South Shore Home Sales Soar In Second Quarter

A new report from Douglass Elliman Real Estate showed that home prices on the South Shore of Nassau County jumped in the second quarter of 2017, reaching a seven-year high.

Prices rose across Long Island as sales also went up during the first half of the year. Homes were also selling faster than they were in the beginning of the year.

"Lots of records are being set on Long Island right now," said Ann Conroy, president of the Long Island Division of Douglas Elliman. "This quarter we saw the most sales in 15 years with dwindling supply and rising prices contributing to the strength of the market. In the luxury market, the report showed a decline in inventory as overpriced listings are allowed to expire and leave the market."

On Nassau's South Shore, the average sales price for a home went up 6.4 percent, from $465,796 in quarter 1 to $495,484. That's also a 6.2 percent increase from the same time last year, when the average home price was $466,344.

There were also more homes sold in quarter 2 compared to quarter 1, and they spent less time on the market.

Overall, Nassau County saw home prices go from $580,026 in quarter 1 to $614,442 — a 5.9 percent increase. The counter overall also an increase in the number of homes sold and a decrease in the amount of time they spent on the market.

Photo: Realtor.com