Promoting costs of Lengthy Island properties climbed to document highs final month, amid sturdy gross sales and rising stock.
The median worth of closed dwelling gross sales in Nassau County was $635,000 in Might, a highest-ever worth that’s 8.5 p.c greater than the $585,000 median worth from Might 2020, based on the newest numbers from OneKey MLS.
In Suffolk County, the median worth of closed dwelling gross sales final month soared to $500,000 for the primary time, 16.3 p.c greater than the $429,950 median worth recorded in Might 2020.
In the meantime, pending dwelling gross sales and the variety of obtainable listings had been additionally on the rise final month.
There have been 3,431 Lengthy Island properties contracted on the market final month, a rise of 3 p.c from the three,339 pending gross sales in April and almost 132 p.c greater than the 1,487 properties contracted on the market in Might 2020, based on preliminary numbers from OneKey MLS.
There have been 1,567 properties contracted on the market final month in Nassau County and 1,864 properties contracted on the market in Suffolk County.
On the identical time, stock continues to climb from the document lows of some months in the past. There have been 7,044 properties—3,669 in Nassau and three,375 in Suffolk—listed on the market with OneKey MLS on the finish of Might. That’s almost 7.3 p.c greater than the 6,569 properties that had been listed on the market on the finish of April and 17.3 p.c greater than the 6,008 properties listed on the market on the finish of March, when stock bottomed out.
Nevertheless, the present variety of properties listed on the market continues to be almost 31 p.c fewer than the ten,205 properties that had been listed on the market on the finish of Might 2020.
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