This Month in Queens Real Estate: March 2012

Queens Real Estate Market Update: March 2012
The Queens real estate market experienced a 1.6% decrease in February. Compared to this time last year, Median home sale prices of all property types decreased from $350,000 to $344,500. Over the last 24 months we have seen a bottom point of $340,000 in Sept. 2010, and a high point of $352,000 in Sept. 2011. At this time 2 years ago, the median home sale price was $350,000 which is only $5,000 more than it was last month. This means that the Queens Real Estate Market has remained relatively stable throughout the last 24 months. See below for more details…
  • Residential median home sale prices decreased from $455,000 to $450,000
  • Condo median home sale prices decreased from $360,000 to $345,000
  • Co-Op median homes sale prices decreased from $197,500 to $185,000.

  

What this means for Queens Home Buyers?
If you’re looking to buy a Residential (single/multi-family) home in Queens, it is still a GREAT time for you because prices declined slightly and rates are still at historic lows!   
 

If you’re looking to buy a Condo in Queens, It is a really GREAT time to buy as well! The Condo median sales price saw a great decrease than Residential and Coop homes so this may be a perfect opportunity to buy a condo and get a great deal. 

 

If you’re looking to buy a Co-Op in Queens, I would suggest the same thing as I did for Condos, because there was a significant decrease in the median sale price. Rates are low and the spring buying season is upon us, get pre-approved, find out how much you can afford, and BUY A QUEENS HOME before the rates go up! 

What this means for Queens Home Sellers?

If you are a Queens Residential (Single/Multi-Family) home owner, you should review a market report for your specific neighborhood as these are trends for the county as a whole. There ARE markets in Queens which are appreciating so if you need to know what is going on in your market, let me know… 

 
If you are a Queens Condo owner, the same advice applies. Get a market report for your particular neighborhood and then you will know where your home actually stands on the market.
 
If you are a Queens Co-Op owner, you also need to review a market report for your specific neighborhood. You can contact me if you do not see your neighborhood’s market report on this blog. 

Regardless of your situation, you may have experienced a slight decrease in your home’s value. If you live in certain areas of Queens, you may have even experienced an increase in your home’s value. So, it is important that you review a Comparitive Market Analysis regularly and stay current with your local Queens market to see what your home is worth on a month-to-month basis.

For more Queens real estate market information, visit: www.abigailSELLS.com –
Call:718-475-2742 – or Text: 718-968-5538
This blog brought to you by Abigail Herrera
Lic. RE Salesperson | Internet Marketing Specialist | Certified Buyer Representative
your friend. your neighbor. your Realtor.
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