August Long Island Home Sales Show Signs of Recovery as Annual Price Comparison Gaps Decrease

By: Christina DeFalco
Date: 9/14/2009

The Multiple Listing Service of Long Island, Inc. released the August 2009 housing figures that reported a $385,000 closed median home price for Long Island, the highest reported since October 2008. The recently reported figure is $10,000 higher than the $375,000 closed median home price reported for Long Island in July of 2009 by MLSLI, but is still lower by 8.3% over August 2008.

As of this August, the MLS activity report shows a year to date average closed sales price of $429,347 for Long Island, which is 13.6% less than the year to date average reported in August 2008. Although the price decline is in double digits, it still represents the lowest decrease in average sale price this year. The highest annual average price comparison difference reported in recent months was 18% in April of this year when the year to date home price went from $498,610 to $408,748. Since that time, the gap has lessened consistently each month.Increased affordability is the result of the continued downward price adjustments. More affordable prices have resulted in significant increases in contracted sales. Over the past few months, the Long Island real estate market seems to be regaining its strength in this area. In August 2009 there were 3,025 contracted sales, representing an increase of 13% over August 2008. The recent August figure also represents an increase over July figures when the MLS reported 2,745 contracted sales for Long Island. This reflects the trend across the country as the National Association of Realtors reported under contract sales activity has rising over the past six months. Joseph E. Mottola, CEO of MLSLI said, “While contracted and closed median prices remain lower than a year ago in all three counties that make up the MLS of Long Island, the month to month trend seems to indicate that the rates of decline are becoming less.” Mottola further notes that, “If this trend continues the market will eventually hit a crossover point that will signal a true stable market and perhaps the beginning of inevitable price increases.”

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