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 County increased 12.7 percent in 2004 to an average price of $402,373. In Nassau County, home prices were 12.9 percent higher than a year ago, with a reported average price in 2004 at a record setting $541,443. Queen’s home prices rose 12.5 percent in 2004, with the average sale price reported at $376,670.
Daniel Ryan, MLSLI president and broker/owner of Ryan & Walis Realty in Long Beach, said, “2004 was one of the best we’ve had in a long time.” He further notes, “Looking ahead at the signs of an improving economy, I believe we will see another strong performance in the housing market in 2005.”
The Multiple Listing Service of Long Island Inc. (MLSLI) operates as a computerized network consisting of 2,200 participating real estate offices throughout Nassau, Suffolk and Queens.
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