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LI's Sleepy Real Estate Market Waking Up?

LI's Sleepy Real Estate Market Waking Up?

Patchogue (WALK) - If you've been thinking about buying or selling a home, now might be the time to act.

New numbers show that pending home sales jumped on Long Island last month, especially in Suffolk. According to the Multiple Listing Service of Long Island, pending sales in Suffolk rose over 32% in May, as compared with May of last year. In Nassau, pending sales surged almost 22% from May of 2012.

Median prices for pending home sale contracts have risen as well, 3% in Suffolk and almost 5% in Nassau. The median price in Suffolk was $330,000, up from $319,995 in May of last year. The median price in Nassau was $423,500, up from $405,000.

Experts believe more buyers may be jumping into the market, spurred by the possibility that prices and interest rates could be going up. Mortgage rates are still among the lowest they've been in years.

In addition to pending sales, the pace of completed sales is up as well, a brisk 12% in Suffolk and around 2% in Nassau.



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