The year started out strong for residential real estate in Nassau County, with single-family and co-op sale prices up year over year, though condo prices slipped, and inventory fell across the board as low supply bolstered prices.
The number of closed sales also fell for single-family homes and co-ops, possibly due to lower inventory, but deal count edged up for condominiums.
Single-family home median sales prices in Nassau County as of January were up 3.1 % to $835,000 as inventory and new listings tumbled in a sign that a continuing lower inventory in the region is helping to push prices up, according to OneKey MLS.
Nassau single-family home prices, however, remained flat from the prior month, according to FastStats data from OneKey MLS.
Inventory of single-family homes year-over-year plummeted 16.8% to 1,497, and new listings dropped 14.2% to 672 during a frigid January. And single-family homes’ days on the market fell 16.7% to 55 as properties were snapped up much more quickly.
Closed sales of single-family homes also fell 4.8% to 619, in a possible sign that a lower inventory is leading to fewer sales.
Single-family homes sold at a lower percentage of the asking price than a year ago, going for 97.2% of the list price, down 1.3% from 98.5% a year ago.
Co-ops’ median prices also rose in the double digits from a year ago, up 11.3% year-over-year, to $392,500, still less than half of the price of a single-family home median sales price. Coop inventory dropped 8.8% to 187, while new listings rose 9.8% to 90.
Co-op days on the market rose 6.8% to 63 as it took longer to make these sales, and the number of closed sales also fell 51.1% to only 44.
Co-ops’ sale price also slipped as a percent of the asking price, down 0.9% to 97.4% from 98.3% a year ago.
Condos, meanwhile, bucked the trend of rising prices, going for a median sales price of $715,000, down 7.7% from $775,000 a year ago, but rising 0.3% as a percent of asking price to 98.4% from 98.1%.
Inventory slipped 12.4% to 163, although new listings soared 20.6% to 82, and the number of sales rose 3.4% to 60. While sales were down, condos were being snapped up more quickly, with days on the market tumbling 14.9% to 63, or about two months.
