Robert Sendel

Long Island Housing Data for May

The closed median home price on Long Island, which includes Nassau, Suffolk, and Queens, in May 2011 was $350,000 representing little change from the closed median home price the year prior.

Nassau County reported a closed median home price in May 2011 of $$399,000 representing a 1.0% increase from the prior year.

Suffolk County reported a closed median home price of $315,000 compared to $316,500 reported in May 2010.

Queens reported the largest gain with a closed median home price of $340,000 representing an increase of 6.3% over last May.

The number of contracted sales transactions reported in May 2011 is significantly higher than the year prior on Long Island and in all three counties. May 2011 pending sales contracted sales figures are up dramatically from a year ago because they are being compared to May 2010 when pending sales had dramatically fallen off due to the April 30th deadline for prospective buyers to get homes under contract to qualify for federal tax credit.

MLSLI reports 33,977 available residential properties in May 2011. This represents an increase of 4.5% over May 2010.

Housing Data for the Month of April

The closed median home price on Long Island, which includes Nassau, Suffolk, and Queens, in April 2011 was $348,500 representing a less than 1% decrease over the year prior and an increase of almost 2% over March 2011.

Nassau County reported a closed median home price in April 2011 of $406,250 representing a 2.8% increase from the prior year. Suffolk County reported a closed median home price of $290,750 compared to $318,000 from the prior year that represents a 8.6% decrease and Queens reported a closed median home price of $350,000 representing a significant increase of 7.7% over last April.

The Housing Affordability conditions continue to remain at all time highs in all three counties as home prices remain steady and mortgage rates remain relatively low.

All data in this post was provided by MLSLI. MLSLI reports 32,466 available residential properties in April 2011. This represents an increase of 3.6% over April 2010.