Nassau County median sales prices for single-family homes as of May rose year-over-year by nearly double digits, or 9.9%, to $890,000 from $810,000 as inventory continued to shrink, according to the latest data.
OneKey MLS, which tracks regional sales, said prices for single-family homes weren’t the only ones heading north in Nassau, as condo prices jumped 18.3% to $775,000 and co-ops soared 6.0 % to $355,000 year-over-year.
Fewer properties for sale seemed to lead to higher prices, in a trend that’s been going on for years as the story of sales seems to be one of less inventory helping drive higher prices amid still strong demand.
Single-family homes went for above asking price in a sign of bidding wars, at 100.3% compared to 100.1% a year ago, with bidders and buyers already offering more than what sellers seek.
Closed sales of single-family homes, however, dwindled 3.5% to 579 from 600, as lower inventory led to fewer deals and higher prices. Houses remained on the market 13.3% longer, taking 51 days to sell rather than 45.
If rising sales prices were a big part of the story, so was shrinking inventory, continuing to help push up prices even if interest rates don’t drop.
The inventory of homes for sale was down 7.3% to 2,199 from 2,373, and new listings tumbled nearly in double digits, or 9.8%, to 1,164 from 1,291.
The trend of rising prices amid shrinking inventory wasn’t confined to houses, but extended to condos and co-ops.
The median sales price of condos rose a whopping 18.3% to $775,000 from $655,000, as they went for 99.6% of the asking price, down slightly from 99.8% a year ago.
Condo inventory also dropped, falling 16.3% to 205, as new listings tumbled 11.5% to 100 while days on the market remained flat at 54.
Source: LI Press
