FOR IMMEDIATE RELEASE

January 2007 Long Island Home Prices Remain Stable

February 14, 2007 - West Babylon, NY - While the January 2007 contracted median home price remained unchanged from exactly one year ago, signs that buyers and sellers are beginning to respond to recent market conditions was evident in the number of sales going into contract recorded in January.  The Multiple Listing Service of Long Island, Inc. (MLSLI) reported a total of 2,588 contracted sales for Nassau, Suffolk and Queens counties, representing a increase of 25% from last January.

The MLS also reported that the Long Island closed median home price for January 2007 was $437,800, which is virtually unchanged from December’s figure of $437,500, but is 1% lower than last January’s closed median price of $440,000.    Nassau, Suffolk and Queens reported closed median home prices for January 2007 of $450,000, $397,500, and $485,500 respectively. 

The number of available residential properties for January 2007 was reported at 25,017, representing a decrease of 8% from a month prior but up slightly from the 23,470 reported a year ago.   
           
MLS President, Donald Scanlon says, “The January housing figures are representing the rebounding we expected after seeing a bottoming out in the fourth quarter of 2006.  The buyers and sellers are coming to terms and deals are getting written.”  Scanlon further says, “The market started to take a turn upward in early January when we began seeing a significant increase in buyers attending open houses, a tangible sign of renewed buyer interest. With mortgage interest rates remaining relatively low and houses prices stabilizing, this is a good time to buy or sell.”

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Press Release Contact:
Christina DeFalco
Public Relations & Communications Specialist
631-661-4800 Ext. 358

The Multiple Listing Service of Long Island, Inc., (MLSLI) a subsidiary of the Long Island Board of REALTORS®, Inc.(LIBOR) is a computerized network of more than 2,650 participating real estate offices. For more information about the MLS, and Long Island real estate, visit our web site at www.mlsli.com.