Spring Has Sprung, But with Fewer "For Sale" Signs Sprouting Up — Long Island Real Estate Has Turned into a Strong Seller's Market

April 5, 2017

Spring Has Sprung, But with Fewer "For Sale" Signs Sprouting Up — Long Island Real Estate Has Turned into a Strong Seller's Market

[Plainview, New York] — Spring — known for blooming flowers, the start of baseball season and the Real Estate selling season. But this year, with limited inventory, fewer Real Estate signs can be found "blooming" on sellers' front lawns. Joe Moshé, RE Broker/Owner, Charles Rutenberg Realty, Inc., says the limited supply of available homes has turned the Long Island housing landscape into a very strong seller’s market. Ready buyers will need to be decisive if they want to be settled into their new homes before the World Series.

According to Multiple Listing Service of Long Island (MLSLI), housing inventory fell in Nassau, from a 5.6-month supply in January to a 4.8-month supply in February, which is lower than last year (6.5 months in January 2016 and 5.9 months in February 2016) and what it was two years ago (8.9 months in January 2015 and 7.0 months in February 2015). In Suffolk, availability shrank from a 6.8-month supply in January to 5.8 months in February. These numbers were also lower, compared to January and February 2016 (10.0 and 8.2 months, respectively) and January and February 2015 (11.9 and 10.5 months, respectively). An inventory with less than six months' supply indicates a seller's market.

"Over the past two years, the housing outlook has shifted from a buyer's market to a seller's market," Mr. Moshé says. "The number of eligible homebuyers is greater than the number of houses for sale. For a homeowner who may decide to put their house on the market, this might be the best time in years to do so. As a matter of fact, sellers are often unprepared for how quickly they may have a buyer."

The low inventory has significantly impacted home sales. So far this year, Nassau and Suffolk experienced steep drops in their respective sales numbers. Nassau home sales fell by 16.6% from 946 in January to 789 in February, according to MLSLI. Suffolk home sales, likewise, saw a decline from 1,108 in January to 972 in February — a 12.3% decrease.

"While seasonal factors are always at play this time of the year, the fact of the matter is, the lack of available inventory has discouraged many prospective buyers," Mr. Moshé says. "With spring underway and the warmer weather around the corner, Real Estate Agents are working hard to locate homes for the buyers who are waiting to purchase. For the first time in a very long time, sellers can expect multiple bids on properly priced offerings."

The National Association of REALTORS has named Charles Rutenberg Realty, Inc. among the top five firms in New York State. As one of the nation's fastest-growing Agencies, with nearly 5,000 associated Real Estate Professionals nationwide, Charles Rutenberg Realty, Inc. is proud to serve Long Island and Queens, Brooklyn, Bronx, Westchester, Putnam, Rockland and Orange Counties.