Queens Real Estate Market Report JAN 2020, courtesy of the Queens Home Team at Keller Williams Realty Landmark II. Looking for a real estate agent in Queens NY? Let the Queens Home Team help you accomplish your goals.

Market Snapshot

Welcome to 2020, a new year and a new decade have officially begun! We hope all of you are starting the year off well. As for us, we have been off to the races since January 2nd because activity typically picks up right after New Years. We actually put up 5 new listings within the first two weeks of the year so we’ve been pretty busy. As for the market, sales seem to have ticked up in the fourth quarter of the year, inventory dropped, and interest rates remain extremely low. The forecast for the year is generally positive when we ask fellow agents, mortgage lenders, or consumers. High prices are still a concern for many buyers but now it seems that they are either exploring more affordable areas of Queens, or leaving Queens altogether. All in all, the market feels pretty balanced right now and that is a good thing in our opinion.

Regarding home sales, they ticked up slightly in December, up about 1% compared to December of 2018. For all of 2019, home sales were down about 4%. Inventory was actually climbing for much of 2019 so the drop in sales is likely a result of less demand, not a lack of inventory.

As for home prices, in December the median home price in Queens was up less than 1% so not a big change. And for all of 2019, home prices were up about 2% compared to 2018. This is a very modest increase and is very likely due to the drop in demand that we experienced last year. Towards the end of the year we saw rates drop significantly and it appears to have spurred demand but we will have to wait and see if that is the case.

When it comes to inventory, we ended the month of December with about 4,400 homes in the market. This is similar to the amount of homes we had on the market in January of 2019 so we are starting the year off in a very similar place. The main difference this year is that rates are very low right now, whereas last January interest rates were in the mid 4’s.

And lastly, when we look at Month’s supply, it is currently at 6.1 months. This is similar to the 5.9 months of inventory that we had in January of 2019. Looks like we are starting the year off similarly to 2019, but the forecast this year is much more positive. We can’t take that as gospel though, because just like 2019 took us by surprise, so to can 2020.

We’ll continue to watch the market and keep you posted 🙂 

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Month’s Supply

What is Month’s Supply? Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. For example, if there are 50 homes on the market and 10 homes selling each month, there is a 5 month supply of homes for sale.

Months of supply is a good indicator of whether a particular real estate market is favoring buyers or sellers. Typically, a market that favors sellers has less than 6 months of supply, while more than 6 months of supply indicates an excess of homes for sale that favors buyers.

Month’s Supply in Queens NY

  • Homes on the Market: 4,364
  • Homes selling each month: 719
  • Month’s Supply: 6.1

Is it a Buyers or Sellers Market in Queens?

At this time the real estate market in Queens would be considered a “Balanced Market”.

Is Now a Good Time to Sell a Home in Queens?

In our opinion, now is definitely a good time to sell a home in Queens because inventory has dropped, interest rates remain low, and overall confidence seems to remain high.

Is it a Good Time to Buy a Home in Queens?

The answer to this question is also yes, given that you have the means to buy a property in Queens. The truth is that some areas are just too expensive from some buyers, but the good thing about Queens is that there are a lot of areas one can explore which are much more affordable then the more expensive areas. Either way, interest rates are extremely low so that is always a sign of a good time to buy.


Queens Home Sales

Queens_Home_Sales_Jan_2020

The Long Island Board of Realtors reported a total of 652 home sales during the month of December. This was DOWN __%  from November and UP .6% compared to December of last year. Specifically, sales for Residential homes were UP 9.2%, sales for Condos were DOWN 41%, and sales for Coops were DOWN .01% compared to the same month last year.  

Thinking of Selling in the next 6-12 Months? Schedule a Free Listing Consultation to find out how to best prepare for the sale.

Queens Home Prices

Queens_Home_Sales_Jan_2020

In December, the median home price in Queens remained at $612,500, this is DOWN .01% from last month and UP .4% compared to December of last year. Specifically, the median home price for Residential homes was DOWN 1.8%, median home price for condos was DOWN 9%, and the median home price for coops was up 1.7% compared to the same month last year. 

Thinking of Buying a Home in Queens? Speak with a local real estate expert who can help line up your financing, find the right place, and negotiate on your behalf.

Interest Rates

On January 21, 2020, according to Bankrate’s latest survey of the nation’s largest mortgage lenders, the benchmark 30-year fixed mortgage rate is 3.780 percent with an APR of 3.920 percent. The average 15-year fixed mortgage rate is 3.230 percent with an APR of 3.410 percent. The 5/1 adjustable-rate mortgage (ARM) rate is 3.430 percent with an APR of 4.120 percent.

Click Here for Today’s Rates

Inventory

Queens_Housing_Inventory_JAN_2020

There is currently a 6.1 month’s of inventory in Queens, this is down from the 6.6 months we had last month, and up from the 5.9 month’s of inventory we had in January of last year. As for active listings, currently there are 4,364 homes for sale in Queens. That’s DOWN from the 4,685 homes we had on the market last month, and UP slightly from the 4,202 homes we had on the market in January of last year.

Queens real estate market report 2020, provided by the Queens Home Team at Keller Williams Realty Landmark II. Have a Question? Contact Us anytime.

Click Here to See all Queens Housing Market Reports dating back to 2012. \

About Us

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 🙂

*The opinions expressed in This Queens Real Estate Market Report are intended to supplement opinions on real estate expressed by local and national media, local Queens real estate agents and other expert sources. You should not treat any opinion expressed on this report as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. The Queens Home Team at Keller Williams Realty Landmark II does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. The Queens Home Team will not be liable for any loss or damage caused by your reliance on information contained in this report.

What is the Absorption Rate/Month’s Supply in Queens?

Currently there is a 6.1 month supply of homes for sale in Queens.

Is it a Buyer or Seller’s Market in Queens NY?

At this time the real estate market in Queens would be considered a “Balanced Market”.

Ia now a Good time to Sell a Home in Queens?

In our opinion, now is definitely a good time to sell a home in Queens because inventory has dropped, interest rates remain low, and overall confidence seems to remain high.

Is now a Good Time to Buy a Home in Queens?

The answer to this question is also yes, given that you have the means to buy a property in Queens. The truth is that some areas are just too expensive from some buyers, but the good thing about Queens is that there are a lot of areas one can explore which are much more affordable then the more expensive areas. Either way, interest rates are extremely low so that is always a sign of a good time to buy.

What is the Average Price for a Home in Queens?

What is the Average Days on Market in Queens?

How Long does it take to Sell a Property in Queens?

One of the questions that we get a lot from potential sellers and Queens’ homeowners is, “How long does it take to sell?”. If you’re thinking of selling your property in Queens, then you probably want to get an idea of how long it’s going to take to find a buyer, and how long it will take to close once you find a buyer. Whenever we speak with people either who live out of state, haven’t sold a property in NY before, or haven’t bought or sold in a long time, they sometimes think that they will be able to find a buyer and close within 30-60 days. The truth is that this timeline is very unrealistic, especially here in Queens. Now, can you find a buyer and close in 15-30 days? Definitely. The only problem is that the buyers who can close that quickly are investors and being that they NEED to make a profit, their offers will typically be significantly below market value, usually $100K-$200K below.

So, the timeline we will be covering in this post is the typical timeline for a standard sale where the property hits the market, gets full exposure, and sells to a buyer who is obtaining a mortgage or paying all cash.

So how long does it take to sell a property in Queens? The first thing you need to know is how long it takes to find a buyer. Here in Queens average days on market is between 90-120 days. However, a good agent will have an average days on market between 30-60 days. For our team in particular, we generally find a buyer within 30-60 days. This is assuming that the property is priced right and does not any internal or external obsolescence that can affect days on market. Ultimately, as long as your property is priced right and is in the market, then you should be able to find a buyer within the first one to two months.

So let’s say it takes 30-60 days for you to find a buyer, the next step is for the buyer to do their due diligence (i.e. home inspection, financial review, etc). Once due diligence is complete, the next step is to get the attorneys involved so that they can draft and finalize the contract. Once attorneys begin speaking to each other, it can take a week or two for the contract to be finalized because they usually go back and forth on the terms, language, conditions, etc. Once the contract is finalized, the buyer’s attorney will call the buyers in to review and sign. After the buyers sign, the contract is sent back to the seller’s attorney and then the sellers go in to review and sign. If the sellers live out of town the contract is usually mailed for signature. Once the seller signs, you have a fully executed contract if sale. The entire process, from accepted offer to fully executed contract, can typically take between 2-3 weeks.

Once you go into contract, you enter the second phase of the process which is the contract-to-close phase. After speaking to a lot of people from different states, it’s pretty clear that the process here is a lot longer than most states. We have attorney on both sides, very old homes, and strict city & state requirements so this may be a why we have a longer contract-to-close process.

Now, generally speaking, if you were to find a buyer within 30 to 60 days, then you go into contract. Once you’re in contract, if the buyer is taking a mortgage and it’s a residential house or a condo, then you can typically expect to close in 2-3 months. So, for a residential or condo sale where the buyer is obtaining a mortgage, you can expect to close about 60-90 days from the fully executed contract date. Some people think that it’s possible to close in less than 60 days, but we can tell you from our own experience selling 300+ homes, that it is very rare for a property to close in less than 60 days.

There are a lot of things that go into a real estate transaction in Queens, so realistically speaking, the quickest you can expect to close on a residential or condo property is about 2-3 months. And if you want to be conservative, plan for three months.

How much is my House Worth?

One of the main reasons why we Queens homeowners contact us is to find out how much their property is worth. There are several reasons why a homeowner would want to know their home’s value but no matter the reason, we are happy to oblige.

Some of the most common reasons for needing a home valuation include things like future plans to sell, probate & administration proceedings, divorces, bankruptcies, and of course plain curiosity. Many times we speak with homeowners and they have no plans of selling their home, but they would like to get an idea of what the property is worth.

Now, the way we typically answer the question, “How much is my property worth?” is by offering a Free Home Valuation. What our team does is offer two types of home valuations, one is a price range valuation (if we cannot see the property in person), and the other one is a more specific home valuation which requires us to see the property in person to assess the size, layout, condition, etc.

Price Range Valuation

price range valuation is just what it sounds like, a price range for the value of your home based on the recent comps as well as our experience in your neighborhood. Price range valuations are good for out-of-state owners, landlords who don’t want to disturb tenants, or someone who just wants to get an idea (i.e. ballpark figure) of what their house is worth at any given time.
Most agents will not offer a price range valuation because in our industry agents are trained to schedule an appointment before sharing any price or value information. On our team however, we believe in full transparency and quality information so that people can make good decisions. As a result, we have no problem offering free price range valuations and we actually send a lot of them to Queens homeowners.

Something important to note regarding price range valuations is that the range (or spread) will largely depend on the size and type of property you own. For example, the price range offered for a 1 bedroom coop may be $50K (+/-) while the price range for a 3 family may be $200K (+/-).

The only downside to a price range valuation is that you won’t have a very specific value, but if all you want is an idea of, then this can be helpful.

Comprehensive Valuation

Now, if you want to get a really good idea or more specific valuation for your property, then that would require a property tour. What we call this is a home valuation or broker price opinion. With this type of valuation, we would come in to see the property in person so that we can assess the size, layout, condition, internal obsolescence, external obsolescence, etc. The walk through usually takes 10-15 minutes, and after seeing it, we usually sit down with the homeowner to go over everything together. This allows us to not only provide the seller with the comps, but it also allows us to explain how we come to the valuation we are providing. If a homeowner cannot meet with is for some reason, then we will typically send the analysis and valuation by email.

Broker Price Opinion Vs Independent Appraisal

In our opinion, the best way to understand the value of your property is to sit down with a local agent who can go through the comps with you and explain how they draw their estimated valuation of your property. This is different from an appraisal because when you order an independent appraisal, the appraiser will come by to see your property, then they will create a written report for you and send it to you a few days later for review. Appraisers will typically include a handful of comps in the report, and they don’t typically sit with the homeowners to explain how they came up with the appraised price that they provided. It’s very common for homeowners to disagree with an appraisal because they don’t understand the methodology, or because the appraiser may not know the area well.

The way our team likes to provide home valuations is by looking at the property in person, then sitting down with the homeowner(s) to go through all of the data (closed, pending, available, month’s supply, etc) together and ultimately offer our professional opinion of the value. The value we give is never a specific number because true “market value” is what a buyer is willing to pay for it, and without being on the market, it is impossible for us to know that. Instead, what we provide is a realistic idea of where we believe offers would come in if we were to list the property at that time. We are able to do this based on our recent sales and experience selling properties in that area.

In our experience, experienced agent valuations tend to be more accurate than appraisals because in addition to the sales data which we both have access to, a local agent can also apply their recent sales experience, knowledge of the area, and local market trends to get a better idea of the property’s current value.

If you would like to get an even better idea of your property’s current value, have 3-4 agents give you their valuation. After hearing and seeing 3-4 valuations, the value should be pretty clear as long as you are realistic and not just looking to hear the highest price 🙂
So, to answer the age old question, “How much is my house worth?”, the answer is that it depends, but if you live in Queens we would be happy to offer you a free price range valuation or a free comprehensive home valuation.

If you have any questions regarding your home’s value, or if you would like to know how much your property is worth here in Queens NY, feel free to reach out anytime.

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