Queens real estate market report: August 2017, by George Herrera, Realtor and Co-Owner of the Queens Home Team at Keller Williams Realty Landmark II.
Queens Market Update
Home sales and home prices rose in July. Inventory on the other hand, shrunk slightly. All in all, this summer has been very busy and it seems that there is still a high demand for homes in Queens, this is probably driven largely by the low inventory and low interest rates which have remained in the low 4’s for most of the year. Money is cheap and it seems that people are taking advantage of it. Prices are still seeing double digit increases which is very good for Queens home sellers, but not so good for Queens home buyers. We’ve noticed that the high prices in popular neighborhoods have been pushing people more and more to other areas of Queens where you can get a lot more house and space for your dollar. For example, single family homes in south Queens neighborhoods have been very busy with buyers. Also, coops in the more affordable price points have been extremely busy. Where we see a slow down or lower activity, is in the higher price points. In other words, if a property is priced higher than the average price range for similar homes in the area, then there seems to be less buyer activity than those that are priced near the average sale price for that area.
Personally, we’ve been seeing our listings fly off the market since July. Last week alone we had 6 new contracts go out. The only challenges we’ve been having are a 2 BR/2 BTH coop in Elmhurst and a single family home in Rochdale. The 2 BR coop has been tough because they have a very low 28% debt to income ratio requirement. Typical DTI requirements in Queens are around 34% so whenever it comes down below 30%, it may be hard for interested buyers to qualify. In addition to that, there are a lot of 2 & 3 BR apts in the area that feature outdoor terraces so that doesn’t help us. Right now we are working on a deal with an agent from VORO realty so hopefully that works out. As for the house in Rochdale, we’ve already had 3 buyers back out on us after a contract is out. The house has an odd layout and does not have a driveway so in my opinion buyers are just second guessing themselves after the fact. Should have it sold soon, just need to find our buyer.
|Available Homes for Sale:||3,941||Last Month:||3,998|
|Avg. Sales per Month:||662||Last Month:||661|
|Month's Supply:||5.9||Last Month:||6|
|Avg. Days on Market (Residential):||85||Last Month:||76|
|Avg. Days on Market (Coop/Condo):||70||Last Month:||84|
|Contracts Written:||774||Last Month:||817|
*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 One Family Homes for Sale in Queens
8/27/17 – Mortgage rates mostly decreased this week. The benchmark 30-year fixed-rate decreased 3 basis points to 4.02 percent. The 15-year fixed-rate mortgage decreased 4 basis points to 3.23 percent. Check current interest rates at: http://search.queenshometeam.com/idx/mortgage
New 2 Family Homes for Sale in Queens
Queens Home Sales
The Long Island Board of Realtors reported home sales at a seasonally adjusted annual rate of approximately 683 homes during the month of July. This was a decrease of 7.6 percent from June and an increase of 3.6 percent from July of last year.
Specifically, Residential 1-3 family Queens home sales were UP 4.3%, Queens Condo sales were UP 19.1%, and Queens Coop sales were DOWN .1% compared to this time last year. Over the last 12 months, Queens home sales are DOWN .2%.
New 3 Family Homes for Sale in Queens
Queens Home Prices
The median home price increased to $530K in July, which was up 1.5 percent from June and up 10.9 percent from July of last year. The median home price has increased by approximately $52,000 in the past year alone.
Specifically, Residential 1-3 family Queens home prices were UP 7.1%, Queens Condo prices were UP 21.1%, and Queens Coop prices were UP 11.3% compared to this time last year. Over the last 12 months, Queens home prices are UP 10.2%.
New Condos for Sale in Queens
Queens Housing Inventory
There was a 5.9-month supply of housing inventory in July, this was up 2.4 percent from June. The total number of available homes for sale (3,941) increased by 3.4 percent compared to July of last year.
Specifically, there are currently 2,689 residential 1-3 family homes for sale, 365 Condos for sale, and 887 Coops for sale in Queens county. Total: 3,871 Queens homes for sale.
New Coops for Sale in Queens
Blog 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 🙂