ReportWire

Tag: onekey mls

  • Long Island home sales rise as prices ease, inventory falls | Long Island Business News

    THE BLUEPRINT:

    • Long Island logged 2,218 home sales in October, up from September and last year.

    • Inventory fell to 5,783 listings, nearly 10% lower year over year.

    • Median home prices dipped in both Nassau and Suffolk counties.

    • Mortgage rates are trending lower, with forecasts pointing to further easing next year.

     

    The number of Long Island home sales rose last month, as inventory fell and prices pulled back. 

    There were 2,218 closed home sales in Nassau and Suffolk counties in October, 204 more than the previous month and 109 more than in Oct. 2024, according to numbers from OneKey MLS. 

    Inventory decreased last month as compared with the previous month and also dropped year over year. 

    There were 5,783 Long Island homes listed for sale at the end of October—2,473 in Nassau and 3,310 in Suffolk. That’s 312 fewer homes than were listed for sale the previous month, and nearly 10 percent fewer than the 6,421 homes that were listed for sale at the end of Oct. 2024. 

    The numbers for listings and sales include single-family homes, condominiums, and co-ops. The Suffolk numbers don’t reflect all sales on the East End. 

    Home prices retreated last month, falling in both Nassau and Suffolk. 

    The median price of closed single-family home sales in Nassau last month was $837,000. That’s $12,000 less than the September median price of $849,000, but still 6.1 percent higher than the $789,000 median price recorded in Oct. 2024. 

    In Suffolk, the median price of closed single-family home sales last month was $701,000, which is $19,000 more than the September median price of $720,000 and 4.6 percent higher than the $670,000 median price of Oct. 2024. 

    Mortgage rates continue to trend lower. The average rate for a 30-year fixed mortgage loan in New York was 6.19 percent as of Monday, according to bankrate.com. That’s down a bit from September, and below the 2024 average rate of 6.7 percent. 

    Mortgage rates are projected to decline modestly, averaging around 6 percent next year, according to Lawrence Yun, chief economist for the National Association of Realtors. He said that while rates are influenced by more than Federal Reserve decisions alone, broader economic factors are contributing to gradually lower borrowing costs. 

    “As we go into next year, the mortgage rate will be a little bit better,” Yun said in a NAR statement. “It’s not going to be a big decline, but it will be a modest decline that will improve affordability.” 

    Nationally, existing home sales are projected to rise by around 14 percent in 2026, according to Yun, though prices are expected to stay firm. He said the expected rebound reflects the easing mortgage rates and improving market stability after several challenging years. Home prices are forecast to increase by 4 percent next year, supported by steady demand and persistent supply shortages.  

    “Next year is really the year that we will see a measurable increase in sales,” Yun said. “Home prices nationwide are in no danger of declining.” 


    David Winzelberg

    Source link

  • Long Island home prices soar to new heights as supply drops | Long Island Business News

    THE BLUEPRINT:

    • Nassau County’s median home price rose to $875,000 in August

    • Suffolk County’s median reached $714,000, up 5% from last year

    • Long Island housing inventory dropped 6.5% year-over-year

    • Baby boomers less likely to sell, fueling housing shortage

     

    Long Island home prices rose to all-time highs last month, fueled by lagging inventory. 

    The median price of closed single-family home sales in Nassau County in August climbed to $875,000, a $15,000 jump from the previous month and a 5.4 percent increase from the $830,000 median recorded in August 2024, according to numbers from OneKey MLS. 

    In Suffolk County, the median price of closed single-family home sales last month was $714,000, that’s $12,000 higher than the previous month and 5 percent more than the August 2024 median price of $680,000. 

    The main reason for the soaring home prices is the still limited supply of available listings, as the inventory of available homes for sale last month fell from the previous month and there were fewer listings than a year ago. 

    There were 5,928 Long Island homes listed for sale with OneKey MLS at the end of last month—2,492 in Nassau and 3,436 in Suffolk. That’s 296 fewer than the 6,224 homes listed for sale at the end of July and 6.5 percent fewer than the 6,343 homes listed for sale at the end of August 2024. 

    By way of comparison, there were 54.6 percent fewer Long Island homes listed for sale at the end of last month than the 13,076 homes listed for sale at the end of August 2019, the last pre-pandemic, same-month example. 

    As the lack of inventory continues to boost prices, market activity has slowed as a result. There were 2,245 homes in Nassau and Suffolk contracted for sale last month, 90 less than the 2,335 homes contracted for sale the previous month, though 50 more than the 2,195 that were contracted for sale in August 2024. 

    The numbers for listings and sales include single-family homes, condominiums, and co-ops. The Suffolk numbers don’t reflect all sales on the East End. 

    A big reason for the dearth of available listings are older homeowners’ increasing reluctancy to sell, according to a new survey from Clever Offers, a cash-for-homes platform. Of those surveyed nationally, 61 percent of baby boomers say they never plan to sell their homes, which is 7 percent higher than those surveyed a year ago. In addition, the number of boomer homeowners who expect to sell within the next five years dropped to just 10 percent, down from 15 percent in 2024.   

    One bright spot in the housing market is lower mortgage rates. The average rate for a 30-year fixed mortgage loan in New York was 6.37 percent as of Wednesday, according to NerdWallet.com. That’s down from July, and below the 2024 average rate of 6.7 percent. 

    And though lower rates sounds like good news, brokers warn that it could be a double-edged sword for buyers, as lower rates will create more buying competition and likely higher prices. 

    “Inventory should pick up in the next 12 months if we see lower rates because the sellers will more likely now cash in their equity and maybe their 3.5 interest rate if they could get a 5 to 5.75,” said Ken Olson, an associate broker with HomeSmart Premier Living Realty, which has six Long Island offices. “But at the same time, I think we’ll see more buyer participation as the rates go down. And even if the number of homes for sale goes up, if the buyer percentage goes up greater, we have the same problem. It’s going to cause prices to go higher.” 


    David Winzelberg

    Source link

  • OneKey CEO, industry leaders optimistic about housing market | Long Island Business News

    OneKey CEO, industry leaders optimistic about housing market | Long Island Business News

    Real estate industry leaders expressed optimism for the New York area’s housing market at a virtual panel discussion held last week. 

    Hosted by OneKey MLS and the Hudson Gateway Association of Realtors, the panel included Richard Haggerty, the newly minted CEO of OneKey MLS; Kevin Brown, senior global real estate advisor at Sotheby’s International Realty; Elizabeth Stribling-Kivlan, senior managing director at Compass; and Sherry Tobak, senior vice president of Related Cos., who oversees sales at Hudson Yards.  

    The panelists discussed sales activity, property valuations, foreign investments and other factors influencing the market heading into 2023. 

    “If you look solely at the numbers and compare 2022 to 2021, it looks grim, but you have to give it context,” said Haggerty, who heads the regional multiple listing service that covers nearly a dozen counties in the greater New York area, including Long Island, Manhattan, and Westchester and Sullivan counties. “While the numbers are down about 30 percent, we have to focus on two things: We lost all seasonality to the market during the 2020/2021 years, when we had a rush of activity. That wasn’t sustainable. Also, buyers were taking a pause at the end of 2022 as interest rates were going up. It’s what we expected. Now, we’re seeing interest rates come down, more normalcy and a return to seasonality.” 

    Certainly, 2022 was a year of transition for the residential real estate industry here. Home sales on Long Island have seen year-over-year declines since the overheated pandemic market began to cool in the second half of 2021. There were 28,214 homes contracted for sale in Nassau and Suffolk counties in 2022, a nearly 21.5 percent drop from the 36,065 pending sales in 2021. 

    The panel weighed in on some of the 2022 statistics, economic factors, interest rates, inflation, and the shift from a buyer’s to seller’s market, offering predictions on property values and the return of foreign investors seeking properties in New York City. 

    “Foreign investors are coming back,” Tobak said. “I’m really excited about China opening up again – as luxury buyers, they are very savvy, very smart, they follow market trends and aren’t afraid of jumping into new situations, i.e., Hudson Yards. We’re also seeing Europeans, certainly Brits, and I met a couple from Australia who was buying here. This is New York, everyone wants to be here, everyone wants a piece of the action. I’m very bullish on the market for 2023.” 

    Haggerty asked the panel about “hidden gems” or neighborhoods they’re particularly bullish on in terms of value for 2023.  

    “Queens is such an overlooked borough. It’s closer to Manhattan, and there’s some really great housing stock,” said Stribling-Kivlan. “Queens is a launching pad for so many incredible people, ideas and cultures and we don’t give it enough credit.”  

    The webinar is part of the “Be Your Best” series created by HGAR and OneKey MLS, to help real estate brokers and agents navigate a changing landscape amid the pandemic. The event was moderated by Brian Tormey, president of TitleVest, a Manhattan-based provider of title insurance and related real estate services, which also sponsored the program. 

    David Winzelberg

    Source link