing market
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