by George Herrera, Realtor and Co-Owner of the Queens Home Team at Keller Williams Realty.
June 2016 Market Update
Queens home sales were off to a solid start during the first two months of 2016 which reflected year over year increases. However, for the last three months, we have seen year over year decreases in home sales across the county. Buyer demand is still high so my assumption is that the ongoing low inventories and continued price growth are suppressing sales. Altogether, the Queens real estate market continued to accelerate as the summer buying season approaches. We’re still seeing our listings sell quickly so demand is there, however, some of our listings are taking a little bit longer to sell if they are in certain neighborhoods with higher supply levels.
- Absorption Rate: 660 sales/per mo.
- Current Available Inventory: 3,861
- Month’s Supply: 5.9 Months
- Last Month: 5.6 Months
- Last year: 6.9 Months
*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.
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Interest Rates
Interest rates decreased slightly from the month prior and remain at historically low levels. As rates approach three-year lows and are likely to remain at these levels for the next several months, demand should continue to hold steady.
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Queens Home Sales
The Long Island Board of REALTORS® reported home sales at a seasonally adjusted annual rate of 620 homes during the month of May. This was an increase of 13.8 percent from May, and an decrease of 5.2 percent from May of last year.
Specifically, Residential 1-3 family home sales were down 5.3%, Condo sales were down 14.3%, and Coop sales were down 15.5% compared to this time last year. Over the last 12 months however, Queens home sales are up 1.5%.
Queens Home Prices
The median home price in Queens was $450,000 in May, which was the same as May but up 11.1 percent from May of last year. The median home price has increased by approximately $45,000 in the past year alone.
Specifically, Residential 1-3 family home prices were up 16.3%, Condo prices were up 8.2%, and Coop prices were up 16.2% compared to this time last year. (adventurelandri.com) Over the last 12 months, Queens home prices are up 7.5%.
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Queens Housing Inventory
There was a 5.9-month supply of housing inventory in May, up from 5.6 months in April. The total number of homes for sale in May increased by 2.9 percent to 3,861 homes county wide, but that was still fewer listings than May of last year.
Specifically, there are currently 2,475 residential 1-3 family homes for sale, 384 Condos for sale, and 998 Coops for sale in Queens county.
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Blog Courtesy of George & Abigail Herrera w/the Queens Home Team at Keller Williams Realty Landmark II.
BUY: www.exclusivequeenshomes.com | SELL: www.queenshomeselling.com
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