Long Island Housing Market Still Going Strong Post-Shutdown

  • 4 years ago
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Original Article: https://patch.com/new-york/gardencity/long-island-housing-market-still-going-strong-post-shutdown

Author: Alex Costello

LONG ISLAND, NY — The Long Island real estate market is still hot. In a rebound from the coronavirus shutdown, sales continued to grow in October compared to last year, and prices continued to climb.

According to the latest monthly data from One Key Multiple Listing Service, the median sales price of Long Island homes increased from September to October, and was much higher than last year. The median sale price climbed $15,000 to $545,000, which is more than 12 percent higher than last October’s median price of $485,000.

The number of homes sold also made a big jump from 3,755 in September to 4,261 in October, continuing a months-long trend as the market rebounds.

Jeff Speer, the CEO of One Key MLS, said that these jumps in sales are most likely due to pent-up demand caused by the coronavirus shutdowns. People still want to buy homes, but their plans got pushed back for months. Now, Long Island is seeing most of its usual spring and summer sales all crammed into just a few months.

In Nassau County, the closing median sales price for homes inched slightly from September to October, going from $589,000 to $590,000. But that is still a 10.3 percent increase compared to last October.

The number of homes sold in Nassau is also up, from 1,423 in September to 1,571 in October. That, too, is a big jump from last year: up 18.9 percent from October 2019.

The numbers are similar in Suffolk County. The closing median sales price stayed level at $475,000, which is 15.9 percent higher than last October.

The number of sales is also up in Suffolk, going from 1,799 to 1,991 from September to October. And, again, that’s a big jump over last year: up nearly 24 percent from October 2019.

Though the market is blazing hot right now, real estate sales took a big hit due to the spring shutdowns. Speer said that 2020 sales so far this year are down more than 18 percent compared to 2019. And though sales are great now, it may not close the gap.

“I don’t know [the market] can make up all of that in two months,” he said. “That would be tough to make that much up. It does look like it’s going to keep up and keep turning in that direction.”

It also looks like the market may be starting to cool just a little. Pending sales in October were down slightly compared to September across the Island, and pending sales prices are up about a quarter of a percent. Both numbers are still much higher than 2019, though.

And with fears of another coronavirus-related shutdown coming, Speer said it could squash the markets hopes of recovering. But he was hopeful that real estate wouldn’t be too affected by shutdowns. And if it was, he was sure realtors could adapt.

“You know, during the last pause, by the time it was lifted, the real estate professionals had come up with such good, unique ways of showing homes,” he said.

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