Charles Rutenberg Realty’s Joe Moshé Says Nassau Home Sale Prices are Following Upward National Trend
[Plainview, New York] — Joe Moshé, Broker/Owner, Charles Rutenberg Realty, Inc. (CRRLI), says the strong home sale prices in Nassau County is a reflection of what is going on nationwide and, if the trend continues, they could reach its pre-recession peak soon, as the national sales price has already done.
The recently released S&P CoreLogic Case-Shiller U.S. National Home Price Index showed that single-family home prices nationwide rose at an annual rate of 5.5 percent to an all-time high in September. That is an improvement of the previous month’s 5.1 percent year-over-year increase and surpasses levels before the housing crash hit.
In Nassau, October’s median sales price was $470,000, which is up 9.3 percent from last October, when it was $430,000, according to data from Multiple Listing Service of Long Island. While the current sales price is 6.5 percent off from its 2007 pre-recession peak of $502,500, if the trend continues, prices could exceed 2007 levels during the spring buying season.
In Suffolk, the median home price in October was $339,830, which is a three percent increase over the October 2015 price of $330,000, according to MLSLI. Unlike Nassau, which saw a recent upward trend, Suffolk is in its second straight month of declines after peaking this year in August, when the median sales price was $352,000. Even worse, the October median sales price is 19.1 percent lower than the peak price of $420,000 in 2007.
The rise in home prices in Nassau could be attributed to a steady decline in housing inventory, from 6,295 available homes in May to 5,103 available in October. “When demand grew in Nassau County and fewer homes were available on the market, that drove up prices,” Mr. Moshé says. “Nassau home prices are starting to make a turnaround, while Suffolk’s home prices continue to plunge.”
After the Long Island Real Estate market bottomed out eight years ago, home prices have increased — albeit moderately — at an annual rate of 2 to 3 percent. With the fluctuation of home sales prices, Mr. Moshé says he does not see overall prices in Suffolk making a return to pre-recession levels anytime soon.
“These are probably truer values than those in the boom years,” he says. “Unless there are major changes in industry in Suffolk County that is going to create a better economy and a greater demand for housing, I don’t see that happening. It’s a tale of two counties — Nassau has stronger home sales due to its proximity to New York City, while Suffolk is too far away to benefit and has not experienced a local driving force to increase demand.”
The National Association of REALTORS® has named Charles Rutenberg Realty, Inc. among the top five firms in New York State. As one of the nation’s fastest-growing Agencies, with nearly 5,000 associated Real Estate Professionals nationwide, Charles Rutenberg Realty, Inc. is proud to serve Long Island and Queens, Brooklyn, Bronx, Westchester, Putnam, Rockland and Orange Counties. For more information, visit www.crrli.com.
About Charles Rutenberg Realty
Founded in 2006, by Joseph and Pam Moshé, Charles Rutenberg Realty, Inc. is one of the nation’s fastest-growing, most progressive Real Estate Agencies, with over 1000 associated Real Estate Professionals. Charles Rutenberg Realty, Inc. specializes in residential and commercial transactions in Long Island and Queens, Brooklyn, Bronx, Westchester, Putnam, Rockland and Orange Counties. Among the 1,900 independent Real Estate offices represented by Multiple Listing Services (MLS), Charles Rutenberg Realty, Inc. has attained the highest market share for transactions closed, available inventory and listings taken for the last five years. The National Association of REALTORS® has recognized Charles Rutenberg Realty, Inc. as one of the top 5 Real Estate firms in New York and the top 75 Real Estate firms in the country. Agents are trained in the latest creative marketing programs to fulfill their clients’ financial and personal needs in Real Estate. Charles Rutenberg Realty, Inc. is headquartered in Plainview, New York and maintains branch offices in Queens, Bronx, Westchester, Nassau and Suffolk Counties. Other Charles Rutenberg offices are located in New York City; Clearwater, Orlando, and Fort Lauderdale, Florida; and Chicago, Illinois. For more information, visit www.crrli.com.