Long Island Housing Data for November 2012

The November 2012 closed median home price on Long Island, which includes Nassau, Suffolk, and Queens, is $362,000 representing a 6.5% increase over last November. The contracted median home price for Long Island is $345,000, representing a 1.8% increase over $339,000 reported the year prior.

Nassau County reported a closed median home price of $400,000 representing an increase of 5.8% over last year. Suffolk County reported a closed median home price of $313,500 compared to $310,000 in November 2011. Queens reported a $389,950 closed median home price in November 2012 representing a double digit increase of 18.2% over last November.

For eleven consecutive months leading up to November the Multiple Listing Service of Long Island was reporting year over year increases in the category of monthly contracted sales, but considering the magnitude of the affects experienced by this area after Sandy, the trend was expected to end, and it did. In November 2012, MLSLI reported 1,838 contracted sales. This represents a decline of 14.6% over a year ago, and moreover, it represents a drop of 26.1% from October 2012.

As expected, the aftermath of the storm created a slowdown in the area of both sold and contracted sales activity.

Available residential inventory continues to decline.

To see the detailed reports for Suffolk county, please click the below to view the PDF file.

Suffolk County