The housing market for Long Island, New York, is currently experiencing a boom of buying and selling activity. The closed median price for a home throughout the Long Island region was $370,000 during August 2012. This figure is an increase of 1.9% from this percentage as calculated for 2011. The average cost for contracted, or pending, house sales across the island as of August 2012, was $350.000—equal to the median pricing for the previous year.
The number of residential properties on the market decreased by16.9% between August 2011 and the same month in 2012. According to statistics provided by MLSLI (Multiple Listing Service of Long Island, Inc.), this percentage represents a drop in the number of home sales of from 33,702 in 2011 to 27,997 in 2012. Both the pronounced increase in selling numbers for contracted house sales and the growing stability of overall home prices is a positive sign, however. These noticeable trends indicate a bottoming out of the housing market and a return to recovery status. As the sixth most affluent region in the country, Long Island is 125 miles long, positioned at the southeastern tip of New York State. Naturally beautiful and culturally rich, the island hosts some of the most stunning scenic beaches in the country.
The latest US Census results list the population of Long Island as 7.5 million. Most New Yorkers refer to the counties of Nassau and Suffolk as Long Island, and these two areas are generally the most active in terms of business and real estate sales. However, there are two additional counties which help form the island, Queens County and Brooklyn/Kings County. These four counties are home to upwards of 90,000 businesses, and the entire island has maintained a robust economy, even during the latest nationwide economic downswing. Long Island presently reports one of the lowest unemployment counts in the US. Its schools rate among the highest quality in the nation. The region currently offers an impressive rate of job availability in such areas of industry as computer technology, electronics, food service and medical/healthcare systems and technology. Regional consumer spending rates are rising, and home prices are increasing dramatically and rapidly.
The August 2012 real estate market reports for the Long Island counties of Nassau, Suffolk and Queens are impressive and encouraging.
In Nassau County, the available home property inventory count as of August was 8,530, and the average property price was $443,750. The number of residential properties sold during the month of August was 1,059 throughout the county.
In Suffolk County during the same month, the number of home properties available for sale was 11,558, with the median home price reported at $349,000. The total sales count for homes sold during August of this year countywide was 1,060.
- During August 2012, in Queens County, L.I., the number of residential properties reported as available inventory totaled 8,163. The average home list price was $349,000—the same figure as reported for Suffolk County. The number of homes sold was 650 for Queens’s County.
According to The Wall Street Journal, a survey conducted by the home builder, Pulte Group revealed that 60% of current home renters have a strong desire to make the transition to becoming homeowners. The results of a survey from the Urban Land Institute in 2010 showed that two-thirds of young adults between the ages of 18 and 32 have expectations of owning their residences by 2015. Seventy percent of the other one-third surveyed has intentions of becoming homeowners at a future time.
Many real estate agents and property market experts advise that now is an excellent time to consider buying residential real estate in many areas of the US. Whether potential buyers are looking for houses as new homes for themselves and their families or as investment property, the current rally in the realty market is a sure signal of the increasing availability of choice properties for sale. This is particularly true of such economically healthy regions of the country as Long Island. Many people who hesitated to purchase homes during the recent national downward economic trend can now take advantage of the current shift to a favorable real estate buyer’s market.
In addition to making primary residence home sales transactions, buyers nationwide are purchasing houses as rental property investments, for their own use as second homes, or to enjoy as vacation residences. In the US, that percentage of vacation house sales rose by 7% during 2011 and into 2012. Economists attribute this increase to the fact that many Americans opted for vacation homes and weekend retreats located within a short drive’s distance over those requiring travel by airplane. The rate of nationwide investment home property purchases jumped to heights of 65% by the close of 2011.
In fact, over one quarter of all residential properties sold during 2011 in the US were bought as real estate investments. Many of the most highly rated properties were located along or near the shoreline of Long Island—truly some of the most valuable, attractive and architecturally innovative homes in the nation.