West Babylon, NY – June 8, 2009 – (RealEstateRama) — The Multiple Listing Service of Long Island, Inc., (MLSLI) released May 2009 home figures, reporting a $365,000 closed median home price for Long Island, and a contracted median price of $410,200. Nassau County reported a closed median home price of $396,000 in May 2009 as compared to $438,500 in May 2008. Suffolk County reported a closed median home price of $334,500 in May 2009, versus $360,000 a year ago. Queens County reported a closed median home price of $365,000 compared to $407,500 reported in May of 2008. All three counties noted increases in the closed median home price over April 2009 numbers, with Nassau County reporting an increase of 4.3%, Suffolk County up 6.2%, and Queens County 3.1%.
A positive sign of a market rebound continues to be reflected in the number of monthly contracted sales reported since the beginning of this year. The May 2009 report shows Nassau County had 888 sales go into contract representing an increase of 66% over January 2009 and Suffolk County reported an increase of 62% in May 2009 versus January 2009. Queens County reported 772 contracted sales representing an increase of 1.5% over May 2008. With the increase in the number of contracted sales over the past five months, the month supply of inventory that MLSLI reports has also dropped to a 13 month supply, down from 20 months in January of this year.
The median contracted price in Suffolk County for May 2009 was $367,300 and in Nassau it was $460,000. Queens County reported a contracted median price of $410,000. All three counties experienced increases in the contracted median price compared to a year ago. In May 2008 the MLS reported the contracted median home price in Suffolk at $360,000, $438,500 in Nassau, and $400,000 in Queens.
The MLS housing figures for May of 2009 support what Realtors® are saying across Long Island. Realtors are optimistic as they see more activity in the market in recent weeks. Reported activity at open houses has picked up also, due in part to first time homebuyers looking now to buy so they can take advantage of the $8,000 tax credit that ends at the end of this year.
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Press Release Contact:
Christina DeFalco
Public Relations and Communications Specialist
631-661-4800 Ext. 358
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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.
