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FOR
IMMEDIATE RELEASE
Long Island Real Estate Reports Increase in Monthly Contracted Sales
June, 2009 – West Babylon, NY - 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
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.
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