Queens Real Estate Market Report November 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 accomplish your goals.
The holidays are approaching and with that comes a lot of eating, shopping, and catching up with loved ones. During this time people tend to get very busy in their personal lives, however, in our business this time of year is typically reflective of the slowest time of the year. The good news is that activity seems to have picked up since September, and with interest rates as low as they are, we expect for this holiday season to be slightly more active than usual. Here’s a look at the numbers for October.
Home sales rose in October but were still down year over year. This is continuing the trend that we have been seeing all year and marks the ninth month of year over year home sale decreases. In October, Residential sales were up, but coop and condo sales were down.
As for home prices, they remained unchanged from September but were up 5.3% compared to last year. Over the last 12 months home prices in Queens are up about 2.7% and that seems to be consistent with what we’ve seen this year. Home prices have still be rising for the most part, but at a much more modest pace than years past. The good news for sellers is that home values are still appreciating. Specifically, residential prices were up 2%, Condo prices were down 13.4%, and Coop prices were up 2%.
When it comes to inventory and month’s supply, inventory actually dropped again this month. As it stands, there are 4,974 homes for sale in Queens, this is down from the 5,134 homes we had on the market in October. As a result, month’s supply dropped from 7.5 months to 6.9 months. This would still be considered a balanced market. Interestingly, month’s supply has been decreasing over the last few months and in our opinion this is due in large part to the low interest rates and recent uptick in demand.
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: 4,974
- Homes selling each month: 717
- Month’s Supply: 6.9
Market in Favor of: [ ] Buyers [ ] Sellers [ X ] Balanced
Queens Home Sales
The Long Island Board of Realtors reported a total of 778 home sales during the month of October. This was UP 11.3% from September and DOWN 4.7% compared to October of last year.
Specifically, sales for Residential homes were up 3.2%, sales for Condos were down 37%, and sales for Coop apartments were down 7.8%% 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
In October, the median home price in Queens remained at $600,000, this is unchanged from last moth and up 5.3% compared to October of last year. To put that into perspective, the median home price in October of last year was $570,000. That’s a difference of $30,000.
Specifically, the median home price for Residential homes was up 2%, median home price for condos was down 13.4%, and the median home price for coops was up 2% 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.
On November 25, 2019, according to Bankrate’s latest survey of the nation’s largest mortgage lenders, the benchmark 30-year fixed mortgage rate is 3.72 percent with an APR of 3.84 percent. The average 15-year fixed mortgage rate is 3.15 percent with an APR of 3.35 percent. The 5/1 adjustable-rate mortgage (ARM) rate is 4.01 percent with an APR of 7.10 percent.
There is currently a 6.9-month supply of housing inventory in Queens, this is down from the 7.5-month supply we had last month, but still up from the 6.5 month’s supply we had in October of last year. As for active listings, currently there are currently 4,974 homes for sale in Queens. That’s UP from the 5,134 homes we had for sale last month, and UP from the 4,584 homes for sale in October of last year. To put that into perspective, right now there are about 390 more homes on the market compared to this time last year.
Queens real estate market report October 2019, 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.