The Long Island Data for home prices includes Nassau, Suffolk and Queens. It is a little unusual as the Queens market is so very very different than that of Suffolk County.
The July 2019 closed median home price for Long Island was $490,000 which represents a 3.2% increase over last July.
Based on closed home sales, Suffolk County reported an average price of $416,000 which is a 6.7% increase since the figures as of last July in 2018. The Nassau County average was $546,400 which reflects a 1.7% increase since the past year.
According to our market reports (source: the Long Island Board of Realtors) the total inventory in Long Island was up with an 8.1% increase in available residential real estate.
A quick snapshot of today’s Massapequa Park market shows 68 available residential homes according to the multiple listing service. These homes are located in the Massapequa school district (#23). There was only one home less than $400,000 in this market area. The available homes range all the way up to $1,249,000.
The Spring selling season is now upon us. Traditionally sellers believe this to be the best time to showcase their home. The housing market is still experiencing a shortage of inventory and buyers are frustrated with the multiple offer situations they are encountering which, more often than not, end in a bidding war.
In the traditional market waiting until the Spring may have been the right move, however with the low selection of homes and the recent drop in interest rates buyers are acting quickly and ready to pounce on their dream home. Buyers today are making moves to lock into these historically low rates.
My advice is to list your home as soon as you are ready. Don’t wait for more inventory, a warm sunny day or the grass to be green. Buyers are out and ready to make offers. The lack of inventory is working in the sellers best interest as there are fewer homes to choose. Buyers are anxious to lock into a low mortgage rate and make the move.
Get in touch with me today and I am happy to sit down with you to strategize your best move to get top dollar for your home.
So many people think that the Spring is the perfect time to put their home on the market. Maybe because the grass is greener or some may have some spring bulbs reaching for the sun. The truth is, putting your home on the market now, is a strategic move. There is less inventory for buyers to choose from and the buyers that are out when there is snow on the ground or the early darkness has set in, those are the serious buyers that you want to attract by listing your home at this time of year.
The truth is most buyers have already decided on where they want to purchase. It may include a search area of a few varied towns but most have already picked the location of where they want to be. They are watching and waiting for the right house and if that house comes out on Christmas Eve or the middle of April it will not make a difference to them if they are a serious buyer they will find a way to make it work for themselves.
Part of the enjoyment of living on the South Shore of Long Island is the proximity to our ocean beaches and bay beaches. There are waterfront homes that take full advantage of this opportunity as well as many homes and restaurants that simply hold a view of the serenity of the water or bay. Some may just want to walk down the end of one of our many piers to take a breath and enjoy the beauty of a winter sunset in February.
So take the opportunity now to put your home on the market, buyers will be grateful that you did so that they can enjoy the full amenities of our location during the upcoming summer months. Moving in the summer isn’t fun. Summertime is truly the time to enjoy the beach, take a kayak or paddle board cruise on the bay, throw a fish hook off the dock and see what the catch of the day may be.
Call, email or inbox me and I am happy to walk you through why this is one of the strongest markets yet to get top dollar for your house. The bay may be frozen but the home market is 🔥.