A Long Island real estate firm says that properties of $1 million or more are selling faster than lower-priced homes. Their data is based on closed transactions.
Mike Pesce and Ron Lanzillotta, principals of The Pesce & Lanzillotta Team, an affiliate of Berkshire Hathaway HomeServices, said that residential real estate closings in Long Island’s luxury housing market of properties over $1 million increased 120% in March 2021 compared to the same period last year. Closed transactions of properties under $1 million rose by 40% from March 2020 to March 2021.
“While it remains a seller’s market on Long Island, in terms of higher prices and low inventory of houses below $1 million, the high-end housing market’s performance benefits sellers and buyers alike,” Lanzillotta said. They said that low inventory levels in homes priced below $1 million had created bidding wars between buyers, thus driving up prices.
In March 2021, there were 147 closed transactions on residential properties priced at $1 million and above in Nassau County, compared to the same period in 2020, where 61 completed transactions of properties were over $1 million were recorded, a 141% increase.
In comparison, there was a 47.4% increase in closed transactions in the sub $1 million properties for the same period in Nassau. In Suffolk County, there was a 93.3% increase year-to-year of closed transactions over $1 million, 87 in March 2021 versus 45 in March 2020.