Rise in Long Island Realty Due to Love for Long Island, says Charles Rutenberg Realty Broker/Owner

PATCHOGUE, N.Y. - Sept. 13, 2013 - PRLog -- Long Island is the best place to live in the United States. Hurricane Sandy — with its devastating impact on the people, residences and businesses — did not diminish the wonderful feeling Long Islanders have about living here. The ocean, parks, culture, education, sports, theater, distance from Manhattan, change of climate and so much more are the reasons many people live on Long Island.

Joe Moshé, Broker/Owner, Charles Rutenberg Realty (http://www.crrli.com/), says the rise in home sales and home prices on Long Island during the month of August showed that many Long Islanders have a positive outlook on the local economy, and the job market. “We are even starting to see more buyers interested in the flood zone areas, although sales and pricing are still lagging,” he said. “This, too, is a reflection of optimism. Perhaps more importantly, Long Islanders just love Long Island.”

Multiple Listing Service of Long Island (MLSLI) recently reported that, although the number of homes under contract last month fell slightly by 1.1% to 3,250, compared to 3,307 in July, it was 16% higher than it was in August 2012, when 2,801 homes were in contract. The number of completed sales was up from 3,307 in July to 3,412 in August — an increase of 3.2%. Compared to 12 months prior, when 2,953 homes were sold, last month’s sales figure was 15.5% higher.

Home prices rose as well. According to MLSLI, the median Long Island home price for August was $392,000, up 2.8% from July’s price of $382,000 and up 6.4% year-over-year from $369,000. The median home price for pending sales grew 1.4% from $360,000 in July to $365,000 last month. In August 2012, the median price was $355,000, which was 2.8% lower than last month’s price.

Mr. Moshé says that many homeowners were foreseeing good economic news, especially in the jobless rate. The New York State Department of Labor recently reported that the unemployment rate was 6.2%, which is lower than New York City’s (8.7%), New York State’s (7.6%) and the United States’ (7.7%).

“A lot of these people are seeing a turnaround in the local job market, so they are confident that this trend will continue,” Mr. Moshé said. “This means they will have more disposable income to make such a big-ticket purchase, so many prospective homebuyers who might have been on the fence are now taking that leap into buying the home they always wanted.”

Mr. Moshé noted that the increase in home prices was the result of greater demand. “With more homes being bought, there are fewer houses on the market to choose from,” he said. “Once the banks release their ‘shadow inventory,’ there will be more choices for the consumers and home prices may begin stabilize. However, I am confident that we have started the Real Estate up cycle, but may experience some drops along the way.”

Charles Rutenberg Realty is one of the nation’s fastest-growing Agencies with more than 1,500 Agents on Long Island, Queens, Westchester, and Manhattan. For more information, visit www.crrli.com.

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About Charles Rutenberg Realty

Founded in 2006, Charles Rutenberg Realty (http://www.crrli.com/) of New York is one of the nation’s fastest-growing, most progressive Real Estate Agencies with over 1,300 Agents on Long Island, Queens, Westchester and Manhattan. Charles Rutenberg Realty specializes in residential properties in Nassau, Suffolk, Queens, Kings and Westchester Counties. Among the 1,900 independent Real Estate offices represented by Multiple Listing Services (MLS), Charles Rutenberg Realty has the highest market share for available inventory, listings taken for the first six months of the year and listings under contract. Its Agents are trained in the latest creative marketing programs and can fulfill all their clients’ financial and personal needs when buying or selling a home. Charles Rutenberg Realty is headquartered in Plainview, New York, with offices in New York City, Florida and Illinois. For more information, visit www.crrli.com.

Charles Rutenberg Realty