Home prices up slightly in Nassau

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A four-bedroom home at 31 Elm Sea Lane in Plandome Manor (Photo courtesy of Daniel Gale Sotheby's International Realty)

The median price for Nassau County homes was $499,000 in December, up $10,000 from the month before and the same price as October, according to the Multiple Listing Service of Long Island.

The median price was also up from $469,000 in December of the previous year. Prices in Nassau have steadily increased over the past two years. In every month of 2017, median housing prices were up from a year earlier.

The median price for pending sales was down from $515,000 in November to $489,000 in December, but nonetheless up from $480,000 a year before. The median price for pending sales also saw increases in every month in 2017 from the year before.

The reason for the slight increase in prices could be a slight decline in housing stock. Although the number of homes sold had a minor increase from November to December, that number was down to 1,027 in December from 1,124 a year before. That 8.6 percent decrease represented the largest drop of any month in 2017 compared with a year before.

Pending sales also saw a drop. There were 854 pending sales in December, down from 875 a year ago and 1,009 in November. It was the lowest number of pending sales since January.

The winter and early spring months tend to be the slowest part of the real estate year. During the past two years, January had the lowest number of pending sales while April had the lowest number of homes sold. Pending sales have peaked in May and June the last two years, while August has seen the most houses sold and highest median price.

The median price for homes sold in Nassau continues to be much higher than in neighboring Suffolk County, where the median sale price for December was $365,000. But Suffolk had a stronger year-to-year improvement for prices and for the second straight December sold more houses, although the number of sales was likewise down from 2016.

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