Home prices and sales count rise in Nassau

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Although real estate experts predicted a steady decrease in inventory and properties sold in Nassau County, 959 homes were sold in May compared to last year’s 909 mark, according to the Multiple Listing Service.

The 6 percent increase from last May’s count followed an 8 percent decrease in April when properties sold dropped from 838 in April 2016 to 771. The 24 percent increase between April and May was also one of the highest rises this year.

The count of residential single/multifamily homes increased significantly, going from 752 to 821, while co-ops went from 88 to 90 and condominiums feel from 63 to 48.

While the rise in sold properties was unexpected, the median price of sold homes rose from year to year for the 38th consecutive month.

In May, the median price of sold properties was $480,000, a 6.7 percent increase from last May, and a $5,000 increase from last month.

This is the third consecutive month the increase has been over 5 percent compared to last year.

Residential single/multifamily properties, condominiums and co-ops all rose in may, with co-ops jumping from $178,000 to $211,000, condos from $543,500 to $584,270 and residential homes going from $470,000 to $499,000.

The median price of properties pending sale increased, too, jumping from $470,000 in May 2016 to $505,000 — a 7.4 percent change.

Both residential single/multi family homes and co-op median prices increase but condos fell slightly, decreasing from $625,000 to $605,000.

The sale count for properties pending sale also rose 10 percent from last May after falling 9 percent last month.

The pending sale count in May — 1,490 — was the highest since last June’s mark and was seen in all three types of properties.

The market report for May was significantly strong in Nassau as Suffolk County saw a 1.4 decrease in the median price of sold properties.

However, the count of properties sold increased 16 percent from last May, rising from 1,157 to 1,345.

Queens saw a similar increase to Nassau in the median price of sold properties, but the sold property count dropped 4.8 percent from 660 to 620 over the year.

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