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.
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