Long Island condo prices jump nearly 16% in Nassau, 5% in Suffolk in June
This three-bedroom condo in the Woodbury Village community is on the market for $779,000. Credit: Dynamic Media Solutions/Frank Urso
Nassau County condo prices rose significantly in June compared with the previous year, as scant options and sellers willing to test the market pushed costs higher, local agents said.
The median condo sale price last month was $750,000 in Nassau, or 15.6% higher than in June 2023. In Suffolk, the median increased 5.1% to $460,000, according to data from OneKey MLS.
Meanwhile, in the less-expensive co-op market, the median price increased 2.1% to $315,500 in Nassau and 1.4% to $255,000 in Suffolk, compared with a year ago.
Condo price metrics can be volatile because there are so few sales in a given month. In May, the median sale price among 68 condo deals in Nassau was $842,000. The number of condo and co-op deals in June was about one-fifth of the size of the single-family home market, which achieved record prices in Nassau and Suffolk last month.
Local real estate agents said it has been difficult this year to find available units in specific developments for clients.
"If you think the single-family home market is low on inventory, it’s even worse for the condo market," said Tim Lau, a real estate agent at Daniel Gale Sotheby’s International Realty in Woodbury. "The supply is still not catching up with the demand, which helps keep up the price."
Ira Gross, of Daniel Gale, who co-lists properties with Lau, said earlier this week the 221-unit Hidden Ridge condo community in Syosset had no listings available, and there were only a handful for sale in Woodbury and Syosset combined.
"It truly is unheard of," said Gross, who has been selling condos for more than 35 years.
High prices and little supply have led to fewer sales. Across Long Island, there were 304 condo and co-op transactions in June, down 13% compared with the previous year.
Part of the problem, Gross said, is that the traditional pipeline of units that would hit the market from young professionals upgrading to larger homes has not materialized.
"People in the condo market who are young have a five- to seven-year plan and typically would have turned over [their condo] and bought a house," Gross said. "They have not done that because they’re not giving up the 3% mortgage [rate] they have."
The average 30-year fixed mortgage rate was 6.78% on Thursday, according to mortgage giant Freddie Mac.
In Nassau as a whole, the number of condos on the market rose in June. There were 212 listings at the end of the month, 24% higher than at the same time a year ago.
The number of condos on the market in Suffolk rose nearly 12% to 291 by the end of last month, compared with June 2023.
As listings rise, sellers may get fewer offers and feel more pressure to accept offers at or below their asking prices.
Bobbie Gujral, a real estate agent at Property Professionals Realty in Hicksville, said condo buyers she worked with generally fall into the categories of first-time homebuyers or homeowners looking to downsize.
But they have had trouble making purchases because sellers in condo communities have been willing to test the market to get higher prices and wait until they get an attractive offer.
Sellers have "seen how it’s gone up and up every year and people are paying that price," Gujral said. "Everything is going over asking price, and there is demand in the gated communities."
Gujral often works with buyers and sellers in The Villages at Huntington and The Villages West communities in Melville. Aspiring buyers often call to check in, but she doesn’t have listings to show them, she said.
"Whatever comes sells quickly," she said.
Nassau County condo prices rose significantly in June compared with the previous year, as scant options and sellers willing to test the market pushed costs higher, local agents said.
The median condo sale price last month was $750,000 in Nassau, or 15.6% higher than in June 2023. In Suffolk, the median increased 5.1% to $460,000, according to data from OneKey MLS.
Meanwhile, in the less-expensive co-op market, the median price increased 2.1% to $315,500 in Nassau and 1.4% to $255,000 in Suffolk, compared with a year ago.
Condo price metrics can be volatile because there are so few sales in a given month. In May, the median sale price among 68 condo deals in Nassau was $842,000. The number of condo and co-op deals in June was about one-fifth of the size of the single-family home market, which achieved record prices in Nassau and Suffolk last month.
WHAT TO KNOW
- The median condo price in Nassau County increased nearly 16% in June, compared with the previous year, to $750,000.
- Prices for co-op units across Long Island as well as Suffolk County condos increased at slower rates.
- Agents say it has been difficult to find available units for clients, but data shows more listings are hitting the market than last year.
Local real estate agents said it has been difficult this year to find available units in specific developments for clients.
"If you think the single-family home market is low on inventory, it’s even worse for the condo market," said Tim Lau, a real estate agent at Daniel Gale Sotheby’s International Realty in Woodbury. "The supply is still not catching up with the demand, which helps keep up the price."
Ira Gross, of Daniel Gale, who co-lists properties with Lau, said earlier this week the 221-unit Hidden Ridge condo community in Syosset had no listings available, and there were only a handful for sale in Woodbury and Syosset combined.
"It truly is unheard of," said Gross, who has been selling condos for more than 35 years.
High prices and little supply have led to fewer sales. Across Long Island, there were 304 condo and co-op transactions in June, down 13% compared with the previous year.
Part of the problem, Gross said, is that the traditional pipeline of units that would hit the market from young professionals upgrading to larger homes has not materialized.
"People in the condo market who are young have a five- to seven-year plan and typically would have turned over [their condo] and bought a house," Gross said. "They have not done that because they’re not giving up the 3% mortgage [rate] they have."
The average 30-year fixed mortgage rate was 6.78% on Thursday, according to mortgage giant Freddie Mac.
Improving numbers for buyers
In Nassau as a whole, the number of condos on the market rose in June. There were 212 listings at the end of the month, 24% higher than at the same time a year ago.
The number of condos on the market in Suffolk rose nearly 12% to 291 by the end of last month, compared with June 2023.
As listings rise, sellers may get fewer offers and feel more pressure to accept offers at or below their asking prices.
Bobbie Gujral, a real estate agent at Property Professionals Realty in Hicksville, said condo buyers she worked with generally fall into the categories of first-time homebuyers or homeowners looking to downsize.
But they have had trouble making purchases because sellers in condo communities have been willing to test the market to get higher prices and wait until they get an attractive offer.
Sellers have "seen how it’s gone up and up every year and people are paying that price," Gujral said. "Everything is going over asking price, and there is demand in the gated communities."
Gujral often works with buyers and sellers in The Villages at Huntington and The Villages West communities in Melville. Aspiring buyers often call to check in, but she doesn’t have listings to show them, she said.
"Whatever comes sells quickly," she said.
Jonathan LaMantia covers residential real estate and other business news on Long Island. He previously covered the business of health care for Crain's New York Business.
'I'm going to try to avoid it' A trip to the emergency room in a Long Island hospital now averages nearly 4 hours, data shows. NewsdayTV's Virginia Huie reports.
'I'm going to try to avoid it' A trip to the emergency room in a Long Island hospital now averages nearly 4 hours, data shows. NewsdayTV's Virginia Huie reports.
