Long
Island Home Prices Appreciate 12.3% in 2005
Suffolk County
|
+11.1%
|
| Nassau County |
+11.0% |
| Queens County |
+19.2% |
Overall home sales processed through the Multiple Listing Service of
Long Island, Inc. (MLSLI) in 2005 have surpassed the previous record
set in 2004, according to the West Babylon based organization. There
were a total of 34,528 existing-home sales closed in 2005, up 6.5% from
the previous record of 32,421 in 2004.
The average sales price for homes sold through the Multiple Listing
Service of Long Island in 2004 was $498,869 representing a 12.3% increase
over the 2004 average of $444,149. In 2003, the average Long Island home
price was $393,425.
Suffolk County reported an average sale price of $446,944,
an increase of
11.1%.
Nassau County reported an average sales price of $601,192,
an increase of
11.0%.
Queens County reported an average sales price of $448,913,
an increase of 19.2%.
Housing inventory as reported by MLSLI was significantly higher at the
end of December 2005 as compared to December 2004. The December 2005
report shows over 21,000 available residential properties throughout
Long Island, which also includes Queens. Additionally, MLSLI reported
that over 100,000 properties were listed on the Multiple Listing Service
in 2005. The increase in inventory reflects a better balance between
buyers and sellers.
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