Home prices in Nassau continue to rise

0
1749

Real estate prices in Nassau County rose 5.1 percent in 2016, with the median price of sold properties increasing to $460,000 from $437,000 the previous year, according to the Multiple Listing Service.

Long Island saw a 3.5 percent increase, with Suffolk County rising by 1.5 percent, to $335,000 from $330,000, the organization said.

The median price for pending sales on Long Island rose 4.4 percent, from $390,000 to $407,000.

December followed the yearlong trend of increasing median sales prices in Nassau County, jumping 8 percent from the previous December’s $435,000 to $470,000, which was also $10,000 higher than November.

Condominium prices rose significantly, increasing from $450,000 to $647,500 — one of the year’s highest spikes.

Jonathan Miller, president of Miller Samuel Real Estate Appraisers and Consultants, said condominiums are popular in Nassau because there’s an influx of people from New York City buying them.

“Condos are subject to supply and new development,” Miller said. “I think the acceptance and price pressure on them makes a lot of sense because you have an influx of people from the city, who may be first-time buyers or people looking to trade up, buying them in Nassau because they’re more expensive in the city.”

Residential single/multifamily properties rose from $450,000 to $480,000, but co-op prices fell slightly from $187,000 to $180,000.

“I think it’s still a very good market for sellers and a very good market for buyers,” Alexa Froccaro, an agent from Douglas Elliman, said. “Buyers want to get in before the interest rates rise and they’re willing to pay more so they don’t have to pay higher interest rates.”

Although the market saw a jump in the median price for sold properties, the sold property count for December fell to 1,071, down 2.4 percent from the same month the previous year.

Miller said inventory levels are the lowest in over a decade.

“The characteristic of Nassau County is the same as we’re seeing in other suburban markets, which is that the demand and activity is focused on the entry and middle of the market and not the high-end part of the market,” Miller said.

The market saw steady growth throughout the summer and fall. Some agents believe the market will not drop off significantly in the winter, and will pick up again in the spring.

“Wintertime is usually the slowest time in real estate because of the holidays and because people want to stay put,” Froccaro said. “It’s harder to move in the winter because people have kids in school, but as spring comes around, we can look forward to a strong market.”

The count for residential single/multifamily properties sold in the county in December rose to 936 from 933 the previous year, but condo and co-op sales took a hit.

Froccaro said houses that are priced correctly will probably sell for above the asking price or right at it because of the market’s strength.

The price for properties pending sale was similar to properties sold, reaching $475,000 in December, up 5.6 percent from $450,000.

The price for pending residential single/multifamily and co-op rose, but the condominium price crashed from $814,000 to $565,000.

The December pending sales count was 907— the lowest total since February, and 5 percent below the previous December’s 955.

Residential single/multifamily, condominiums and co-op properties all fell, with condos taking the biggest hit, dropping from 91 to 63.

LEAVE A REPLY

Please enter your comment!
Please enter your name here