Queens Real Estate Market Report September 2019, courtesy of the Queens Home Team at Keller Williams Realty Landmark II. Looking for a real estate agent in Queens? Let us help you accomplish your goals.
Fall is Here! Grab your flannels, break out your favorite hoody, and unpack those cool sweaters you had packed away. The weather is going to start getting cooler so now you can layer up, drink some Pumpkin Spice lattes, and enjoy the cool breezes while they’re bearable 🙂
As for the market, August marked the end of the Summer season and September marks the end of the third quarter. All in all, the market has remained fairly steady throughout the Summer. The market hasn’t changed too much, and that is likely due to the interest rates which have remained very low all year, and they’ve actually continued to go down. If you talk to any lender right now, they will all tell you that now is a GREAT time to buy because rates are so low. However, if you talk to buyers, many of them will tell you that they think the market is going to go down so they are not in a rush.
This is the market that we find ourselves in right now, buyers are out there, but the mindset has shifted. For example, just 2-3 years ago, buyers were in a rush to buy because prices were rising 10-15% year over year. This year on the other hand, buyers seem to think that time is on their side and the market is in their favor so they are being more picky, looking for better deals, and a little slower to make a decision. Still, our properties have been moving and the learning lesson we can pass on is that in this market, you have to price the property right. If you overshoot, you won’t get any activity or offers. A well priced property in a good location can sell quickly and for a good price.
Regarding home sales, they have continued to go down this year. For example, in August, home sales were down 10.2% compared to August of last year. In 2019, year over year home sales have been down in six of the eight months. This goes to show that although interest rates are still very low, it is not having the same effect on demand as it did in the past.
When it comes to home prices, the median home price in Queens, this August, was down 3.1% compared to August of last year. This is the fourth month this year that we have seen a year over year price decrease. Overall, prices do seem to still be appreciating, but they are rising at a more modest pace than years past.
As for interest rates, as we mentioned before they are still extremely low so if you are looking to buy, or refinance, now is definitely a great time to do so.
And lastly, when we look at inventory, there are currently 5,140 homes for sale in Queens. This is up from the 5,066 homes we had on the market last month and up from the 4,467 homes we had on the market in September of last year. Month’s supply is currently 7.6 months which indicates a balanced market slightly in favor of buyers.
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: 5,140
- Homes selling each month: 677
- Month’s Supply: 7.6
Market in Favor of: [ ] Buyers [ ] Sellers [ X ] Balanced
Queens Home Sales
The Long Island Board of Realtors reported a total of 717 home sales during the month of August. This was UP .8% from July and DOWN 10.2% compared to August of last year.
Specifically, sales for Residential homes were DOWN 9.9%, sales for Condos were DOWN 17.6%, and sales for Coop apartments were DOWN 8.3% 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 August, the median home price in Queens rose to $591,000, this is UP 2.6% from July and DOWN 3.1% compared to August of last year. To put that into perspective, the median home price in August of last year was $610,000. That’s a difference of $19,000.
Specifically, the median home price for Residential homes was DOWN 6.4%, median home price for condos was UP 8.6%, and the median home price for coops was UP 4.3% 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 7.6-month supply of housing inventory in Queens, this is down from the 7.8-month supply we had last month, but still up from the 6.4 month’s supply we had in September of last year. As for active listings, currently there are currently 5,140 homes for sale in Queens. That’s UP from the 5,066 homes we had for sale last month, and UP from the 4,467 homes for sale in September of last year. To put that into perspective, right now there are about 700 more homes on the market compared to this time last year.
Queens real estate market report September 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.