Home sales prices on Long Island have increased, as the result of growing demand and an improving economy in both Suffolk and Nassau counties. But why now?
As more prospective homeowners got off the fence and made that big-ticket purchase, the number of available homes on the market began to dwindle. Experts point to an improving economy and job market, coupled with historically low mortgage rates.
Statistics show that not only have prices risen, but the number of homes being sold in both Nassau and Suffolk counties has increased as well. According to the Multiple Listing Service of Long Island, Inc., the pending sales median price for residential single/multi-family homes in Suffolk was $327,500 in February, up from $311,000 year-over-year. Pending sales counts were 760, up from 694 in February 2012.
In Nassau, the median price for residential homes was $399,500, up from $387,000 in February 2012. Pending sales counts were 717, up from 636 just last year.
While this is an indication that the Long Island Real Estate market is on the road to recovery, it will be a long time before the housing market returns to when it was at its strongest. The two ways for home sales prices to go back down are to have banks release their “shadow inventory” that have stayed unsold and off the market and to build more houses.
Charles Rutenberg Realty has over 1,300 Agents that can help find their clients the house they have always wanted. For those who are looking to enter into a short sale, Charles Rutenberg Realty has its Short Sales Division and the “Done For You” Short Sales Program featuring Agents who are trained in handling these unique transactions.
Backed by the latest technological tools and support of a modern Real Estate Agency, Charles Rutenberg Agents can help clients find a house to best suit their needs in today’s Real Estate industry.
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