Real Estate Market Update – January 2013
By:
Christina DeFalco
Date:
2/8/2013
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The impact of super storm sandy on real estate appears to have been a temporary disruption in activity that was reflected in the housing data released by MLSLI for the months of November and December 2012. Overall activity in January, however, indicates that the market is rebounding from the affects of the storm, and returning to a more normal pace.
Historically favorable affordability conditions continue to drive the market’s recovery, both nationally and locally. Home prices and transactions are up compared to a year prior, while available inventory is low. The closed median home price in January 2013 for Long Island, which includes Nassau, Suffolk, and Queens data, was $350,000, representing a 4.5% increase over January 2012. Nassau County reported a January 2013 closed median home price of $400,000 compared to $385,500 a year prior. Suffolk County reported a closed median price of $310,000 in January representing a 6.9% increase over last year and Queens reported a closed median home price of $356,000, which is 3.2% higher than $345,000 reported in January 2012.
The current available inventory according to MLSLI was 22,616 in January compared to 28,597 the year prior. This represents a decrease of 20.9%. The current month’s supply is 10.2 compared 15.7 in January 2012. The month’s supply indicates how many months it would take for all the current homes for sale on the market to sell. The ideal number for the month’s supply is around 6 – 7 months.
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