Queens Real Estate Market Report SEPTEMBER 2017, by George Herrera, Realtor and Listing Specialist with the Queens Home Team at Keller Williams Realty.
September 2017 Market Update
Home sales and home prices both rose again in August. This is the third month in a row with double digit year over year price increases. It seems that buyers are still taking advantage of these steadily low interest rates, and it also seems that buyer anxiety has eased up a bit, at least here in Queens. Earlier in the year we were definitely feeling a sense of anxiety among Queens home buyers & sellers. This led to slightly longer days on market and more competition on the market at that time. For a second there, it seemed like buyers weren’t buying and more sellers were wanting to sell. Those are signs of a shifting market, however, over the last few months things seem to have returned to the seller’s market we’ve been experiencing for the last 5 years or so. Closed sales and pending sales have both rallied recently and as a result, inventory has dropped significantly. Anytime houses and apts get taken off the market at a rapid pace, it typically leads to the bidding wars, higher sale prices, etc. This probably explains the big 16% jump in prices this August vs last August. Month’s supply, a figure which measures the supply & demand for real estate, dropped to 5.4 months in August. This is a clear sign that the market still favors home sellers in most neighborhoods of Queens. Will be interesting to see how the third and fourth quarter play out.
|Available Homes for Sale:||3,831||Last Month:||3,941|
|Avg. Sales per Month:||706||Last Month:||662|
|Month's Supply:||5.4||Last Month:||5.9|
|Avg. Days on Market (Residential):||74||Last Month:||85|
|Avg. Days on Market (Coop/Condo):||73||Last Month:||70|
|Contracts Written:||923||Last Month:||774|
*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 1 Family Homes for Sale in Queens
9/21/17 – Mortgage rates increased this week. The benchmark 30-year fixed-rate mortgage increased 4 basis points to 3.99 percent. The 15-year fixed-rate mortgage increased 5 basis points to 3.22 percent. The typical 30-year jumbo mortgage increased 2 basis points to 4.01 percent. The average 5/1 adjustable-rate mortgage increased 1 basis point to 3.46 percent. 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 seasonally adjusted annual rate of approximately 822 homes during the month of August. This was an increase of 18.8 percent from July and a decrease of 3.6 percent from August of last year.
Specifically, Residential 1-3 family Queens home sales were DOWN 2.4%, Queens Condo sales were UP 14.3%, and Queens Coop sales were DOWN 10.2% compared to this time last year. Over the last 12 months, Queens home sales are DOWN .8%.
New 3 Family Homes for Sale in Queens
Queens Home Prices
The median home price increased to $539,500 in August, which was up 1.8 percent from July and up 16 percent from August of last year. The median home price has increased by approximately $74,500 in the past year alone.
Specifically, Residential 1-3 family Queens home prices were UP 12.9%, Queens Condo prices were UP 5.7%, and Queens Coop prices were UP 20.8% compared to this time last year. Over the last 12 months, Queens home prices are UP 10.7%. The appreciation rate in Queens has continued to be very significant.
New Condos for Sale in Queens
Queens Housing Inventory
There is currently a 5.4-month supply of housing inventory in Queens, this is down 8.5 percent from July’s 5.9-month supply. The total number of homes for sale in Queens (3,831) decreased by 2.8 percent compared to this July, and they increased .4% compared to last August’s inventory of 3,814. Inventory is pretty much the same as it was at this time 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
Queens Real Estate Market Report SEPTEMBER 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 🙂