The median price for sold properties in Nassau County reached $470,000 in October, a 9.3 percent increase from last year, but the number of properties sold dropped significantly, according to the Multiple Listing Services Real Estate Market Report.
In October, 1,091 properties were sold compared with 1,174 last year— a 7.1 percent drop.
Karen Inglima, a real estate agent with Keller Williams Realty, said despite some of the strong numbers, there will be a slowdown soon.
“The housing market will be slowing down in January,” Inglima said. “The market is very strong in Queens and there are a lot of bidding wars going on there. We do see some parts of Nassau County but not all. What goes up must come down. Interest rates are creeping up too, which will eventually even out the home prices.”
The number of residential single/multi-family properties sold in October was 934, which is down from 987 the previous year.
The number of condominiums and co-ops sold dropped, too.
With a 9.3 percent increase in the median price for sold properties in Nassau County, residential single/multi-family properties, condominiums and co-ops all saw price hikes, with condos jumping from $485,000 to $570,000 in the last year.
The market in Nassau County has seen 12 straight months of increases in the median price for properties sold compared with the previous year.
“When home prices are typically under $500,000 and houses are more affordable they can lead into a bidding war,” Inglima said.
October’s $470,000 median price for sold properties wasn’t just a large jump from last year’s total, but a $5,000 spike from September’s $465,000, when the price fell for the first time since February.
The median price of pending sales in Nassau County saw a 4.8 percent increase, too, jumping from last October’s $443,000 to $465,000.
Although both the median price for the pending sales of residential single/multi-family properties and condominiums rose slightly, the median price for co-ops fell from $222,000 to $217,000.
In correlation with the number of sales in Nassau County, the pending number of sales dropped 2.5 percent, from 1,104 to 1,076.
It is the second drop in count for pending sales since July.
Last month, the county saw an 11 percent increase in pending sales.
