Home Sales on the Rise! Are you ready for the Spring Buying Season?

Queens Home Sales rise in January 2012

Existing-home sales rose 4.3 percent in January to a seasonally adjusted annual rate of 4.57 million, marking the third gain for home sales in the last four months, the National Association of REALTORS® reports. 

“The uptrend in home sales is in line with all of the underlying fundamentals – pent-up household formation, record-low mortgage interest rates, bargain home prices, sustained job creation and rising rents,” NAR’s Chief Economist Lawrence Yun says.

While sales ticked up, inventories of for-sale homes also continued to show improvement, NAR reported. At the end of January, total housing inventory fell 0.4 percent to 2.31 million existing homes for sale, which represents a 6.1-month supply at the current sales pace.

“The broad inventory condition can be described as moving into a rough balance, not favoring buyers or sellers,” Yun says. “Foreclosure sales are moving swiftly with ready home buyers and investors competing in nearly all markets. A government proposal to turn bank-owned properties into rentals on a large scale does not appear to be needed at this time.”

Unsold listed inventory has steadily dropped since reaching a peak of 4.04 million in July 2007. It now is 20.6 percent below where it was a year ago, NAR reports.

Housing Affordability Improves

As home prices have fallen and mortgage rates at all-time record lows, housing affordability is at some of its highest levels on record.

“Word has been spreading about the record high housing affordability conditions and our members are reporting an increase in foot traffic compared with a year ago,” says NAR President Moe Veissi. “With other favorable market factors, these are hopeful indicators leading into the spring home-buying season. We’re cautiously optimistic that an uptrend will continue this year.”

The national median existing-home price for all housing types in January was $154,700, which is down 2 percent year-over-year.

Distressed sales, which tend to sell at steep discounts, continue to hamper home prices nationwide. Foreclosures and short sales accounted for 35 percent of all January home sales, which is up slightly from 32 percent in December.

Still, “home buyers over the past three years have had some of the lowest default rates in history,” Yun said.  “Entering the market at a low point and buying at discounted prices have greatly helped in that success.”

Breakdown by Housing Type

Here’s a closer look at how home sales fared by housing type in January:

Single-family home sales: increased 3.8 percent to a seasonally adjusted annual rate of 4.05 million in January from 3.90 million in December. They are 2.3 percent above the 3.96 million-unit pace a year ago. Median price: $154,400 in January, down 2.6 percent from January 2011.

Existing condominium and co-op sales: rose 8.3 percent to a seasonally adjusted annual rate of 520,000 in January from 480,000 in December. They are 10.3 percent lower than the 580,000-unit level in January 2011. Median price: $156,600 in January, up 2 percent from a year ago.

Home Sales by Region

The following is a breakdown of existing-home sales in January by region:

Northeast: increased 3.4 percent to an annual pace of 600,000 in January and are 7.1 percent above a year ago. Median price: $225,700, which is 4.2 percent below January 2011.

Midwest: increased 1 percent in December to a level of 980,000 and are 3.2 percent higher than January 2011. Median price: $122,000, down 3.9 percent from a year ago.

South: rose 3.5 percent to an annual level of 1.76 million in January but are unchanged from a year ago. Median price: $134,800, which is 0.3 percent below January 2011.

West: increased 8.8 percent to an annual pace of 1.23 million in January but are 3.1 percent below a spike in January 2011. Median price: $187,100, down 1.8 percent from a year ago.

Contract Delays, Cancellations Remain High

Twenty-one percent of NAR members in January reported delays in contracts, and 33 percent said contracts fell through, according to NAR. The number of contract cancellations remains mostly unchanged from December.

The increase in the past year of contract cancellations or delays has been blamed on more lenders declining mortgage applications from stricter underwriting standards and low appraisals coming in under the agreed upon contract price.

Source: National Association of REALTORS®

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Queens Weekend Update: Feb. 24th – 26th

Weekend Events in Queens – February 24-26

Friday

Saturday

Sunday

Continuing Events

Courtesy of Abigail Herrera with Keller Williams Realty Landmark.

your friend. your neighbor. your Realtor.

BUYING | SELLING

This Month in Fresh Meadows Real Estate: February 2012

Fresh Meadows Market Update: February 2012
The Fresh Meadows real estate market experienced a 2% increase in January. Median home sale prices, of all property types, increased from $581,000 (January 2011) to $590,000 (January 2012). 

  • Residential median home sale prices decreased from $610,000 to $605,000
  • Condo median home sale prices decreased from $410,000 to $340,000
  • Co-Op median homes sale prices decreased from $153,000 to $105,000
What this means for Fresh Meadows Home Buyers?
If you’re looking to buy a residential (single/multi-family) home in Fresh Meadows, it is still a good time to jump in. Prices are relatively stable and will likely remain that way throughout 2012 so take advantage of the low rates and buy that dream home!
Fresh Meadows Condos have experienced a more significant decrease in value, therefore, it’s a GREAT time to buy a condo in Fresh Meadows!!!
Fresh Meadows Co-Ops have seen a significant decrease in value as well and they continue to be a very affordable housing option. So, if you are looking into buying a Fresh Meadows Co-Op, it is VERY affordable!
What this means for Fresh Meadows Home Sellers?
GOOD NEWS, the market in general is appreciating! It is appreciating at a slow rate so make sure that you are tracking the trends in case there is another dip. The market should remain relatively stable throughout 2012 so if you’re waiting for your home’s value to go up significantly, 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 this low. 

If you are a Fresh Meadows Condo owner, you may have experienced a significant decreasein your home’s value so you should review a Comparitive Market Analysis to see what your home is worth now and read this blog monthly to keep up with the market and track the local trends. 

If you are a Fresh Meadows Co-Op owner, you may have also experienced a decrease in your home’s value so my advice is to track the trends on a monthly basis and sell before it dips too low or sell when it rebounds.


Abigail Herrera
Lic. RE Salesperson
Keller Williams Realty Landmark
32-55 Francis Lewis Blvd.
Bayside, NY 11358

your friend. your neighbor. your Realtor.

This Month in Forest Hills Real Estate: February 2012

Forest Hills Market Update: February 2012
The Forest Hills real estate market experienced a 4% decline in January. Median home sale prices, of all property types, decreased from $237,500 (January 2011) to $227,000 (January 2012). 

  • Residential median home sale prices increased from $642,000 to $779,000
  • Condo median home sale prices decreased from $645,000 to $383,895
  • Co-Op median homes sale prices decreased from $201,500 to $195,000
What this means for Forest Hills Home Buyers?
If you’re looking to buy a residential (single/multi-family) home in Forest Hills, you may want hurry because the home values are appreciating, which means that you may find yourself unable to afford the home you want if you wait too long.
Forest Hills Condos have experienced a significant decrease in value, therefore, it’s a GREAT time to buy a condo in Forest Hills!!!
Forest Hills Co-Ops have seen a slight decrease in value and continue to be a very affordable housing market. So, if you are looking into buying a Forest Hills Co-Op, there’s probably no better time than now!
What this means for Forest Hills Home Sellers?
Though the market in general is depreciating, it is showing signs of stabilization, and even appreciation, with residential home values. The market should remain relatively stable throughout 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 this low. 

If you’re a Forest Hills Condo/Co-Op owner, you may have experienced a decrease in your home’s value so you should review a Comparitive Market Analysis to see what your Forest Hills home is worth now and read this blog monthly to keep up with the market. 


Abigail Herrera
Lic. RE Salesperson
Keller Williams Realty Landmark
32-55 Francis Lewis Blvd.
Bayside, NY 11358

your friend. your neighbor. your Realtor.

This Month in Bayside Real Estate: February 2012

Bayside Market Update: February 2012
The Bayside real estate market experienced a 45% decline in January. Median home sale prices, of all property types, fell from $455,000 (January 2011) to $250,000 (January 2012). Residentialmedian home sale prices increased from $660,000 to $697,500Condo median home sale prices decreased from $452,500 to $560,000; and Co-Op median homes sale prices decreased from$205,000 to $195,000.
What this means for Bayside Home Buyers?
If you’re looking to buy a residential (single/multi-family) home or Condo in Bayside, you may want hurry because the home values are appreciating in Bayside, which means that you may find yourself unable to afford the home you want if you wait too long. Bayside Co-Ops have seen a slight drop in home values and they continue to depreciate so if you are looking into buying a Bayside Co-Op, there’s probably no better time than now!
What this means for Bayside Home Sellers?
Though the market in general is depreciating, it’s showing signs of stabilization and even appreciation in residential home values. The market should remain relatively stable throughout 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 this low. If you’re a Bayside Co-Op owner, you may have experienced a decrease in your home’s value so you should review a Comparitive Market Analysis to see what your home is worth now and read this blog monthly to keep up with the market.


Abigail Herrera
Lic. RE Salesperson
Keller Williams Realty Landmark
32-55 Francis Lewis Blvd.
Bayside, NY 11358

your friend. your neighbor. your Realtor.

Thhis Month in Great Neck Real Estate: February 2012

Great Neck Market Update: February 2012
The Great Neck real estate market experienced a 35% increase in January. Median home sale prices, of all property types, increased from $498,000 (January 2011) to $676,000 (January 2012). 

  • Residential median home sale prices increased from $830,000 to $931,000
  • Condo median home sale prices increased from $367,500 to $454,000
  • Co-Op median homes sale prices decreased from $244,000 to $232,500
What this means for Great Neck Home Buyers?
If you’re looking to buy a Residential (single/multi-family) home in Great Neck, you may need to move fast because the home values are appreciating. My advice is to check the local trendsin the specific neighborhood that you’re looking in to and see how rapidly the values are appreciating there.

If you’re looking to buy a Condo in Great Neckyou may also want to check the local trends because home values can vary depending on the neighborhood, but if they are appreciating in the neighborhood that you desire, you may need to move fast!


If you’re looking to buy a Co-Op in Great Neckit is a GREAT time to do so! Values are depreciating and they can rise at any moment so don’t miss the boat. Take advantage of these low values and rates.

What this means for Great Neck Home Sellers?

If you are a Great Neck Residential (Single/Multi-Family) home owner, GOOD NEWS, the market ingeneral is appreciating! The market should remain relatively stable throughout 2012 so if you’re waiting for your home’s value to go up significantly, 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 this low.


If you are a Great Neck Condo owner, you may have experienced an increase in your home’s value so you should review a Comparitive Market Analysis to see what your home is worth now and read this blog monthly to keep up with the market and track the local trends. 

If you are a Great Neck Co-Op owner, you may have experienced a decrease in your home’s value so my advice is to track the trends on a monthly basis and sell before it dips too low or sell when it rebounds, if you are planning to live there for the next 3-5 years.

For more Great Neck real estate market information, visit: www.abigailSELLS.com – Call:718-475-2742 – or Text: 718-968-5538

Abigail Herrera
Lic. RE Salesperson
Keller Williams Realty Landmark
32-55 Francis Lewis Blvd.
Bayside, NY 11358

your friend. your neighbor. your Realtor.

This Month in Queens Real Estate: February 2012

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: http://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