The Long Island Housing Market Report, July 2010 from the Multiple Listing Service has good news and some bad news for both home prices and sales numbers. The total number of homes sold on Long Island during the first half of the year was significantly higher than during the first half of 2009. However, those sales numbers reflect the tax credit which was very successful in stimulating the housing market. That tax credit has now expired, but sales figures from those sales will continue to be reflected in Long Island Housing Market Reports until September 30 - the deadline for closing a sale under the program guidelines. The number of homes entering into contract during July dropped 17.3% from July, 2009.
Contracted home prices on Long Island for July 2010 were up and down for the 3 counties from July 2009. The median contracted sales prices increased 2.5% for Nassau County, dropped a little for Suffolk County and decreased 2.8% in Queens. Contracted home prices are a good indicator for the market looking forward, since those prices represent recent sales contracts and not closed or sold sales.
For more information about the housing market and home prices in your area - or to request a Free Market Anaylsis prepared especially for your home, please contact me at cheryl@liagent.com.
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