By Hank Russell
Last month’s residential real estate results showed home price increases in both counties, exceeding the statewide average. Based on the numbers, one real estate expert urged prospective home buyers and sellers to make their move.
According to data from the New York State Association of REALTORS® (NYSAR), the median sales price in Nassau rose 4.2% from $737,750 in April 2024 to $769,000 last month, while Suffolk’s home prices went up 8.2%; this year’s price was $654,500, while the previous year’s price was $605,000, according to NYSAR. Both counties exceed the statewide median price of $425,000 — an increase of 3.7%, which is less than either county’s percentage.
There were 660 homes sold in Nassau County in April — up 3.0% from the same month last year, when there were 641 closings, according to NYSAR. In Suffolk, the number of homes sold fell by 2.9% last month to 896 from 923 in April 2024. However, both counties outperformed the state, percentage-wise, which saw a 6.2% decline.
Nassau also added 1,328 listings in April, which is 2.1% more than in April 2024, when there were 1,301 listings, based on NYSAR data. However, the number of homes for sale fell 2.3% to 2,339 last month, compared to 2,394 the April of last year.
The number of new listings in Suffolk last month was 1,623 — a 2.5% drop compared to the previous April, which added 1,664 listings. The county was outperformed by the state, which saw 5.6% more listings year over year. However, Suffolk had 3.1% more homes for sale this year, from 3.094 to 3,191. New York State also saw an increase in homes on the market b ythe same percentage.
There was no change in inventory, which stayed at 2.8 and 2.9 months for Suffolk and Nassau, respectively. Last month, the state’s inventory was higher at 3.0 months.
“For the first time in a long time, I am truly excited about the real estate market,” said Joe Moshé, broker for the Plainview-based Charles Rutenber Realty. “There are indications that the market is going to change. Although prices remain high and sales remain down, the trends I will describe give me hope that the market is changing.”
Moshé noted that recent comments from Fannie Mae indicate that rates will come down significantly. “Inventory appears to be increasing ever so slightly,” he said. “Sellers have been sitting on the sidelines because of the conditions in the market, but now appear to be ready to move on with their lives. Therefore, more inventory will come to the market.”
His prediction: “Look for increased activity in the market and my recommendation is to buy, or sell. Life is too short to do nothing.”