Queens Real Estate Market Report July 2018, provided by the Queens Home Team at Keller Williams Realty Landmark II. Need help? Feel free to Contact Us anytime.
Lower home sales, higher inventory, higher prices, and higher interest rates, that’s pretty much the story in 2018. What’s more important to note is the fact that several sub-markets in Queens are experiencing different changes in the market. For example, all of the houses we’ve sold this year in South and Southeast Queens have gone fairly quickly. However, for some of our properties in Northwest and Western Queens have actually been taking longer to sell this year… What this can be attributed to is quite simple, affordability. For example, since interest rates started rising this year, we have seen lower turnouts at open houses, less inquiries on our listings, and more nitpicking from buyers. We believe that this is because borrowing money became more expensive this year. Couple that with more inventory, soaring home prices, and stagnating rents, and you end up with a market that may not be able to sustain the price increases we’ve been used to… Overall, homes in the more affordable areas of Queens still seem to be moving and demand is strong for these homes. Multi families priced well are also still in high demand. Single family homes on the high end of the market however, seem to be having the hardest time selling from what we’ve seen this year. And as for coops and condos, they still seem to be moving. Apts vary depending on price, maintenance, amenities, etc so those values are more case by case. In a nutshell, buyers seem to be flocking to all the areas where affordability is high.
We’ll continue to watch the market and keep you posted 🙂
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: 4,213
Homes selling each month: 654
Month’s Supply: 6.4
What is Absorption Rate? Absorption rate is the rate at which homes sell in a given area during a given time period. Absorption rate is calculated by dividing the number of sales in a given month by the number of available homes for sale. For example, if there are 100 homes listed for sale in a certain area, and 10 homes sold over the last month, then the absorption rate is 10/100 = 10%. Being that closed sales are a lagging indicator, we calculate Absorption Rates using pending sales from the previous month and this gives us better insight as to where the market is right now.
An absorption rate of 20% or higher means that homes are selling quickly and the market favors sellers. Lower absorption rates mean that homes are not selling quickly and supply is much greater than demand, favoring buyers.
Absorption Rate in Queens NY
Pending Sales Last Month: 858
Homes on the Market: 4,213
Absorption Rate: 20.4%
*Month’s supply and Absorption rate can vary by neighborhood and property type.
Days on Market
Avg Days on Market (Residential): 74 (Last Month: 86)
Avg Days on Market (Coop): 79 (Last Month: 84)
Avg Days on Market (Condo): 69 (Last Month: 56)
New 1 Family Homes for Sale in Queens
Check today’s rates at: http://bit.ly/queensinterestrates
New 2 Family Homes for Sale in Queens
The Long Island Board of Realtors reported Queens home sales at a rate of approximately 726 homes during the month of June. This was an increase of 8.7 percent from May and a decrease of 6 percent from June of last year.
Specifically, our Queens real estate market report July 2018 shows that Residential home sales were DOWN 5.1%, Queens Condo sales were DOWN 15%, and Queens Coop sales were DOWN 4.5% compared to May of last year. Over the last 12 months, Queens home sales are DOWN 0.9%.
New 3 Family Homes for Sale in Queens
The median home price in Queens rose to $564,000 in June, this is an increase of 0.3 percent from May, and an increase of 7.4 percent compared to June of last year. The median home price has increased by approximately $39,000 since last year.
Specifically, our Queens real estate market report July 2018 shows that Queens residential home prices are UP 7.9%, Queens Condo prices are UP 5.4%, and Queens Coop prices are UP 5.7% compared to June of last year. Over the last 12 months, the median home price in Queens is up 14.6%.
Average Home Prices
In March, the average home price for Queens real estate were as follows:
Average sale price for a residential home in Queens was: $803,068
Average sale price for a condo in Queens was: $582,517
Average sale price for a coop in Queens was: $300,202
New Condos for Sale in Queens
There is currently a 6.4-month supply of housing inventory in Queens, this is up from the 6.3-month supply we had in June, and up from the 6 month supply we had in July of last year. There are currently 4,213 homes for sale in Queens. This is an increase of 2.3 percent compared to last month, and an increase of 5.4% compared to July of last year when there were 3,998 homes for sale in Queens.
New Coops for Sale in Queens
Queens real estate market report provided by 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 🙂