Industry News

Long Island real estate sales shatter record

Home prices post double-digit growth in 2004
Published on Jan 18, 2005

Overall home sales processed through the Multiple Listing Service of Long Island Inc. in 2004 have surpassed the previous record set in 2003, according to the West Babylon, N.Y.-based organization. There were a total of 32,421 existing-home sales in 2004, up 13.4 percent from the previous record of 28,583 in 2003. The year ended with a reported sales volume of $14.4 billion for Queens, Nassau and Suffolk counties combined, reflecting a 27 percent increase over the $11.3 billion reported in December 2003. Housing inventory as reported by MLSLI was 8 percent higher at the end of December 2004 as compared to December 2003, with 13,398 available residential properties throughout Long Island, which also includes Queens. The average existing-home price for Long Island as reported by MLSLI for all of 2004 was $444,149, up 12.9 percent from 2003 when the annual average home price was $393,425. In 2002, the average Long Island home price was $344,660. Existing-home sale prices in Suffolk Cou...

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