Queens Real Estate Market Report April 2018, provided by the Queens Home Team at Keller Williams Realty Landmark II. Need help? Feel free to Contact Us anytime.
The Queens real estate market in March continued a trend that we’ve been seeing so far this year. Home sales were down year-over-year for the fourth month in a row. Being that inventory is similar to 2017 levels, the dip in sales is likely a result of a dip in demand due to higher interest rates, rather than a lack of inventory as was the case last year.
As for home prices, the median home price in Queens has also seen a notable trend this year. Since November of 2017, the median home price in Queens has decreased every month. These month to month decreases have been modest, but still noteworthy considering that last year from November to March the median home price increased every month.
Regarding interest rates, they have continued to hover around the mid 4’s this year. The Fed has been leaning towards four rate increases in 2018 so if this holds to be true, it will continue to have an impact on our local market. Every time the rate has gone up, we’ve heard the complaints from buyers in the market, however, historically speaking interest rates in the mid 4’s are still pretty low.
When it comes to inventory, it is still considerably low. The inventory has continued to grow month-over-month this year, although that is typical for the season and should continue through the second quarter as it does every year. Until we see inventory spike significantly, the inventory will likely remain low. However, if demand is indeed dipping and sales continue to decrease as a result, then that can contribute to a significant increase in available inventory.
We’ll continue to track the local market and keep you posted on a monthly basis.
In a Nutshell
- Available Homes for Sale: 3,751 (Last Month: 3,613)
- Rate of Sales (Avg sales per mo): 693 (Last Month: 700)
- Month’s Supply: 5.4 (Last Month: 5.2)
- Avg Days on Market (Residential): 85 (Last Month: 75)
- Avg Days on Market (Coop): 78 (Last Month: 78)
- Avg Days on Market (Condo): 97 (Last Month: 63)
- Contracts Written: 791 (Last Month: 656)
*Month’s supply over 6 months is said to favor buyers, month’s supply below 6 months is said to favor sellers, and month’s supply of 5-6 months is said to be a balanced market. Keep in mind that month’s supply can vary by neighborhood and property type.
New Single Family Homes for Sale in Queens
Check today’s rates at: https://goo.gl/UJYNkM
New 2 Family Homes for Sale in Queens
Queens Home Sales
The Long Island Board of Realtors reported Queens home sales at a rate of approximately 632 homes during the month of March. This was an increase of 16.6 percent from February and a decrease of -8.1 percent from March of last year.
Specifically, our Queens real estate market report April 2018 shows that Residential home sales were DOWN 6.3%, Queens Condo sales were DOWN 19.2%, and Queens Coop sales were DOWN 7.7% compared to the same month last year. Over the last 12 months, Queens home sales are UP .4%.
New 3 Family Homes for Sale in Queens
Queens Home Prices
The median home price in Queens dropped to $539,000 in March, this is a decrease of 1.6 percent from February, and an increase of 9.8 percent compared to March of last year. The median home price has increased by approximately $48,000 since last year.
Specifically, our Queens real estate market report April 2018 shows that Queens residential home prices are UP .4%, Queens Condo prices are UP 8.9%, and Queens Coop prices are UP 16.5% compared to March of last year. Over the last 12 months, the median home price in Queens is up 11.6%.
Average Home Prices
In March, the average home price for Queens real estate were as follows:
- Average sale price for a residential home in Queens was: $775,458
- Average sale price for a condo in Queens was: $585,969
- Average sale price for a coop in Queens was: $302,305
New Condos for Sale in Queens
Queens Housing Inventory
There is currently a 5.4-month supply of housing inventory in Queens, this is up from the 5.2-month supply we had last month, and up slightly from the 5.1 month supply we had in April 2017. The number of homes currently for sale in Queens NY is 3,751. This is an increase of 3.8 percent compared to last month, and an increase of 7.6% compared to April of last year when there were 3,486 homes for sale in Queens.
New Coops for Sale in Queens
Queens real estate market report provided by the Queens Home Team at Keller Williams Realty Landmark II. The Queens Home Team is a group of friendly, service driven real estate agents in Queens NY. Our team members are not only experts at what they do, but more importantly, they are driven by their desire to help people. The team approach is what truly separates us from the average Queens broker, because while most agents are one person doing several things, we have several agents doing one thing, and being great at it! This ensures expertise throughout all stages of the transaction and allows us to provide the superior level of service our clients deserve. We understand that real estate is a service industry, therefore we treat it as such. Rest assured that when you work with the Queens Home Team, you’ll be in good hands, with people who care 🙂