Queens real estate market report: April 2017
April 2017 Market Update
The first quarter of 2017 has definitely been interesting. It’s the first time in a while that we’re actually seeing a shift in demand, and while that can be a little unsettling, it also signifies a change that can lead to opportunities in the coming years. Being that my wife & I got into real estate during a buyer’s market (2008/2010) we have yet to see a full real estate cycle. We have experienced the shift from buyer’s market to seller’s market, but we have not seen a seller’s market shift into a buyer’s market. With that said, what we’ve been seeing this year is a slight shift, nothing too pronounced, but definitely enough for us to notice. For example, several of our listings this year have had just 1-3 offers after the first two weeks. This is a stark difference from the 10, 15, or even 20 offers we would get last year and in 2015. We’ve also noticed that some of our listings are taking just a little bit longer to sell. Last year we would put a house or apt on the market and within a week we were probably sending out contracts. This year, we’re making sure that our listings are priced right, and doing more preparation to make sure they look as good as possible.
What this can be attributed to is hard to say, but we’ve taken 16 listings so far this year and seen this reaction on several of them so it may be a trend. Either way, there are still opportunities for buyers and sellers. Buyers may find themselves with less competition and less bidding wars, and sellers will still find themselves in a good position because although inventory is growing slowly, it is still very low.
# Homes for Sale: 3,486 (Last Month: 3,462)
Rate of Sales (Avg sales per mo): 686 (Last Month: 710)
Month’s Supply: 5.1 (Last Month: 4.9)
Avg Days on Market (Residential): 81 (Last Month: 90)
Avg Days on Market (Coop/Condo): 90 (Last Month: 78)
Contracts Written: 611 (Last Month: 705)
*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.
Mortgage rates decreased this week. The benchmark 30-year fixed mortgage rate fell 6 basis points to 4.16 percent. The 15-year fixed mortgage rate fell 8 basis points to 3.35 percent.
Check current interest rates here: http://search.queenshometeam.com/idx/mortgage
New One 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 655 homes during the month of March. This was an increase of 15% percent from February, but a decrease of 4.1 percent from March of last year. Something important to not is the fact that the rate of sales (i.e. avg homes sold per month) has been decreasing every month this year. This coupled with the month over month increases in inventory is leading to an increase in month’s supply every month so far for 2017.
Specifically, Residential 1-3 family Queens home sales were down about 4%, Queens Condo sales were up about 32%, and Queens Coop sales were down about 12% compared to this time last year. Over the last 12 months, Queens home sales are down 3.6%.
New Two Family Homes for Sale in Queens
Queens Home Prices
The Long Island Board of REALTORS® reported a Queens median home price of $490,000 in March, this was up 2.3% from February and up 15.3% from March of last year.
Specifically, Residential 1-3 family Queens home prices were up about 13%, Queens Condo prices were up about 14%, and Queens Coop prices were up about 12% compared to this time last year. Over the last 12 months, Queens home prices are up 11.8%.
New Condos for Sale in Queens NY
Queens Housing Inventory
There is currently a 5.1-month supply of housing inventory in Queens, this is up from the 4.9 month supply that we had last month and the 4.3 month supply we had in February. The total number of homes for sale increased about 1% compared to last month. The fact that month’s supply is increasing every month this year is very significant because if this trend continues, it would lead to a shift in the market. For example, a 5-6 month supply is said to be a balanced market, while month’s supply over 6 months is said to favor the buyers. Once you get month’s supply over 8 months or so, you really start to see the difference in supply and demand, and it becomes more obvious that buyers have more of an advantage.
Specifically, there are currently 2,364 residential 1-3 family homes for sale, 330 Condos for sale, and 792 Coops for sale in Queens county. Total: 3,486 Queens homes for sale.
New Coops for Sale in Queens NY
Blog Courtesy of George & Abigail Herrera w/the Queens Home Team at Keller Williams Realty Landmark II.