It appears Long Island home prices may not be hemorrhaging, at least when you look at a whole year’s worth of data for Nassau and Suffolk counties.
The Multiple Listing Service of Long Island reported in a market update that in Nassau, the median sales price of closed sales in October was $425,000 – that’s up 6.3 percent from the previous October – and the 12-month average was up 2.4 percent. In Suffolk, there was no change year-over-year – the median sales price was $325,000, as it was in October 2009. Suffolk’s 12-month average dipped 1.6 percent.
Predictably, in both counties the number of contract sales spiked just in time for the April 30 contract deadline for the federal first-time home buyers’ tax credit and closed sales in both counties peaked just before the credit’s original June 30 closing deadline, which was later extended to Sept. 30. Overall, 9,716 homes sold in Nassau -- a 12.1 percent increase in the number of sales for the year compared to 2009. In Suffolk, 10,646 homes were sold in 2010, up 14.7 percent from a year ago.
Active inventory of new homes for sale peaked at 9,031 in July and slid to 8,503 homes on the market in October. Inventory in Suffolk reached a high of 12,994 in July and was down to 12,137 in October.
Affordability is up in both counties. The 12-month average housing affordability index for 2010 increased 4.2 percent in Nassau from a year ago, and in Suffolk it is up 7.8 percent.