Press Releases
FOR
IMMEDIATE RELEASE
January Closed Median Home Prices Lower
January, 2009 – West Babylon, NY - The Multiple
Listing Service of Long Island, Inc., (MLSLI) released January 2008 home
figures reporting a $417,500 closed median home price for Long Island. This
figure represents a 4.6% decline from last January’s closed median
which was $437,800. The last time Long Island reported a closed
median home price lower than $417,500 was in April of 2005 when it was
$415,000.
Looking at the figures by county, Nassau County experienced the smallest decline
with a January closed median home price of $440,000, 2.2 percent less than a
year ago when it was reported at $450,000. Suffolk County reported a closed
median home price in January 2008 of $373,500, which represents a 6% decrease
from a year prior when the closed median price was $397,500. Queens County
experienced a significant decline in terms of closed median home prices in January
with a reported figure of $438,000. This figure represents a 9.8 percent
decrease from January 2007.
Joseph E. Mottola, CEO MLSLI said, “When comparing the numbers
from a year ago – figures in all three counties continue to be
off.” Mottola further notes, “Queens however, has shown
steeper declines than the other two counties, especially in recent months.” His
explains that this could be in part to the effects of the sub-prime mortgage
issues, which seems to have had a greater impact on Queens’ homeowners. These
homeowners in general maybe more committed to selling their homes, which
results in more price concessions in that market.
MLSLI reported 33,453 available residential properties in January 2008. Inventory
levels have remained between 30,000 to 35,000 since February 2007.
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Press Release Contact:
Christina DeFalco
Public Relations and Communications Specialist
631-661-4800 Ext. 358
LIBOR is the largest local Realtor® Board in the Country with ten
Chapters covering the North and South Shores of Nassau, Suffolk and Queens
Counties.