Tight supply drives up home prices across Long Island – New York News

A near-record low supply of listings is driving up housing prices across Long Island, from modest homes on the South Shore to luxurious mansions in the Hamptons.


The median closed sale price on Long Island, excluding the East End, was $404,000 in the April-through-June period, up 5.6 percent from a year earlier, the brokerage Douglas Elliman and the appraisal firm Miller Samuel said in a report to be released Thursday. Brokers listed 13,391 homes for sale — roughly half the number listed in spring 2008, when Long Island home prices had started to decline early in the recession.

That’s the lowest spring inventory since at least 2004, Miller Samuel reported.

The scarce supply forced buyers into bidding wars, brokers said. “Buyers have to be ready, willing and able to jump as soon as a house comes on the market,” said Ann Conroy, president of Douglas Elliman’s Long Island division.

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