Nassau property sales fell 19 percent in November compared with last year

0
Nassau property sales fell 19 percent in November compared with last year
Residential, co-op and condominium properties sold in Nassau County dropped nearly 19 percent in November compared to last year, according to OneKey MLS.(Photo courtesy of Coldwell Banker Residential Brokerage)

The number of residential properties sold in Nassau County dropped by 19.2 percent in November compared with last year, according to OneKey MLS, while prices have been flattening out.

One thousand eleven single and multifamily homes were sold in the county in November, 300 fewer than the same month in 2020.

A total of 1,189 co-ops and condominiums were sold, compared with 1,471 last year. The number maintained a downward trend since August’s level of 1,625 homes sold, the highest figure for this calendar year.

Contributing to the sales drop was a lack of properties on the market. Across Long Island, there was a 31.1 percent decrease in available inventory in November compared with the same month in 2020.

Home prices have flattened since the summer.  All homes in Nassau County, which includes co-ops and condos, reported a $655,000 closed median home price last month, according to OneKey,  a $5,000 increase from October. November’s median figure was a 9.3 percent increase from $599,000 in the same month last year.

The median price for Nassau homes reached a high of $670,000 in July and August and has declined since then.

The median price of single and multifamily homes in the county was $680,000 in November, an increase from $605,000 in November 2020.

The median price of co-ops sold in Nassau increased to $285,000 in November from $275,000 in November 2020. The median price of condominium properties sold was $615,000, a decrease from $660,000 in the same month last year.

Jim Speer, CEO of OneKey MLS, told Newsday the numbers show an evening out throughout the market.

“We were at record highs – that’s really not the case anymore,” Speer said. “We’re seeing a leveling off. We’re not really seeing a decrease.”

For November, Suffolk County residential properties had a median price of $520,000, an increase from $471,500 from the same month in 2020.

In Queens, the median price was $685,000, a 5.4 percent increase from $650,000 last year.

No posts to display