Queens real estate market report November 2017, provided by the Queens Home Team at Keller Williams Realty Landmark II. Need help? Feel free to Contact Us anytime 🙂
Queens Real Estate Market Update
October was a busy month in terms of sales activity. Following a month where sales were down 18%, we had a spike in sales this October showing an increase of about 8% over sales in October of last year. In addition, we also saw an increase in contracts written over the same month last year. These two factors tell us that demand has surged recently. What that can be attributed to is hard to tell, but our assumption is that it is due to low interest rates and more credit loosening standards that we’ve been seeing. Lately we’ve been having more lenders tell us that they have new programs that allow people to qualify for a loan, who normally would not be able to qualify. The problem we see is that it is very similar to what happened during the last housing crisis, however, we hope that it is more regulated and controlled this time. Either way, when this happens it creates more demand and sales activity because more buyers enter the market who may not have been able to purchase before. Barring that, the market has remained fairly consistent, with low inventory, high prices, and strong demand driving the market. It will be interesting to see how we end the year. Stay tuned.
In a Nutshell
- Available Homes for Sale: 3,669 (Last Month: 3,802)
- Rate of Sales (Avg sales per mo): 748 (Last Month: 715)
- Month’s Supply: 4.9 (Last Month: 5.3)
- Avg Days on Market (Residential): 70 (Last Month: 73)
- Avg Days on Market (Coop): 72
- Avg Days on Market (Condo): 84
- Contracts Written: 785 (Last Month: 756)
*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. Keep in mind that month’s supply can vary by neighborhood and property type.
New Single Family Homes for Sale in Queens
The average 30-year fixed-mortgage rate is 3.78 percent, down 6 basis points from a week ago. A month ago, the average rate on a 30-year fixed mortgage was higher, at 3.85 percent. The average 15-year fixed-mortgage rate is 3.13 percent, down 3 basis points over the last week. The average rate on a 5/1 ARM is 3.46 percent, down 2 basis points from a week ago. To see where rates are headed, check out the Rate Trend Index at http://www.bankrate.com/mortgages/rate-trends/. Check today’s rates at: https://goo.gl/UJYNkM
New 2 Family Homes for Sale in Queens
Queens Home Sales
The Long Island Board of Realtors reported Queens home sales at a rate of approximately 788 homes during the month of October. This was an increase of 14.7 percent from September and an increase of 7.5 percent from October of last year.
Specifically, our Queens real estate market report November 2017 shows that Residential home sales were UP 14.9%, Queens Condo sales were DOWN 9.6%, and Queens Coop sales were the exact same compared to this time last year. Over the last 12 months, Queens home sales are DOWN .1%.
New 3 Family Homes for Sale in Queens
Queens Home Prices
The median home price increased to $560,000 in October, which is an increase of 4.7 percent from September and up 13.7 percent from October of last year. The median home price has increased by approximately $67,500 in the past year alone.
Specifically, our Queens real estate market report November 2017 shows that Queens residential home prices are UP 7.5%, Queens Condo prices are UP 10.9%, and Queens Coop prices are UP 4.4% compared to the same month last year. Over the last 12 months, Queens home prices are UP 9.9%. The appreciation rate in Queens has continued to be significantly over the national average and above what most economists would consider healthy home price appreciation.
Average Home Price in Queens NY
- Average Residential Home Price in Queens: $766K
- Average Condo Home Price in Queens: $534K
- Average Coop Home Price in Queens: $303K
New Condos for Sale in Queens
Queens Housing Inventory
There is currently a 4.9-month supply of housing inventory in Queens, this is down from the 5.3-month supply we had last month. The total number of homes for sale in Queens (3,669) decreased by 3.6 percent compared to September, however, inventory is up 3.5% over this time last year when there were 3,546 homes for sale in Queens.
Specifically, our Queens real estate market report November 2017 shows that there are 2,476 residential homes for sale, 369 Condos for sale, and 824 Coops for sale across Queens county. Total homes for sale = 3,802
New Coops for Sale in Queens
Queens real estate market November 2017, courtesy of George & Abigail Herrera w/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 🙂
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