Median Prices still moving downward

Median Prices in Queens, Nassau & Sufflk on closed properties was dropped more than 12% in Feb comparing to last year:

................ Feb 2009 .... Feb 2008

Queens ... $372,000 ... $425,000 (-12.47%)

Nassau ... $400,000 ... $458,800 (-12.82%)

Suffolk ... $309,500 ... $359,500 (-13.91%)

Sales improved. There is more units in contract than Jan 09:

....................... Inventory ...................... Units in contract ............. Months Supply

.................. Feb 09 ..... Feb 08 ........ Feb 09 .... Jan 09 ...... Feb 08

Queens ..... 10408 ..... 10809 .......... 555 ........ 519 .......... 565 ............. 18.8

Nassau ....... 9471 ....... 9307 ........... 614 ........ 534 ......... 674 ............. 15.4

Suffolk ..... 12867 ..... 13739 ........... 656 ........ 562 ......... 870 .............. 19.6

Source: Long Island Board of Realtors