This Month in Queens Real Estate: April 2014

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April 2014 Queens NY Market Update ???

The pace of home sales remained sluggish in March according to the most recent data released by the Long Island Board of Realtors. A combination of higher prices and new lending standards have played a role in the slower pace of sales, as did February’s severe winter weather. Prices continued to rise despite the slower sales pace, but at a much slower pace than what we saw at the same time last year. Inventory levels have risen slightly & slowly. Based on the first quarter inventory activity, it seems that these low levels of inventory may continue through 2014. Interest rates have continued their slow and steady increase, and potential buyers should anticipate this general trend continuing throughout the year.

Month’s Supply: 7.5 Months

**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.

 

Interest Rates

Interest_Rates

Rates rose slightly from January to February, and they will likely continue to do so throughout the year as the economy improves and the Federal Reserve reduces its asset purchases. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 4.40%; 15-year fixed rate, 3.42%; 5/1-year adjustable rate, 3.10%.

Queens NY Home Sales

Queens_NY_Real_Estate_Market_Home_Sales_APR_2014

The pace of home sales rose from February to March with LIBOR reporting an annual pace of 646 homes. Sales were up 13% month to month and up .5% from the same month last year. Winter weather likely played a role in the slow pace of home sales in January & February but March sales picked up likely due to the warmer weather. As we move out of the winter months, and lenders and consumers adjust to the changes in affordability and regulation, we should see sales begin to pick back up.

Queens NY Home Prices

Queens_NY_Real_Estate_Market_Home_Prices_APR_2014

Median home price decreased slightly in March to $370,000, down 2% from the previous month. Prices remain above those seen at this time last year with March posting a 4.2% year-over-year gain, and many sellers continue to benefit from equity gains accrued in last year’s substantial price recovery in Queens County.

Queens NY Housing Inventory

Inventory levels picked up once again with 5,534 available for purchase, up 3.7% from last month. This represents 7.5 months of inventory at the current sales pace, which is down 23% from last year and up 6% from the previous month. As we move further into the year, we should continue to see inventory loosen, giving buyers more choices and putting less upward pressure on prices.

Courtesy of the Queens Home Team at Keller Williams Realty Landmark II.

BUY: www.exclusivequeenshomes.com | SELL: www.queenshomeselling.com

This Month in Queens Real Estate: MAR 2014

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Marketing Profile Picture_CroppedMarch 2014 Queens NY Market Update 

Home sales declined in February with the combined effects of severe winter weather and the decline in affordability due to higher mortgage rates and prices than those seen in the previous year. Sales have also been hindered at the beginning of this year by new mortgage and flood insurance regulations that recently took effect. The flood insurance regulations are currently set to be reviewed, and buyers and sellers in flood-prone areas may want to become informed on how these regulations and potential changes are affecting their market. Home prices however, rose slightly from January to February even as inventory levels loosened slightly and home sales slowed. In addition, prices are still well above those seen at this time last year. Buyers willing to brave the cold may be able to take advantage of some of the short-term price breaks seen early this year. With prices still showing an upward year-over-year trend and inventory levels still tight, sellers remain well positioned in the Queens real estate market.

Month’s Supply: 7 Months

**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.

 

Interest Rates

Rates

Mortgage rates have remained relatively flat from last month. The upward pressure on rates generated by the Federal Reserve’s winding down of quantitative easing has been counterbalanced by downward pressure on Treasury yields being generated by turmoil in emerging markets. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 4.33%; 15-year fixed rate, 3.35%; 5/1-year adjustable rate, 3.08%.

 

Queens NY Home Sales

Queens_NY_Real_Estate_Market_Home_Sales_MAR_2014The annual pace of home sales was 547 homes in February. This was down 19.1% from January and down 3% from the same month of the previous year. Severe winter weather likely affected home sales in many parts of the county in February; however, higher mortgage rates and prices, combined with new regulations, have also had a significant dampening effect on home sales. February also saw more severe weather than usual and this will likely be reflected in next month’s numbers. As we move out of the winter months, and lenders and consumers adjust to the changes in affordability and regulation, we should see sales begin to pick back up.

 

Queens NY Home Prices

Queens_NY_Real_Estate_Market_Home_Prices_MAR_2014The median home price rose 1.3% from January to February regardless of a slight increase in inventory and a fall in the pace of sales. Median prices are not seasonally adjusted so some decline at this time of year is considered normal. Prices remain almost 16% above those seen at this time last year, and many sellers continue to benefit from equity gains accrued in last year’s substantial price recovery.

 

Queens NY Housing Inventory

Inventory levels recovered slightly in February after taking a bit of a dip in December. The total number of homes that were available for sale remained the same from January to February, a total of 5,338 homes for sale. This represents 7 months of inventory at the current sales pace, which is up 6.1% from the previous month. As we move further into the year, we should continue to see inventory loosen across the borough, giving buyers more choices.

Siege Prints Profile

BUY: www.exclusivequeenshomes.com | SELL: www.queenshomeselling.com

This Month in Queens Real Estate: February 2014

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Marketing Profile PictureFebruary 2014 Market Update

Homes sales were down in January from the previous month, likely a result of the severely cold weather which affected many markets more than in typical years. Inventory levels remained tight but did increase slightly. The weather may have affected the number of listings coming onto the market, but we still ended the month with 149 more homes on the market. The decrease in sales pace and tightening of inventory is reflected in the moderate price decrease in January, however, prices are still up year-over-year. Low inventory and sustained price gains throughout 2013 has left individuals looking to sell in a great position heading into the New Year. New mortgage regulations that took effect in early January may slow the buying process in the beginning of 2014, but those looking to buy this year will want to take advantage of rates and prices as early in the year as possible as both continue to follow an upward trend into 2014.

Month’s Supply: 6.6 Months
**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.

Interest RatesRates

On January 29 the Federal Reserve announced it would continue to curtail its nontraditional asset purchases in February, as the strength of the economy continues to improve. As the Federal Reserve draws back its level of asset purchases, mortgage rates will likely continue to slowly increase. Recent turbulence in emerging markets may be having a dampening effect on mortgage rates as investors move heavily into U.S. treasuries, driving down yields which will have the effect of lowering other interest rates. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 4.39%; 15-year fixed rate, 3.44%; 5/1-year adjustable rate, 3.15%.

Queens NY Home SalesQueens_NY_Real_Estate_Market_Home_Sales_FEB_2014

The year-over-year sales pace in December was down. The annual pace of sales in January was 657 homes, down 4.5% from last year and down 18% from last month. Surprisingly, Coop sales were up year-over-year in January, while Condos and residential single/multi-family home sales were actually down.

Queens NY Home Prices

Queens_NY_Real_Estate_Market_Home_Prices_FEB_2014

The median home price increased 4.6% year over year in January, according to the Long Island Board of Realtors, to $375,000. From December, prices were down 2.6%, which is usual for this time of year and consistent with the tight inventory levels reported. The price gains of 2013 have returned thousands of homes to positive equity and positioned their owners to participate in the market for the first time in years. Residential & Condo home prices continued to increase, while Coop home prices decreased slightly year-over-year.

Queens NY Housing Inventory

January marked a slight increase in inventory month to month with the overall number of houses available for sale rising from 5,190 to 5,338. Months of supply, which reflects both the number of houses available and the current pace of sales, rose from 6.3 to 6.6 months. Year over year, however, inventory is still down. The colder-than-usual January weather likely has had an impact on inventory levels in Queens.

Courtesy of…

Siege Prints Profile

JUST LISTED: 1 BR Condo @ Baybridge Condominium in Bayside NY!

Queens Home Team Introduces another GREAT Condo for Sale @ Baybridge in Bayside NY! 

Privacy and convenience are featured in this lovely Bayside Queens Condo for sale. Offered for sale by George Herrera & Abigail Herrera of the Queens Home Team @ Keller Williams Realty. This One bedroom Condos is located in the sought-after community of Baybridge…

Located in prestigious Bayside, Queens NY and close to all of the best that Queens NYC has to offer. This Home Features:

Fully Renovated 1 BR 750 sq ft Condo w/Private Outdoor Patio For Your Enjoyment. Living Room Features An Open Layout To the Kitchen, Perfect For Entertaining Guests. Living Room Also Includes Brand New Hunter Douglas Window Treatments. Kitchen Includes Granite Countertops, Frigidaire Stainless Steel Appliances, Dishwasher And Custom Aluminum Shelving Unit. Hardwood Floors, Recessed Lighting, and New Lighting Fixtures. Bathroom Features Marble Finishes Along With A New Vanity. Second Room Includes A Pocket Door For Easy Enclosure From The Kitchen, And Can Be Converted Into A Junior 4 Bedroom As Well. Basement Storage Is Included With The Sale. Also Included Are Your Personal Maytag Washer & Dryer Located In The Basement. Outdoor Parking Space Included. Amenities Include: Swimming Pool, Gym, Racquetball Courts, Basketball Courts, Tennis Courts, Running Track, Exercise Classes, Steam Room, Sauna, and Jacuzzi. If Shopping Is More Your Thing, The Baybridge Commons Shopping Center Offers A Convenience Store, A Pizza & Italian Restaurant, A Bagel & Sandwich Shop, A Dry Cleaners, And Much More!

This Bayside NY home for sale is located at 208-11 Estates Dr #23128 in Bayside NY. Bayside Queens is a unique neighborhood in the New York City borough of Queens.

This Bayside Queens Condo for sale is being offered at $488,000. For more information, contact George Herrera of the Queens Home Team @ Keller Williams Realty Landmark II (718) 869-0270. Full Listing details are available at http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2642270/. George Herrera & Abigail Herrera are Springfield Gardens NY Realtors experienced in working with Sellers, first-time home buyers, Condos, Coops, Single Family Homes, and Multi-Family Homes in Bayside Queens NY.
George Herrera & Abigail Herrera can be reached at the Keller Williams Realty Landmark II office which is located at: 75-35 31st Avenue, Ste. 202 | Queens, NY 11370 

BUY: http://www.ExclusiveQueensHomes.com | SELL: http://www.QueensHomeSelling.com

JUST LISTED: One Family Semi-Detached Home in Springfield Gardens NY!

Queens Home Team Introduces another GREAT One Family Home for Sale in Springfield Gardens NY! 

Privacy and convenience are featured in this lovely Springfield Gardens Home for sale. Offered for sale by George Herrera & Abigail Herrera of the Queens Home Team @ Keller Williams Realty. This Single Family Home is located in the sought-after neighborhood of Springfield Gardens…

Located in prestigious Springfield Gardens, Queens NY and close to all of the best that Queens NYC has to offer. This Home Features: Single Family Home W/3 Bedrms. Hardwood Floors. Full Basement. Alarm System Set Up W/Contract Ending 2015 (New Owner to Renew). R3-2 Zoning. Located near Rockaway Blvd, with easy access to the Belt Pkwy. LIRR station at Locust Manor less than 1 mile away. 1 Block away from restaurants and shopping along Rockaway Blvd. Zoned for school district 29 and less than 1 mile away from nearest elementary, middle, and high schools.

This Springfield Gardens home for sale is located at 167-21 144th Terrace in Springfield Gardens NY. Springfield Gardens is a unique neighborhood in the New York City borough of Queens.

This Springfield Gardens Queens single family home for sale is being offered at $299,000. For more information, contact George Herrera of the Queens Home Team @ Keller Williams Realty Landmark II (718) 869-0270. Full Listing details are available at http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2642302/. George Herrera & Abigail Herrera are Springfield Gardens NY Realtors experienced in working with Sellers, first-time home buyers, Condos, Coops, Single Family Homes, and Multi-Family Homes in Springfield Gardens NY.
George Herrera & Abigail Herrera can be reached at the Keller Williams Realty Landmark II office which is located at: 75-35 31st Avenue, Ste. 202 | Queens, NY 11370 

BUY: http://www.ExclusiveQueensHomes.com | SELL: http://www.QueensHomeSelling.com

Biggest Home Seller Mistakes…

Recently ActiveRain asked 1,000 real estate professionals to rate the top three mistakes made by home sellers when selling their home. These were agents from all over the US so while they were not all Queens County agents, we believe that these mistakes are the most common and fairly universal. What do you think about these? Do you agree? Which one(s) do you think apply most to Queens Home Sellers? If you have a good story, we’d love to hear it! Join the conversation!

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