Nassau County single-family home prices continued to rise in March as inventory dropped by double digits and new listings declined, while co-op prices also headed north even as condo prices fell a tenth of a percent, according to the latest data.
OneKey MLS, which provides the most widely used window into the region’s residential real estate sales, said overall property sales for the New York metropolitan region were up 3.3% year-over-year to $660,000, while closed sales and inventory declined.
The organization, which tracks the New York metropolitan area, reported “strong prices, even as transactions and inventory fell from last year.”
Single-family homes overall across metropolitan New York rose 2.6% in March year-over-year to $745,000, while co-op prices rose 6.1% to $302,500 and condo prices dropped 2.5% to $499,750.
“This market continues to show real resilience,” OneKey MLS CEO Richard Haggerty, said in a written statement. “Prices are holding firm, buyer activity is picking up this spring, and sellers remain strong across the region.”
The median price of Nassau County single-family homes rose 4% year over year as of March to $849,000, according to OneKey MLS.
That came as inventory tumbled 12.8% to 1,665 houses and new listings declined by 4.6% to 1,014, helping drag down the number of closed sales by 8.7% to 527.
“We’re watching tightening inventory closely,” Haggerty said of the region, which also reflected Nassau County trends, “but the data shows ready buyers are getting off the sidelines.”
Single-family homes went for 99.0% of asking price, up 0.9% from a year ago, and were on the market only 58 days, down 7.9%, two signs of a robust real estate market as demand chased scarce offerings.
Co-ops’ median sales price also jumped by 7.0% to $342,500 as inventory dropped 4% to 190 and new listings declined 5.3% to 89.
Source: LI Press
