FOR IMMEDIATE RELEASE

2007 Long Island Home Prices Mainly Unchanged from 2006

January, 2008 – West Babylon, NY - Despite reports of a slumping housing market, Long Island home prices remained stable in 2007 with year ending average prices fairing better than expected.  According to the Multiple Listing Service of Long Island, Inc., (MLSLI) the 2007 closed average sales price for a home on Long Island was $515,539.  When examining the entire year, the 2007 average price in the tri-county area is virtually the same as 2006.  MLSLI reported an average selling price of $516,194 for 2006.

Individually, Nassau County reported a 2007 average sales price of $ 597,044, 1.6% less than a year ago when it was reported at $606,859.  Suffolk County reported a year ending sale price of $465,458, which represents a 2% increase over 2006’s average sale price of $456,419.  Queens County reported an average sale price of $481,168 which is 2.5% lower than 2006’s figure of $493,253.

Recent housing figures released by MLSLI continue to show a gradual softening of house prices and activity. Joseph E. Mottola, CEO LIBOR/MLS said, “December inventory levels, while 12% higher than last December, are still lower than November 2007.”  Mottola further notes that the median inventory price for December is 4% less than it was a year ago, which suggests that sellers are continuing to respond to the market with price adjustments.         

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Press Release Contact:
Christina DeFalco
Marketing & Communication Director
631-661-4800 Ext. 358

The Multiple Listing Service of Long Island, Inc. (MLSLI™) is a subsidiary of the Long Island Board of REALTORS, Inc. and operates as a computerized network consisting of 2,400 participating real estate offices throughout Nassau, Suffolk and Queens.  For more information on MLSLI™, visit our web site at www.MLSLI.com