Home prices rise while inventory shrinks in Nassau

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The median price of sold properties in Nassau County rose again in March, increasing 9.3 percent, or $40,000, from the previous year.

The median price rose from last year’s mark of $430,000 to $470,000, and increased $20,000 from February to March, according to the Multiple Listing Service of Long Island.

Although home prices surged again, the number of properties sold in the county decreased 1.7 percent, dropping from 967 in March 2016 to 951 — the second consecutive decrease after strong numbers in November, December and January.

Housing markets across the country have reported low inventories as interest rates have grown slightly just before the spring house-hunting season begins, according to the Multiple Listing Service.

Jonathan Miller, president of Miller Samuel Real Estate Appraisers and Consultants, said the scarcity of inventory has caused upward price pressure.

“The story of the last two years has been a continual drop in supply to record lows, whether it’s Nassau or Suffolk County, at a time when prices have risen,” Miller said.

In comparison, the number of properties sold in Queens in March was down 7 percent, but Suffolk County saw a 14 percent increase, and hasn’t seen a decrease compared with the previous year’s numbers in over a year.

Home prices across Long Island rose 7 percent from last March’s mark, reaching $404,000.

The median prices of residential single/multifamily properties, condominiums and co-ops in Nassau County rose in March from the previous year, with residential properties jumping from $615,000 to $683,500, condos increasing from $450,000 to $516,000 and co-ops going from $210,000 to $225,000.

The median price of homes pending sale also increased, jumping 4 percent from last March’s $450,000 to $468,000, continuing an upward trend seen over the last year.

The median price of residential single/multifamily homes, condominiums and co-ops pending sale all rose, with co-ops seeing the largest increase, from $185,438 to $205,250.

The count for properties pending sale rose 1 percent, increasing to 1,220 from last March’s mark of 1,207.

It was also an increase from February’s 932.

Miller said predicting a major change in the market is difficult, but he doesn’t see the low inventory changing soon.

“As affordability becomes more challenged, you see a slow down in sales and inventory begins to rise and price growth eases,” Miller said. “The lack of supply is not changing anytime soon and what is happening on Long Island is what is happening on a national front.”

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