Long Island Bubble Slowly Deflating, Taking Turn for Buyers
The word from Long Island this morning is that price appreciation in some counties has slowed dramatically while others have actually declined year over year.
"The latest data from the Long Island Multiple Listing Service showed annual median price increases of 4.3 percent in April for [Suffolk and Nassau counties], with Nassau at $470,000 and Suffolk at $385,000. Nassau's price remained stable since March, but Suffolk's declined by 3 percent. Residential inventory, meanwhile, rose by 65 percent over the year in Suffolk County and 76 percent in Nassau County - each reaching levels not recorded as far back as the MLS records go, to 1980."
Many are suggesting that this has been the slowest spring in the last six years for local real estate, with the slowdown expected to continue into the summer. One local agent also noted that of 60 updated listings in her region yesterday, 34 had lowered their listed prices.
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