Realtors report jump in LI home sales
If you're selling a home, you may need to go beyond curb appeal to get the property sold. Credit: AP, 2010
Long Island home sales in February jumped 7.5 percent over a year ago, the first such increase in eight months, a new report said.
The Multiple Listing Service of Long Island reported that there were 1,784 closings last month and 1,660 in February 2010. It marked the first time since June 2010 that monthly sales figures had increased from the same month a year earlier.
The trend started when a key deadline was originally set to expire for the federal home buyers tax credit. It continued with January's snowstorms delaying some sales activity into February, brokers said.
February closings rose 2.9 percent over January's.
Whether the market's mending or showing a temporary thaw is something that industry veterans say is uncertain.
"I think people are starting to see a bottom, they're starting to see value back in these houses again," said Mark Palladini, owner of Map Real Estate Services in Bohemia. At the same time, he said, "I get a lot of listings that people inquire about, but we're not getting as many people jumping in."
There were mixed signals last month as well.
The $355,000 median closing price was slightly up from a year ago but slightly down from January, said the group, which also covers Queens.
Sales contracts, a short-term barometer of the market, were up 14 percent from January, but down 11.5 percent from a year ago. Overall, contracts signed have been falling from month to month.
Agents said rising interest rates and mortgage fees are pushing some buyers to close, but the uncertainty over gas prices and the foreclosure crisis have held many back.
