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By: David Winzelberg January 6, 2022
The Long Island housing market continued to soften last month, as record-low supply impacted sales.
There were 2,425 Long Island homes contracted for sale in December, a 13.8 percent drop from the 2,815 contracted sales in November and 13.1 percent fewer than the 2,792 pending sales recorded in Dec. 2020, according to preliminary numbers from OneKey MLS.
There were 1,082 homes contracted for sale in Nassau County last month and 1,343 homes contracted for sale in Suffolk County. Compared with the last pre-pandemic December of 2019, when there were 886 Nassau homes and 1,139 Suffolk homes contracted for sale, pending sales increased by 19.8 percent last month.
Prices remained firm. The median price of closed Nassau home sales last month was $645,000, down slightly from the $652,500 median in November but up 6.3 percent from the $606,500 median price from Dec. 2020.
In Suffolk, the median price of closed home sales last month was $525,000, up from the $520,000 median recorded in November and a 9.5 percent bump from the $480,000 median of Dec. 2020.
Inventory has continued to decline, as the number of available homes for sale is at record-low levels. As of Thursday, there were 4,516 homes listed for sale with OneKey MLS—2,186 in Nassau and 2,330 in Suffolk. That’s down 16.2 percent from the 5,389 homes that were listed for sale at the end of November and a 32 percent drop from the 6,635 homes that were listed for sale at the end of Dec. 2020.
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