Queens real estate market June 2017, by George Herrera, Realtor and Co-Owner of the Queens Home Team at Keller Williams Realty.
Queens Market Update
May and June have been much more active then the previous months in 2017. In both May and June we had a lot more calls from homeowners looking to sell their properties, probably due mainly to peak season hitting in these months. In any case, we did see a lot more buyer activity as well in the last two months. This is a change from the beginning of the year when we were feeling a slowdown in both buyer and seller activity. The rate also dipped recently so this may have spurred some new activity and demand in the market. Overall, the market has seemed to pick up recently and we are seeing more offers on our listings now. The one thing that is remaining consistent is the fact that higher end properties are seeing less activity and demand than the more affordable price points. This year we have already done more price adjustments then we did last year, and most of them have been on properties that are on the high end of the market. As for the more affordable properties, they have still been getting a lot of demand and most of the time multiple offers. This could be a result of several factors, however, my assumption is that it is a reault of the tougher restrictions being placed on foreign monies coming into the US. Let’s see what happens in the next few months…
- Available Homes for Sale: 3,856 (Last Month: 3,584)
- Rate of Sales (Avg sales per mo): 663 (Last Month: 668)
- Month’s Supply: 5.8 (Last Month: 5.4)
- Avg Days on Market (Residential): 77 (Last Month: 100)
- Avg Days on Market (Coop/Condo): 77 (Last Month: 90)
- Contracts Written: 812 (Last Month: 727)
*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.
6/28/17 – Mortgage rates mostly increased this week. The benchmark 30-year fixed-rate mortgage increased 3 basis points to 4.05 percent. The 15-year fixed-rate mortgage increased 2 basis points to 3.27 percent.
Check current interest rates here: http://search.queenshometeam.com/idx/mortgage
New 1 Family Homes for Sale in Queens
Queens Home Sales
The Long Island Board of REALTORS® reported 656 home sales during the month of May. This was an increase of 10.3% percent from April, but a decrease of .5% percent from May of last year.
Specifically, Residential 1-3 family Queens home sales were UP about 4.1%, Queens Condo sales were DOWN 20.6%, and Queens Coop sales were DOWN 2.2% compared to this time last year. Over the last 12 months, Queens home sales are DOWN 2.4%.
New 2 Family Homes for Sale in Queens
Queens Home Prices
The Long Island Board of REALTORS® reported a median Queens home price of $477,596 in May, this was UP .5% from April and UP 5.4% from May of last year. May’s median home price marked the second month in a row of less than 6% year over year increase. If you look at the graph below, you’ll notice a downward trend in price growth over the last few months. Good news is that it is still up, just not as siginificant as last year.
Specifically, Residential 1-3 family Queens home prices were DOWN .8%, Queens Condo prices were UP 5.3%, and Queens Coop prices were UP 9.2% compared to this time last year. Over the last 12 months, Queens home prices are UP 10.5%.
New Condos for Sale in Queens NY
Queens Housing Inventory
There is currently a 5.8-month supply of housing inventory in Queens, this is up from the 5.4 month supply that we had last month and pretty much the same as the 5.9 month supply we had in June of last year. Month’s Supply is the figure that measures supply and demand in real estate. Month’s supply over 6 months is said to be a buyer’s market, month’s supply below 6 month’s is said to be a seller’s market, and month’s supply of 6 months is said to be a balanced market. Based on the Month’s supply this month compared to the same month last year, it seems that we are in the same exact market as one year ago.
As for available inventory, the total number of homes for sale increased by 7.6% compared to last month, and more importantly, inventory has been slowly growing every month this year. June actually saw the biggest month over month increase in homes for sale, although that is typical for this time of year. One thing that I noticed is that available inventory has not been over 4,000 since November, 2015. We are at 3,856 right now so if inventory continues to grow, we may soon hit the 4,000 homes for sale mark which will signify a shifting market. The deepest seller’s market we have experienced since 2012 was in January of this year when month’s supply hit 4.3 months. Since then however, month’s supply has been increasing every month and we are now at 5.8 months. If this trend continues, we will eventually enter a market where the buyer’s have an advantage over sellers.
Specifically, there are currently 2,622 residential 1-3 family homes for sale, 363 Condos for sale, and 886 Coops for sale in Queens county. Total: 3,871 Queens homes for sale.
New Coops for Sale in Queens NY
Blog Courtesy of George & Abigail Herrera w/the Queens Home Team at Keller Williams Realty Landmark II.