The prices of Long Island homes sold last month remained steady as the inventory of available homes continued to decline.
The median price of closed home sales in Nassau County last month was $600,000, about the same as the previous month and 14.3 percent higher than the $525,000 median price of Feb. 2020, according to a report from OneKey MLS.
In Suffolk County, the median price of closed home sales last month was $475,000, the same as it was in January and 18 percent higher than the $402,444 median price recorded in Feb. 2020.
The number of pending Long Island home sales increased last month, despite the withering supply of housing inventory.
There were 2,560 homes contracted for sale in Nassau and Suffolk counties last month, 3.5 percent more than the 2,473 homes contracted for sale in Feb. 2020. February’s pending sales of Long Island homes was also 8.4 percent more than the 2,362 pending sales from the previous month.
Inventory is at an historic low. There were 6,117 Long Island homes listed for sale with OneKey MLS at the end of February, 3,194 in Nassau and 2,923 in Suffolk. That’s 41.6 percent fewer than a year ago, when 10,476 homes were listed for sale in Nassau and Suffolk, and 271 homes fewer than the previous month.
In Suffolk, there is just a two-month supply of homes for sale, as inventory fell to 2,923 listings, a drop of more than 48.7 percent from the 5,705 homes listed for sale in the county in Feb. 2020.