Queens Real Estate Market Report May 2019, 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 with your real estate needs.
May is here. The weather is finally starting to feel like Spring and along with rising temperatures, we have also seen buyer activity rising as well. This month was the first time in the year in which we saw a very high amount of buyer activity. This can likely be attributed to the seasonal uptick of Spring, as well as the better weather and low interest rates. To give you some perspective, this month we listed a two family home in Astoria and in the first two days of showing, we had over 60 groups come by. Of these 60 groups, we ended up with a total of 10 offers. Of these ten offers, 5 were at or above asking price, and 5 were below asking price. Another property we listed this month was a single family detached house in South Ozone Park near Wakefield. During the first two days of showing this one we had a total of 33 groups come by to see the house. Of these 33 groups, we received a total of 19 offers. Of these nineteen offers, 17 were at or above asking price, and 2 of them were below asking price. If this is any sign of the current market, then we are anticipating a very busy Spring Season. Makes sense when you consider that interest rates are still low, and home price growth has slowed since last year.
Regarding home sales, they actually increased slightly in April, although they were still down from April sales in 2018. All in all, home sales have continued to decline year over year for the last nine months. As for home prices, when looking at the last 12 month’s data is obvious that home price growth has slowed. For example, The median home price in May of 2018 was 18.9% higher then that of May 2017. On the other hand, the median home price in April 2019 is just 1.7% higher than that of April 2018. Over the last 12 months, home prices are up about 6.5% and this is more consistent with historical home price appreciation. Home price growth has been decreasing every month for the last 12 months so it will be interesting to see what kind of impact this Spring/Summer season has on the market.
And lastly, regarding housing inventory, right now there are a total of 4,910 homes for sale in Queens. We still haven’t broken the 5,000 homes for sale mark but we are definitely inching towards it. For some perspective, the last time we had 5,000+ homes for sale in Queens is September, 2014. Since last year, inventory has been growing at a modest pace but we’ll have to see if that continues with the recent spike in activity.
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: 4,910
- Homes selling each month: 630
- Month’s Supply: 7.8
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1 Family Homes for Sale in Queens NY
Queens Home Sales
The Long Island Board of Realtors reported a total of 624 home sales during the month of April. This was UP 2.8% from March but DOWN 2.7% compared to April of 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.
2 Family Homes for Sale in Queens
Queens Home Prices
In April, the median home price in Queens rose to $559,500, this is a UP .4% from March and UP 1.7% compared to April of last year. The median home price has increased by approximately $9,500 since last year.
Specifically, the median home price for Residential homes is up 2.1%, median price for condos is up 4%, and the median price for coops is up 3.9% compared to April of 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.
3 Family Homes for Sale in Queens NY
Queens Housing Inventory
There is currently a 7.8-month supply of housing inventory in Queens, this is up from the 6.3-month supply we had last month, and up from the 5.4 month’s supply we had in April of last year. As for active listings for sale, currently there are 4,910 homes for sale in Queens. That’s UP from the 4,741 homes for sale last month, and UP from the 3,868 homes for sale in May of last year. To put that into perspective, right now there are 1,042 more homes for sale in Queens county.
Learning lesson of the Month
As with every day in this business, we have continued to learn a lot within the last month. One of our biggest aha’s recently was the value, demand, and desirability of detached ranch homes on 40 x 100 lots, in South Ozone Park specifically. What happened was that this month we put a detached brick ranch home on the market in South Ozone Park and although the house did need some work, the market reaction was crazy!
We actually priced the home close to what we believe the market value is, and after hitting the market, we quickly realized that there was a ton of interest in the home. We wondered why and as we started speaking to the buyers and agents, we realized that the buyers/agents who were calling on the property were a mix of end users, as well as investor/end users. In other words, some people were calling about the house itself, but most people were calling with intentions of buying the house, adding a second floor, converting it into a two family, and then holding it as an income property.
Apparently these houses are in high demand in thus area because the existing house has a very good footprint to build another story and make it into a nice big detached two family. The buyers weren’t looking to buy, build and sell because there would not be enough profit if you work the numbers that way. However, if you buy, build, and hold, then it actually does make sense because you end up with a large nee detached two family which will likely hold it’s value well over time.
In case you’re wondering, after showing the house for two weeks to over 40 groups, we ended up with 19 offers (many at and above asking price), and we ultimately went with an all cash deal way over asking. We did expect to have a good market reaction because the house was well maintained and on a large lot, but but we did not anticipate that it would be as busy as it was. So now we know, if it’s a detached brick ranch on a 40 x 100 lot, the market may drive the price up if those buy, build, and hold buyers are looking in the area.
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 🙂
*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.