Nassau County home-sale prices rose 5.5 percent

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Residential properties in Nassau County sold for 5.5 percent more in July than they did in July 2015, according to the monthly Real Estate Market Report published by the Multiple Listing Service.

The median value for all property types sold jumped from $450,000 to $480,000 in the past year, and has increased 8.5 percent since the start of the year.

This past month, single and multifamily homes sold for a median price of $492,500, up from $470,000  last year. 

But the median selling price for condominiums dropped from $590,000 to $576,000 and co-ops fell from $198,750 to $190,000.

Although the median price for homes sold has remained steady, according to the report, the number of properties sold in July dropped 7.1 percent from last year, the only month this year to see a decrease. 

Last July, 1,301 properties were sold —1,116 single/multifamily, 79 condos and 106 co-ops — but this year that figure  dropped to 1,208 —1,065 single/multifamily, 62 condos and 81 co-ops.

Although the number of properties sold decreased from last July, it is still up 38 percent from the beginning of the year.

There were 6,015 properties available in July for a median listing price of $584,999, according to the report.

For sales that are pending, the median sale price for July was $450,000, up 1.1 percent from last July’s $445,000 value. 

There was a 6.3 percent drop in the amount of pending sales from last July, from 1,291 to 1,210. 

 Pending co-op sales rose from 103 to 110. 

The biggest decrease was in the single/multifamily property category, falling from 1,089 to 1,032. Condos were down from 99 to 66.

The pending median sales price for single/multifamily properties in July 2015 was $462,500 and rose to $469,000 last month. Condos rose from $440,000 to $478,000 and co-ops from $200,000 to $210,000.

By Stephen Romano

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