The word has gotten out. It’s a great time to sell your house. Many more homeowners have put their homes on the market in the first six months of 2018 compared to 2017. In Syosset 265 homes were listed in the first half of this year versus 188 homes last year same time. That’s a whopping 40% rise. The story in the county is similar but not as dramatic. Listings in Nassau County rose 28% over last year’s first half. In Nassau County under contracts and closings slightly lag last year’s pace while Syosset’s closings were up 8%. Prices rose moderately. Both Syosset and Nassau County average price increases at closing were 4.5%.
Absorption rates are trending slightly higher than last year in Nassau County from 3.9 months of inventory to 4.2 months. Syosset has jumped from 3.1 months to 4.8 months. Looking at neighboring Suffolk county and other micro-markets in Nassau County – demand is keeping up with supply for more moderately priced homes while the higher end sales are taking longer to absorb the extra inventory. As the main selling season continues through to the middle of August it remains to be seen if all the extra inventory will be taken. That could leave some higher end homes lingering on the market longer than their homeowners expected.