December 2017 Queens real estate market report, provided by the Queens Home Team at Keller Williams Realty Landmark II. Need help? Feel free to Contact Us anytime 🙂
Aaah, end of year. Holiday cheers, festive lights, quality time with family, and oh yeah, tax reform. While there was a lot of activity as the year came to a close, the biggest thing to happen this month is tax reform. One the main talking points for Queens realtors and their respective customers right now is the new tax reform bill and How it will affect us. How it will impact the market is hard to say, however, given that we are a high cost area with state & local taxes, you can safely assume that we will see some type of impact. The good news is that our property taxes aren’t that high as areas like New Jersey, Long Island, Connecticut, etc.
Either way, the fact that property, state & local income as well as sales taxes are capped at $10K for deduction purposes, means that some of the tax benefits of home ownership have been slightly diminished. The National Association of Realtors is now predicting slower growth in home prices nationwide in 2018. However, in some high cost, high tax markets they are actually predicting price declines. This comes as a result of the legislation’s new restrictions on mortgage interest and state and local taxes.
With all that said, in November, sales were down compared to the prior year but home prices in Queens soared a whopping 19.6% compared to November of last year. Overall this year was another strong year of home price gains, low inventory, and high demand in Queens. How 2018 will turn out, we will just have to wait and see…
In a Nutshell
- Available Homes for Sale: 3,484 (Last Month: 3,669)
- Rate of Sales (Avg sales per mo): 754 (Last Month: 748)
- Month’s Supply: 4.6 (Last Month: 4.9)
- Avg Days on Market (Residential): 70 (Last Month: 70)
- Avg Days on Market (Coop): 69 (Last Month: 72)
- Avg Days on Market (Condo): 72 (Last Month: 84)
- Contracts Written: 785 (Last Month: 756)
*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
Multiple benchmark mortgage rates ticked up this week. The average rates on 30-year fixed and 15-year fixed mortgages both climbed higher. The average rate on 5/1 adjustable-rate mortgages, meanwhile, also increased. To see where rates are headed, check out the Rate Trend Index at http://www.bankrate.com/mortgages/rate-trends/
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 692 homes during the month of November. This was an decrease of 13.3 percent from October and a decrease of 4 percent from November of last year.
Specifically, our December 2017 Queens real estate market report shows that Residential home sales were UP 10.8%, Queens Condo sales were DOWN 29.1%, and Queens Coop sales were DOWN 20.1% compared to this time last year. Over the last 12 months, Queens home sales are DOWN .2%.
New 3 Family Homes for Sale in Queens
Queens Home Prices
The median home price increased to $564,500 in November, which is an increase of .8 percent from last month, and up 19.6 percent compared to the same month last year. The median home price has increased by approximately $92,700 in the past year alone.
Specifically, our December 2017 Queens real estate market report shows that Queens residential home prices are UP 5.5%, Queens Condo prices are UP 3%, and Queens Coop prices are UP 6% compared to the same month last year. Over the last 12 months, Home prices in Queens are UP 11.4%. The appreciation rate in Queens has continued to be significantly over the national average and above what most economists would consider healthy home price appreciation (4-5%).
Average Home Price in Queens
* Average Price of a Residential 1-3 Family Home in Queens NY: $792,172
* Average Price of a Condo in Queens NY: $531,545
* Average Price of a Coop in Queens NY: $284,65
New Condos for Sale in Queens
Queens Housing Inventory
There is currently a 4.6-month supply of housing inventory in Queens, this is down from the 4.9-month supply we had last month. The total number of homes for sale in Queens (3,484) decreased by 5 percent compared to last month, however, inventory is up 5.1% over the same month last year when there were 3,316 homes for sale in Queens.
Specifically, our December 2017 Queens real estate market report shows that there are 2,331 residential homes for sale, 334 Condos for sale, and 819 Coops for sale across Queens county. Total homes for sale = 3,484
New Coops for Sale in Queens
December 2017 Queens real estate market report, courtesy of 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 🙂