Housing sale prices in Nassau had their largest month-to-month improvement in May over the last calendar year, according to statistics from the Multiple Listing Service of Long Island.
The median price for sold properties in the county was $519,000, up from $492,500 in April. It was also an 8.1 percent increase from sold properties a year ago, which were $480,000.
The increase of $26,500 between April and May was the largest jump between months in almost two years. And the sold price of $519,000 was just $1,000 short of the highest median sold price of the last two years, which occurred in July 2017.
Although the number of properties sold in Nassau was up from April, the 961 properties sold in May was down from 1,017 a year ago. In the past year, eight of the 12 months saw declines in the number of properties from a year ago, although most of these decreases were less than five percent.
The news was also good for pending home sales, as median prices hit $535,000, the highest mark in at least the last two years. That number was up from $515,000 in April 2018 and $510,000 in May 2017.
Much like sold properties, the number of pending sales increased from the month before but were down from a year ago. 1,389 properties were pending sale in May, up from 1,264 in April but a drop from 1,497 a year ago. That 7.2 percent drop from May 2017 was the biggest year-to-year drop of any month in the past calendar year, although May had the highest number of pending sales for any month in 2017.
While the median price for sold properties in Suffolk continued to lag behind Nassau, growth was better. The median price was $370,000 in Suffolk, up $10,000 from the month before but a 10 percent growth from May 2017. That number was the highest median price for the last two years.
The number of properties sold at 1,345 was also higher than Nassau. It was up by more than 250 units from April but down slightly from a year ago.
Growth was also robust in Suffolk for pending sales. The median price there was $390,000, up from $370,000 in April and from $360,000 a year before, or 8.3 percent. May’s number was the highest since at least May 2016.
May also marked the highest number of pending sales for the past two years in Suffolk, with 1,875 on the market. That narrowly beat out May 2017’s total of 1,800.