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Is the Long Island Real Estate Market Ready To Flip?
Spring is right around the corner, and we are primed for one of the busiest Spring real estate markets in history.
Buyer demand is still at an all time high, and many of the potential purchasers who have been on the fence are starting to realized that waiting the last year has only cost them more. Home prices are increasing at rates above 10% a year, and now, with the Fed finally talking about raising interest rates due to inflation (and many other reasons), mortgage rates are getting ready to jump up from the historic lows that we have been looking at for several years.
Here is our update on the Nassau County real estate market and what we predict will happen in the upcoming months.
Nassau County
- Average Sales Price
- January 2022 – $806,709
- February 2022 – $820,855
- increased 2%
- Average Days On Market
- January 2022 – 58
- February 2022 – 63
- increased 9%
- Average Pending Price
- January 2022 – $841,893
- February 2022 – $877,657
- increased 4%
- Sale to List Price Ratio
- January 2022 – 99.46%
- February 2022 – 99.44%
- had no change 0%
- Number of Sold Listings
- January 2022 – 1042
- February 2022 – 808
- decreased 22%
- Months Supply of Inventory
- January 2022 – 2.3
- February 2022 – 2
- decreased 13%
- Mortgage Rate
- January 2022 – 3.71%
- February 2022 – 4.08%
- increased 10%
- Top Sales
- 1. $8,250,000- 77 Crescent Beach Road Glen Cove, NY
- 2. $6,575,750- 38 Sousa Drive Sands Point, NY
- 3. $4,050,000- 15 Middle Drive Manhasset, NY
- 4. $3,650,000- 1782 Route 106 Muttontown, NY
- 5. $3,600,000- 2 Sands Lane Sands Point, NY
- 6. $3,500,000- 121 Shu Swamp Road Locust Valley, NY
- 7. $3,170,000- 19 Gilbert Road Great Neck, NY
- 8. $3,050,000- 272 Heather Lane Hewlett Harbor, NY
- 9. $2,825,000- 89 10th Street Garden City, NY
- 10. $2,800,000- 180 High Farms Road Old Brookville, NY
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- Here at Dean Miller Real Estate, we believe in being the guide in your home shopping, purchase and buying processes. Our aim is to put you int he best position possible to become the hero of your story.
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- Dean Miller Real Estate is a modern day real estate agency who believes that the status quo is no longer acceptable in the real estate industry. Our goal is to help 10,000 families with their housing needs by the end of 2029 and will achieve this goal by building relationships, by continuously providing up to date information, while using the most cutting edge tools, systems and techniques to help their clients and agents achieve life changing results. Understanding the true needs of their clients is paramount to success.
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- To contact us; 3330 Park Avenue, #4, Wantagh, NY 11793 Phone: 516-248-5007 Website: https://thebeaconteam.com Instagram: https://www.instagram.com/deanmillerr… Facebook: https://www.facebook.com/deanmillerre… LinkedIn: https://www.linkedin.com/in/deanmillerny Twitter: https://twitter.com/deanmillerny
- —————————————————————————————– Wantagh, Bellmore, Merrick, Seaford, Massapequa, Massapequa Park, Levittown, Garden City, Baldwin, Buyer Broker, Listing Agent, How to sell your home, Sell my home, Moving
