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Queens Market Update: January 2012
The Queens real estate market experienced a 4% decline in January. Median home sale prices as a whole, fell from $365,000 (January 2011) to $349,500 (January 2012). Residential median home sale prices decreased from $480,000 to $445,000; Condo median home sale prices decreased from $354,000 to $340,000; and Co-Op homes sale prices increased from $181,000 to $185,000.
What this means for buyers?
If you’re looking to buy a residential (single/multi-family) home or Condo, it is a GREAT time to buy and you should jump in before the prices start appreciating. Co-Ops are slowly appreciating so you may want to buy soon or watch closely if you’re in the market for this type of home.
What this means for sellers?
Though the market is depreciating, it’s showing signs of stabilization. The market should remain relatively stable through 2012 so if you’re waiting for your home’s value to go up, it may take a while. The good news is that even if you lose some equity on your home sale, you will most likely gain much more on the purchase of your next home, but only if you get in while the values & rates are still low. If you’re a Co-Op owner, your home value may have increased so you should review a Comparitive Market Analysis to see what your home is worth now.
For more Queens real estate market information, visit: www.abigailSELLS.com or call/text:718-475-2742
your friend. your neighbor. your Realtor.
Abigail Herrera
Lic. RE Salesperson
Keller Williams Realty Landmark
32-55 Francis Lewis Blvd.
Bayside, NY 11358