May’s home prices in Nassau rise slightly over last year

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A home that overlooks Manhasset Bay. (Photos courtesy of Laffey Real Estate)

The closed median price for homes sold in Nassau County last month increased by 2.9 percent compared to last May, according to Multiple Listing Service Long Island’s monthly housing report.

The May housing report lists last month’s median price for closed home sales as $530,000. In May 2018, the median price was $515,000.

Single and multi-family homes were sold at a median price of $550,000, which was an increase over both of the two prior years. The median closed sale price for condos is listed as $556,000 and for co-ops is recorded as $252,000.

Not only was May’s median sale price higher than last year, it was up almost 5 percent from April when the median price for closed home sales was at $505,000.

May recorded the same median price for closed sales and pending sales last month, but for pending home sales it marked a 2.8 percent drop from the same month the year prior when the median price was listed at $545,000.

Some 985 homes were sold in the county last month, which was 10 fewer, or a decrease of 1 percent, compared to last May.

The number of homes sold last month marked an increase of 6.8 percent over April.

This continued the trend set over the past 24 months in which home sales have been lowest in the early months of the calendar year and then begin steadily increasing through the spring to their peak over the summer season.

May’s pending sales count was 13 fewer, or a drop of 0.9 percent, when compared to the same month last year. However, It was a better than 2 percent increase from April’s pending sales count.

Neighboring Suffolk County had almost 38 percent more home sales than Nassau did last month with 1,359 closed home sales recorded.

But there were over 50 percent more homes sold in Nassau County than in Queens, where 655 homes were sold in May.

Altogether there were 3,040 homes sold last month on Long Island, which was an almost 4 percent decline from last May’s home sales but a more than 7 percent increase from April.

Multiple Listing Service Long Island includes Queens County in its Long Island housing statistics.

Prospective home buyers had 18,716 homes to choose from last month, an inventory increase of over 13 percent from the same month last year and a 6 percent increase over April.

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