|
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.
# # #
Press Release Contact:
Christina DeFalco
Public Relations and Communications Specialist
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 2,800 participating real estate offices throughout Nassau, Suffolk and Queens. For more information on MLSLI™, visit our web site at www.mlsli.com.
|
