Industry News

Long Island real estate sales shatter record

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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...