Nassau County’s March home sales drop by 8.8 percent from year prior

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The historic John Philip Sousa house in Sands Point, which is up for sale. (Courtesy of Douglas Elliman)

Home sales in Nassau County slowed by 8.8 percent to 859 transactions in March from the same month the prior year when 942 homes were sold, according to the monthly real estate report from Multiple Listing Service Long Island.

The sold home count in March, however, marked a 10 percent increase from the 779 homes sold in February.

Despite the decline in home sales from March 2018, the number of pending home sales last month rose by 1.4 percent from 1,173 homes in March last year to 1,189 homes last month.

The median price of March’s sold homes was recorded as $517,000, which reflected a 3.4 percent jump from last March when the median price was $500,000.

March’s median sold home price was also an improvement from February’s median price of $505,000.

The $525,000 median price for March’s pending home sales is the same as the price recorded for March 2018.

When looking at Nassau County’s home sale trends over the past two years, the pattern indicates that the number of sold homes slowly climbs through the spring until it peaks in the summer months.

House hunters in Nassau County had a selection of 5,392 homes in the month of March. If the search expanded to include Queens and Suffolk counties, there were 16,535 homes to choose from.

The Long Island housing inventory in March reflected a 14.6 percent increase from March 2018 when there were 14,432 homes on the market.

Long Island’s median sale price, which also includes statistics for Queens, hit $460,000 in March, a 4.6 percent increase from March 2018 when the median sale price was $440,000.

Nassau County accumulated the majority of the Long Island’s home sales at 859, with 585 homes sold in Queens and 1,081 sold in Suffolk County.

Neighboring Suffolk County’s median home sale price of $372,875 was almost 28 percent less than Nassau County’s. Suffolk County’s median sale price in March, however, does show a 6 percent increase from the same month the year prior when the median price was $352,000.

Queen’s median price for closed home sales is listed in the report as $557,000, which is about 7.7 percent higher than Nassau County’s median sale price. The median sale price for March in Queens represented a 2.2 percent increase from March 2018 when the sale price was $545,000.

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