February 2013 Forest Hills Market Update
Absorption Rate/Month’s Supply
Time it would take to sell the current inventory at the current rate of sales:
- This Month – 8.8 months
- Last Month – 8.7 months
- Last Year – 18.2 months
*When inventory supply is above 6 months the market is said to favor buyers, and when inventory supply is below 6 months the market is said to favor sellers.
Forest Hills NY Interest Rates
Interest rates this month are slightly lower from last month, at 3.41% for a 30-year mortgage. Low mortgage rates continue to keep affordability conditions at historically favorable levels.
Forest Hills NY Home Sales
Home sales in April were down from last month’s figures at 36 units. Sales are up 24.1% from year-ago levels, making this month the 3rd month of year-over-year sales unit increases this year. Forest Hills Residential Home Sales increased from last year to 5 units, while Forest Hills Condo home sales remained the same as last year at 2 units, and most significantly Forest Hills Coop home sales rose 26% from year ago levels to 29 units.
Total Number of Homes Sold: 36
- Residential Homes Sold: 5
- Condo Homes Sold: 2
- Co-Op Homes Sold: 29
The current median home price decreased in April to a seasonally adjusted $247,500, which is up 31.6% year over year. April marks the 2nd month of year-over-year price increases this year, and the strongest year-over-year increase since November 2012. Residential home prices are up 2.2% in the last 12 months, while Condo home prices are down 22% in the last 12 months, and Coop home prices are up 2.3% in the last 12 months. The decrease in inventory has put moderate pressure on home prices to rise because it has led to a rise in demand among Forest Hills Home Buyers.
Median Home Sale Price: $247,500
- Residential Median Sale Price: $690,000
- Condo Median Sale Price: $448,000
- Co-Op Median Sale Price: $223,000
Forest Hills NY Listing Inventory
Inventory levels in April decreased by 5% to 386 existing homes for sale. The number of homes on the market represents a 8.8-month supply, indicating that Forest Hills is still in a buyer’s market, however, we are gradually moving towards a balanced market. Inventory is down 24.3% below a year ago when there was 510 homes for sale. This decrease in inventory has led to rising demand, however, there is still an over-supply of Coops on the market. Residential homes are in high demand but inventory is limited, and Condos remain a popular choice for home buyers, however, they are few and far between. Condo inventory is scarce so Condo house hunters are limited in their choices. Coops remain the most popular choice among Forest Hills home buyers and though there is less inventory than last year, there is still plenty of inventory to choose from.
Current active listings on the market: 386
- 97 New Co-Ops hit the Market
- 5 New Condos hit the Market
- 8 New Residential Homes hit the Market
For more information about what’s going on in your neighborhood, contact George & Abigail Herrera @ Keller Williams Realty Landmark II.
BUY: www.ExclusiveQueensHomes.com | SELL: www.QueensHomeSelling.com