The closed median home price on Long Island, which includes Nassau, Suffolk, and Queens, for January 2011 was $360,400 representing a 1.3% decrease over the year prior. Nassau County reported a closed median home price of $420,000 representing a 1.2% increase from the prior year. Suffolk County reported a closed median home price of $318,750 compared to $317,000 from the prior year that represents a 0.6% increase and Queens reported a closed median home price of $375,000 which represents the highest gain of 2.7% over a year ago.
What’s interesting is that a natural oddity occurred in January 2011 in terms of closed median home prices. All three counties reported slight increases in current home prices compared to the prior year, however, the overall long Island median was 1.3% lower. This can happen when a higher share of closed sales on a given month took place in a county that has a lower Median Sales Price.
The contracted (pending) median sales price of a Long Island residential property was $340,000 in January 2011, down 1.4% from $345,000 in the same period last year.
MLSLI reported a decrease in the number of closed sales in January 2011, as well as a decline in the number of contracted sales.
Both numbers can be explained by the unusually cold and snowy weather that hit the Northeast during January.