Suffolk County home prices increased 7% in April, to a median price of $363,750 compared to $340,000 last year. The number of sales transactions decreased 4.7% to 1,040 for the month and listings fell 13% . Nassau County median price in April increased 4.2% to $495,000, with a 3.2% increase in transactions and a 2.4% drop in inventory. Southold Town’s annual median sale is higher than the county’s average at $565,000.
The higher prices and lower inventory for April, supports the competitive market for buyers, but also demonstrates that some sellers are considering options for using the strong seller’s market to their advantage sooner rather than later. Newsday calls it a “HOT REAL ESTATE MARKET” where, “Long Island’s high home prices have prompted some sellers to come up with creative solutions.” Some examples cited include an earlier than planned sale of a larger home and a move to a condo, thereby reducing maintenance and carrying costs. Such a move, simplifies life as well as reduces expense. A very creative couple, advanced their retirement plans without moving by selling their waterfront home and buying a “house” boat to live in locally at a marina until they are ready to retire and sail off into the sunset!
If you are thinking about selling and would like to discuss possibilities, now’s the time! There is still time to get into this market and sell your home during the peak season. Call us at 631 765 5333. Visit our office at Main and Horton’s Lane in Southold, or email me at Marie@BeninatiAssociates.com. We are here to help and I am happy to sit down with you to put together various short term and mid-term scenarios for your real estate investment. At Beninati Associates, we listen, we care and we get results for you!
Source: Multiple Listing Service (MLS) of Long Island; Newsday, “Demand Hikes LI Home Prices,” May 15, 2018, pages A12-13.