Queens Real Estate Market Report OCT 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.
Happy Fall Y’all! It’s October and the weather is hovering in the 50’s. Although the weather is cooling down, it seems that the market is heating up a little. Lately our listings have getting more activity, and we’ve actually had multiple offers on a few of our most recent listings. We attribute this to the low interest rates and we’ve been seeing all year. Sales have been down for most of the year but all of a sudden things seem to have picked up. This is good for the sellers on the market right now.
Regarding home sales, they dropped in September and were down year over year as well. This is continuing the trend that we have been seeing all year. Interestingly, Residential sales were up but coop and condo sales were down.
As for home prices, they seem to have picked up in September rising to a median price of $601,875. This represents an increase of 6% year over year. That’s the highest year over year increase that we’ve seen all year. The biggest jump was in condo prices (6.8%). Coop prices rose 2.5% and residential prices rose 1.4%.
When it comes to inventory and month’s supply, inventory actually dropped this month. As it stands, there are 5,134 homes for sale in Queens, this is down from the 5,157 homes we had on the market in September. As a result, month’s supply also dropped from 7.6 months to 7.5 months. Still considered a balanced market.
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: 5,134
- Homes selling each month: 688
- Month’s Supply: 7.5
Market in Favor of: [ ] Buyers [ ] Sellers [ X ] Balanced
Queens Home Sales
The Long Island Board of Realtors reported a total of 682 home sales in September. This was DOWN 1.7% from August and DOWN 1.7% compared to September of last year. Specifically, sales for Residential homes were UP 4.8%, sales for Condos were DOWN 13.3%, and sales for Coop apartments were DOWN 10.8% 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
Last month the median home price in Queens rose to $601,875, this is UP 1% from August and UP 6% compared to September of last year. To put that into perspective, the median home price in September of last year was $568,000. That’s a difference of $33,875.
Specifically, the median home price for Residential homes was UP 1.4%, median home price for condos was UP 6.8%, and the median home price for coops was UP 2.5% 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.
There is currently a 7.5-month supply of housing inventory in Queens, this is down from the 7.6-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 5,134 homes for sale in Queens. That’s DOWN from the 5,140 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 556 more homes on the market compared to this time last year.
Queens real estate market report OCT 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.