by George Herrera, Realtor & Co-Owner of the Queens Home Team at Keller Williams Realty.
November 2016 Market Update
The Queens housing market continued on the same path in October with sales declining and prices on a steady rise. Sales have been down (year-over-year) in 7 of the last 10 months signifying that there is probably a lot of buyers who are being priced out as a result of the constrained inventory. Low inventory continues to play a key factor in Queens market conditions because while rates are still low and demand is still high, there just aren’t enough homes on the market for buyers to absorb them. As a result, there is fierce competition for well priced homes, coops, and condos and that is driving prices up significantly. The rate of price growth in Queens is a concern for some because while wages are also increasing, they are nowhere near the percentage increases we are seeing in home prices and that will ultimately affect affordability for first time buyers.
Interest Rates
According to Freddie Mac, 30-year fixed rates increased from 3.48 percent to 3.52 percent in September. Despite these increases, interest rates remain near all-time lows, although financial analysts suspect that the Federal Reserve may institute an increase soon. As I sit here typing, rates for a 30 year fixed are ranging from 3.75% – 4%. Check current interest rates here: http://search.queenshometeam.com/idx/mortgage
Queens Home Sales
The Long Island Board of Realtors reported Queens home sales at a seasonally adjusted annual rate of 694 homes during the month of October. This was a decrease of 13.8% from September, and a decrease of 13.9% from October of last year.
Specifically, Residential 1-3 family Queens home sales were down 11.8%, Queens Condo sales were down 9.3%, and Queens Coop sales were down 18.4% compared to this time last year. Over the last 12 months, Queens home sales are down .7%.
Queens Home Prices
The median Queens home price increased to $493,125 in October, which was up 3.8% from September and up 16% from October of last year. The median home price in Queens has increased by about $68K in the past year alone.
Specifically, Residential 1-3 family Queens home prices were up 9.8%, Queens Condo prices were up 5.9%, and Queens Coop prices were up 17.5% compared to this time last year. Over the last 12 months, Queens home prices are up 9.5%.
Queens Housing Inventory
There was a 4.8-month supply of Queens housing inventory in October, which was a 9.4 percent decrease from September. The total number of homes for sale decreased by 21.1 percent compared to October of last year.
Specifically, there are currently 2,255 residential 1-3 family homes for sale, 384 Condos for sale, and 904 Coops for sale in Queens county.
Blog Courtesy of George & Abigail Herrera w/the Queens Home Team at Keller Williams Realty Landmark II.
BUY: search.queenshometeam.com | SELL: queenshometeam.com/sell
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