Long Island March Home Sales Go Out Like a Lion as Contracted and Closed Sales Surge

April 8, 2010 - West Babylon, NY - The Multiple Listing Service of Long Island, Inc. released the March 2010 housing statistics for Long Island reporting a closed median home price of $350,000 which represents a 2.8% decrease from March 2009, and a 1.2% decrease from February 2010. Home prices on Long Island have been relatively stable over the past year noting that the last time the reported median home price was $350,000 was April 2009.

Although home prices are flattening across Long Island, the number of closed and contracted sales in Nassau, Suffolk, and Queens during the month of March are up significantly compared to a year ago. In Suffolk County, the number of closed sales in March was 709, representing a 22.9% increase over March 2009. In Nassau County, closed sales rose by 36% over last year, and in Queens, the increase in the number of monthly closed transactions was up by 17.1% from the year prior.

The March housing data shows all three counties reporting double digit increases in the area of pending sales transactions. Nassau, Suffolk, and Queens counties reported significant increases across the board for the number of monthly contracted sales in March 2010 compared to March 2009. Nassau was up 31%. Suffolk reported a 38.6% increase and Queens reported an increase of 28.2% compared to March 2009. With many buyers rushing to take advantage of the April 30th Homebuyer Tax Credit deadline, first quarter pending and closed sales this year have been healthy.

Frank Dell’Accio, MLSLI President said, “Closed and contracted home sales rose by double digits in each of the three counties that make up the Multiple Listing Service of Long Island service area. The March contracted data supports our belief that there is a strong demand from homebuyers who are most likely responding to the overall favorable market conditions (price, interest rates, and selection) as well as many homebuyers are taking advantage of the federal tax credit.” Dell’Accio concludes, “The level of buying activity is quite strong and if it continues as we anticipate it will produce a very robust spring sales season.”