The closed median home price in January 2014 for Long Island, which includes Nassau, Suffolk, and Queens’s housing data, was $365,000, representing less than a 4.3% increase over last year. Nassau County reported the highest year over year gain with a $430,000 closed median home price in January, representing a 7.5% increase over $400,000 reported by MLSLI last January. Suffolk County reported a closed median price of $313,000 representing a 1% increase over last year while Queens reported a closed median home price of $375,000, up from $358,500 reported last January..
Available residential inventory in January 2014 numbered 19,249 properties. This represents a 14.6% decline over last January. However, keep in mind that the robust sales activity reported in 2013, which was driven by favorable housing affordability conditions that still exist, has contributed greatly to the diminishing inventory levels reported in recent months.
When the winter weather finally breaks, we are hopeful that home owners who were hesitant to sell in recent years, will reassess their situation and find themselves in a different position. We could then see increased seller activity and higher inventory levels.