This Month in Queens Real Estate: JULY 2014

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???June 2014 Queens NY Market Update 

The pace of home sales rose sharply in June but was still below the pace of sales in June 2013. Prices posted moderate gains in June as well, remaining on pace with the year-over-year growth seen last month and keeping home prices growing at a sustainable pace. The rise in inventory slowed from the previous month, leading months of supply to tighten slightly due to the pickup in sales. Rates have continued to remain flat for the first half of this year, and buyers should be looking to take advantage. With home prices posting slower but solid year-over-year gains, those looking to sell should also be well positioned with recent equity gains in most markets of Queens.

Month’s Supply: 8.75 Months (Last Month: 8.7 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

Queens_NY_Interest_Rates30-year rates rose a mere 3 basis points from the same week of the previous month, continuing this year’s streak of relatively flat and occasionally falling mortgage rates. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 4.17%; 15-year fixed rate, 3.30%; 5/1-year adjustable rate, 3.00%.

 

Queens NY Home Sales

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The seasonally adjusted annual pace of home sales increased 10% from May to June, to 722 homes. This is still 8.8% below the pace at this time last year, which in combination with higher levels of inventory has helped keep prices rising at a more sustainable pace than we saw the previous year. The pickup in home sales in June is further evidence that the market is recovering after the slow first quarter of 2014. Residential and Condo home sales are down year-over-year, while Coop sales are up from this time last year.

 

Queens NY Home Prices

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According to the Long Island Board of Realtors, the median home price was $372,900 in June. This is an increase of .8% from the previous month and a decrease of 3.1% from the previous year, when prices were $385,000. Year-over-year price gains have slowed in recent months due to higher levels of inventory and a slower pace of home sales than those in the previous year. This moderation in price should help keep affordability more stable in the near term. Average Home price in Queens was $422,756. Median price for residential homes, condos, and coops are all up year-over-year. Average sale prices for residential homes and coops are up, while condo average is the same as last year.

 

Queens NY Housing Inventory

The number of homes available for sale decreased by .9% in June to 5,760 homes, which translates to 8.75 months of supply. Despite the decrease in availability, the months of supply increased from the previous month, as the increase in available homes did not keep pace with the rise in the pace of home sales. In the same month of last year there was 9.3 months of supply, meaning that buyers will have less options available this summer compared to the same time last year.

Courtesy of George & Abigail Herrera w/the Queens Home Team at Keller Williams Realty Landmark II.

BUYwww.exclusivequeenshomes.com | SELLwww.queenshomeselling.com

This Month in East Elmhurst Real Estate: JUNE 2014

 

 

 

Report courtesy of George & Abigail Herrera, real estate agents w/the Queens Home Team at Keller Williams Realty Landmark II. If you have any questions or would like a market report for your neighborhood, please call, text or email us. 718-869-0270 | george@queenshometeam.com

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This Month in Queens Real Estate: JUNE 2014

TMIQRE HeaderMarketing Profile PictureJune 2014 Queens NY Market Update

The pace of home sales rose in May after a slow start in the beginning of 2014. Inventory increased slightly again in May, meaning buyers should have a bit more choices moving into this year’s peak home buying season and may have less competition in certain neighborhoods. While the overall inventory in the county has increased, there is currently a great deal of variance in local neighborhoods, with inventory levels in some areas remaining substantially lower than the average Queens’ numbers and inventory levels varying by price point within many neighborhoods. Prices continue to increase this year, helping even more homeowners return to positive equity. Interest rates remained below expectations at the beginning of this year and have dipped even further in recent weeks. With buyers having more options available and sellers poised to take advantage of equity growth, the summer months should offer opportunities for all individuals looking to participate in the housing market.

Month’s Supply: 8.7 Months (Last Month: 8.4 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

30-year rates dropped 20 basis points from April to May due to global market activity resulting from turmoil overseas. Rates have remained flat in the first quarter of this year but are still expected to rise in the future; volatility in several global markets has indirectly placed downward pressure on mortgage rates in the United States. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 4.14%; 15-year fixed rate, 3.25%; 5/1-year adjustable rate, 3.96%.

Queens NY Home Sales

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According to the Long Island Board of Realtors, the seasonally adjusted annual pace of home sales increase 10% in May to 634 homes. This is down 17.8% from the same month last year, when the pace was 771 homes. While home sales are expected to remain below the previous year’s levels, May was the second month-to-month increase in sales this year. Sales should continue to pick up as we move into the summer and recover from the first quarter’s sluggish pace.

Queens NY Home Prices

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Median home prices decreased .1% in May to $370,000.This is a .5% increase from the same month last year. Average home prices increased 3.4% in May to $428,383. This is a 3.7% increase from the same month last year. Year-over-year increases should remain slower than those we have seen in previous months, as more inventory is entering the market than last year.

Queens NY Housing Inventory

The number of homes available for sale increased 1.4% in May to a seasonally adjusted 5,812 homes. This translates into 8.7 months of supply, up from 8.4 months in April and 9.6 months last year. This places the market in fairly balanced territory, however, there is currently a great deal of variation among several Queens’ neighborhoods, with many areas still retaining highly competitive markets with low inventory levels.

Courtesy of George & Abigail Herrera w/the Queens Home Team at Keller Williams Realty Landmark II.

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

This Month in East Elmhurst Real Estate: MAY 2014

 

Click picture below to enlarge image. For a market snapshot of your neighborhood, email: george@queenshometeam.com East_Elmhurst_Queens_NY_Real_Estate_Market_Update_MAY_2014

Content courtesy of George Herrera w/the Queens Home Team at Keller Williams Realty.