The April Report of market activity for the Long Island Multiple Listing Service shows an increase in selling prices for Nassau and Queens – and a decline in Suffolk County, largely due to more distressed sales bringing the median price point lower.
The MLSLI Analysis:
The closed median home price on Long Island, which includes Nassau, Suffolk, and Queens, in April 2011 was $348,500 representing a less than 1% decrease over the year prior and an increase of almost 2% over March 2011.
Nassau County reported a closed median home price in April 2011 of $406,250 representing a 2.8% increase from the prior year. Suffolk County reported a closed median home price of $290,750 compared to $318,000 from the prior year that represents a 8.6% decrease and Queens reported a closed median home price of $350,000 representing a significant increase of 7.7% over last April.
The Housing Affordability conditions continue to remain at all time highs in all three counties as home prices remain steady and mortgage rates remain relatively low.
MLSLI reports 32,466 available residential properties in April 2011. This represents an increase of 3.6% over April 2010.