Astoria Market Update: February 2012
The Astoria real estate market experienced a 8% decline in January. Median home sale prices, of all property types, fell from $555,000 (January 2011) to $506,000 (January 2012). However, Residential median home sale prices actually increased from $710,000 to $749,000; Condo median home sale prices on the other hand, decreased from $387,500 to $380,000; and Co-Op homes sale prices decreased dramatically from $387,000 to $220,000.
What this means for Astoria Home Buyers?
If you’re looking to buy a residential (single/multi-family) home in Astoria, you may want hurry because the home values are appreciating in Astoria, which means that you may find yourself unable to afford the home you want if you wait too long. Astoria Condo values are relatively stable so my advice is just to keep a close eye on recent sales or read this blog monthly. Astoria Co-Ops have seen the biggest drop in home value so if you are looking into buying an Astoria Co-Op, there’s probably no better time than now!
What this means for Astoria 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 Co-Op owner, chances are that your home value has experienced a decrease 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 local market.
For more Astoria real estate market information, visit: www.abigailSELLS.com – Call:718-475-2742 – or Text: 718-968-5538
Lic. RE Salesperson
Keller Williams Realty Landmark
32-55 Francis Lewis Blvd.
Bayside, NY 11358
your friend. your neighbor. your Realtor.