Housing Market on Long Island for the Upcoming Year
At Cliffco Mortgage Bankers, we know that if you’re interested in a mortgage loan, you’re probably keeping an eye on the real estate market. We’re in the business of helping people achieve the dream of home ownership, so we’re constantly monitoring it as well. We understand how critical it is for prospective home owners to understand the market where they plan to purchase their home. They need to get a sense of what home prices are in the area and how quickly property goes to contract. So Cliffco wants to keep you apprised of the latest trends. In future posts, we’ll look at other markets where we work with home buyers, but we want to start in the market where our offices are located by giving you the real estate outlook for Long Island.
Nassau and Suffolk are Hot Markets
As we enter the spring season when home buying tends to pick up, there have been indications that the real estate market will be quite robust in coming months. The New York Times, citing a 2016, fourth quarter market report from Douglas Elliman Real Estate, says the housing markets in Nassau and Suffolk Counties are moving at a blistering pace.
The report from Elliman shows that the average sales price for the quarter was $470,605. The median sales price was $389,450. There were 7,008 sales that closed during the quarter and homes averaged 93 days on the market after being listed. The average discount from the original listing price was 4 percent, according to Ellian.
Looking at year over year statistics, median home prices rose 4.9 percent over the final quarter of 2015, while the number of sales jumped 7.4 percent. The homes also moved quicker as they were on the market 11 fewer days than the prior year.
According to Newsday, Long Island is expected to be one of the hottest 25 real estate markets in 2017. A forecast from realtor.com had the Long Island market ranked 23rd in the top 25. The forecast also pointed towards an expected increase in sales of 6.5 percent in the New York Metropolitan area compared to a 2.6 percent increase nationally.
Long Island is a Strong and Changing Market
While the real estate market is expected to be on the upswing, there are those who say there are some changing trends in how the Long Island real estate market is going to look going forward. According to the real estate news site The Real Deal, the longtime trend of Long Island being a bedroom community with low-density development may finally be relaxing somewhat with more multifamily dwellings about to pop up.
“There is growing amount of multiuse development close to commuter lines, and this is beginning to look like a long-term trend. Consumers from the city are already used to multifamily living in co-ops, condos and rentals, and therefore are comfortable with it in the suburbs,” said Jonathan Miller, president and CEO of the Manhattan-based real estate consulting firm, Miller Samuel.
Let Cliffco Mortgage Bankers Tell You What You Can Buy
With the Long Island real estate market adding fuel and appealing to different types of buyers, you might want to look and see if home ownership is right for you. To find out what kind of mortgage you might qualify for, contact Cliffco Mortgage Bankers today.