House prices rise for the 12th straight month

House prices rise for the 12th straight month

For the 12th month in a row, the median price for properties sold in Nassau County in August exceeded the value from the previous year, according to Multiple Listing Service’s August real estate market report.

In August, the median price of properties sold was $489,000, up 4.4 percent from last year’s $468,500 — with the rise of residential and condominiums both increasing substantially.

The current median list price in Nassau County is $590,000, the report said.

Residential single/multi-family properties sold for a median price of $499,000, compared to last year’s $475,000 value, and condominiums rose from $557,500 to $620,000.

Co-op sales fell from $217,000 to $199,000 in the past year, but are still higher than 2014’s $189,500 mark.

For the first time in a year, the number of homes sold in Nassau County didn’t surpass last year’s count in July, but August showed a revitalized market by passing last year’s mark. 

A total of 1,465 homes were sold, according to the report, a 2.7 percent increase from last year and an 18.9 percent rise from last month. 

The number of condominiums and co-op’s sold rose from 81 to 102 and 78 to 105, respectively.

But the number of residential single/multi-family properties sold took a slight dip, dropping from 1,267 to 1,258.

Residential single/multi-family properties pushed the median price of pending sales to a $452,000, up 1.6 percent over last August’s $445,000.

Both condominiums and co-ops dropped from last year’s value, but both are still higher than 2014’s price.

By Stephen Romano

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