2012 Long Island Year-end Home Prices Indicate Positive Signs of Recovery

January 15, 2013 - West Babylon, NY - The Multiple Listing Service of Long Island, Inc. (MLSLI™) released the 2012 year-end housing statistics for Long Island, today. According to MLSLI the 2012 median home price for Long Island, which includes Nassau, Suffolk and Queens Counties, was $352,000. This figure is 0.6 percent greater than 2011 when the Multiple Listing Service of Long Island, Inc. reported a median home price of $350,000 for Long Island.

Suffolk County reported a year ending closed median home price of $310,000, which is .3 percent greater than $309,000 reported for 2011. In Nassau County, the 2012 the closed median price for a home was $399,000, representing a 0.3 percent decrease from 2011. Queens County experienced the largest increase in terms of 2012 closed median home prices with a reported figure of $360,000, which is 4.3 percent greater than 2011.

Long Island closed sales activity reported a total of 26,945, which is 4.2 percent increase from 2011. Long Island contracted sales activity in 2012 had an 11 percent increase from 2011, with a total of 29,875.

“The year end numbers for 2012 indicate the market is slowly coming back. The overall contracted and closed sales activity was greater than in 2011, which is a positive sign that we are in recovery mode since it was during a year that did not have any special federal tax credit incentive in place and we had the burden of super storm Sandy.” said Kevin Leatherman, MLSLI President.

The Year End Market Update report is available at LIRealtor.com under the Research and Data section.