West Babylon, NY – March 11, 2009 – (RealEstateRama) — The Multiple Listing Service of Long Island, Inc., (MLSLI) released February 2009 home figures reporting a $360,000 closed median home price for Long Island which includes Nassau, Suffolk and Queens county. This figure represents an increase over January’s Long Island closed median home price which was $350,000 but reflects a 13.3% decrease from last February’s closed median price of $415,000.
Looking at the figures by county and comparing them to one year ago, Nassau County reported a closed median home price of $400,000, 12.8 percent less than a year ago when it was reported at $458,800. Suffolk County reported a closed median home price in February 2009 of $309,500 which represents a 13.9 percent decrease from a year prior when the closed median price was $359,500. Queens County reported closed median home price in February 2009 was $372,000 as compared to $425,000 a year ago. This figure represents a 12.5 percent decrease from February 2008. A bright spot on the February housing report was the number of contracted home sales reported in February. The MLS of LI reported that contracted sales were up 13 percent from one month prior. All three counties reported gains in that category as compared to January 2009 figures.
Real estate experts are optimistic that the recently signed Stimulus & Recovery Bill that contains housing provisions created to jump-start the housing market will do just that over the next few months. Frank Urso, MLSLI President and Broker Owner of Long Island Village Realty said, “Brokers are reporting that first time home buyers are starting to come out. We see it in the increase in foot traffic in many open houses over the past two or three weeks. I have even heard stories from the field that homes that are aggressively priced to sell, there are multiple offers being made.”
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Christina DeFalco
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LIBOR is the largest local Realtor® Board in the Country with ten Chapters covering the North and South Shores of Nassau, Suffolk and Queens Counties.
