A Glut of Houses on Long Island

Inventories on Long Island are growing substantially. LI is probably a lot like the NJ Shore market since manypeople who live in both areas commute to the city. Also, both areas are on the Ocean and have some tourist type towns. In the absence of decent media coverage about the Jersey Shore real estate market (ahem.. Asbury Park Press) the Long Island market is probably worth watching.

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[The latest data released Friday from the Long Island Multiple Listing Service shows there were 14,679 Long Island residential listings last month, compared with 9,423 in December 2004. There were 6,522 listings in Queens, compared with 3,975 in December 2004."It's a glut of housing right now," said Martin Cantor, the chief economist of Sustainable Long Island, an area advocacy group. "And if interest rates go up, the glut will continue."Nonetheless, prices across the area continued their upward march, rising by 10.3 percent over the year in Nassau County, to a median price of $482,000, and 10.5 percent in Suffolk County, to a median price of $400,000. "I think you're seeing the turn of the housing market," said Pearl Kamer, the chief economist of the Long Island Association, one of the region's largest business groups. "And I think you'll see much more of the turn by spring."]

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