West Babylon, NY – May 15, 2009 – (RealEstateRama) — The Multiple Listing Service of Long Island, Inc., (MLSLI) released April’s 2009 home figures reporting a $350,000 closed median home price for Long Island, that includes Nassau, Suffolk and Queens, and a contracted median price of $411,000. Nassau County reported a closed median home price of $380,000 in April 2009 as compared to $447,000 last April. Suffolk County reported a closed median home price of $315,000 in April 2009, versus $370,000 last April. Despite closed median home prices being down on Long Island compared to one year ago, the positive sign of a market rebound are evident in the contracted sales numbers. Since January of this year the number of contracted sales each month has increased each month. Joseph Mottola, CEO of MLSLI says, “Closed median home prices have remained stable over the past four months in a range of $350,000 to $360,000, while contracted median home prices have jumped from $350,000 in January to $411,000 this April.”
The median contracted price in Suffolk County for April 2009 was $370,000 and in Nassau it was $446,000. Both counties experienced increases in the contracted median price compared to a year ago. In April 2008 the MLS reported the contracted median home price in Suffolk at $362,100 and $440,000 in Nassau. This represents a 2.2% increase for Suffolk and a 1.4% increase in the April contracted median price in Nassau.
Residential housing inventory has remained relatively the same over the past few months Mottola further takes note that “Signs of recovery are also evident in the month’s supply of inventory, a figure that is derived by dividing the number of contracted sales into the available residential inventory.” Mottola further states, “The April figure of 13.3 months is the lowest it’s been since July 2007, while still higher than it was during the bubble years.” Mottola concludes that the April Long Island housing data has signs of a positive Spring market.
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Press Release Contact:
Christina DeFalco
Public Relations and Communications Specialist
631-661-4800 Ext. 358
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The Multiple Listing Service of Long Island, Inc. (MLSLI™) is a subsidiary of the Long Island Board of REALTORS, Inc. and operates as a computerized network consisting of 2,800 participating real estate offices throughout Nassau, Suffolk and Queens. For more information on MLSLI™, visit our web site at www.mlsli.com.
