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.
For more Forest Hills 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.