Median prices for homes sold in Nassau County rose for the second straight month, to $505,000 in February, according to the Multiple Listing Service of Long Island.
The figure also marked an increase from February 2017, when the median price for sold homes was $449,000, the lowest number for that year. The 12.5 percent change between February 2017 and February 2018 marks the largest year-to-year improvement of any month since at least March 2017.
Sale prices experienced only a modest dip this winter — falling to a low of $487,500 last November — and February’s number was only $15,000 off of the two-year high of $520,000, reached last July.
The rise in prices could be due to the fact that fewer properties were sold last month than at any point over the last two years. The 741 property sales in February were down from 922 in January and 823 a year ago.
For the first time since November, pending sale prices also increased. February median pending sale prices were $495,000, up $9,500 from the month before and $30,000 from a year ago. That number is also just $15,000 off the two-year peak of $510,000 for pending sales, which lasted from April to June of 2017.
Unlike properties sold, the number of properties pending sales increased from the previous month. There were 958 pending sales in February, up from 806 in January and 920 the year before. The month-to-month increase was similar to last year when pending sales were up after bottoming out in January.
Neighboring Suffolk County also saw a slight increase in February, with the median sales price rising to $360,000, a 9.4 percent increase from a year ago. Pending median sales price also shot up to $359,000, approaching the two-year peak of $370,000.
The number of Suffolk properties sold in February also saw a month-to-month drop, down to 942, while pending sales increased to 1,219.
