This Month in Forest Hills Real Estate: December 2012

Forest Hills NY Real Estate Market Trends Report

Forest Hills Queens NY RealtorForest Hills NY Market Update

While the Forest Hills housing market is improving, but there are still signs that indicate we are not yet experiencing a full-force recovery. Credit standards are still tight. There are homeowners in some stage of foreclosure or default, while others still owe more than their homes are worth. As long as the economy continues to strengthen, the Forest Hills housing market will move toward the recovery we have been waiting for. However until the recovery is fully realized, we must remain aware that if the economy weakens again, the Forest Hills housing market could relapse.

The Federal Housing Administration announced that as a result of so many mortgage delinquencies, it might have to exhaust its reserves, which could result in the FHA needing to rely on taxpayer funds for the first time in its 78-year history. A government bailout of this magnitude could possibly weaken the economy, which could have an effect on the Forest Hills Market, but the U.S. Treasury will not make a decision until next February.

Considering the current, stringent mortgage underwriting standards, it’s important to know how credit scores work; improving your credit score will increase your likelihood of obtaining financing. Record-low mortgage interest rates shouldn’t be taken for granted. Buying a home in Forest Hills is extremely favorable for those that want to take advantage of interest rates while they are at historic lows.

Absorbtion Rate/Month’s Supply

Time it would take to sell the current inventory at the current rate of sales:

  • This Month – 14.6 months
  • Last Month – 8.9 months
  • Last Year – 13.7 months

*6-7 Months is a sign of a stable real estate market. Under 6 months is considered a “Seller’s Market”, over 7 months is considered a “Buyer’s Market”.* 

Forest Hills NY Interest Rates

Queens NY Interest Rates_December 2012

Interest rates this month continue to decline at or around 3.34%, reaching record lows. NAR President Gary Thomas states, “Even with rising home prices, we’ll continue to see favorable housing affordability conditions over the coming year, but they won’t last forever. Inflationary pressures are expected to build during the next two years. As a result, mortgage interest rates will also rise with inflation. Buyers who are currently held back by tight mortgage credit standards should work to improve their credit scores, so they’ll be able to qualify for a mortgage while conditions are still favorable.”

Forest Hills NY Home Sales

Home sales were down 40.4% this month to a seasonally adjusted rate of 31 units, a 13.9% decrease from last year. Hurricane Sandy had some impact on sales figures this month. Home sales were trending up from July – October and most November transactions were completed by the time the storm hit, but the growing demand with limited inventory is pressuring home prices in Forest Hills. We expect an impact on Queens’ home sales in the coming months from a pause and delay in storm-impacted regions which may affect Forest Hills home sales as well.

Total Number of Homes Sold: 31 – Down 40.4% from last month & Down 13.9% from last year. 

  • Residential Homes Sold: 5
  • Condo Homes Sold: 1
  • Co-Op Homes Sold: 25
Forest Hills NY Home Prices
The median home price rose in November to $287,000, compared to the previous month’s median price of $257,500. Home prices are up 31.7% from a year ago, which marks the second consecutive month and sixth month this year of year-over-year price gains, .Median Sale Price: $287,000 – Up 11.5% from last month & 31.7% from last year. 
  • Residential Median Sale Price: $675,000
  • Condo Median Sale Price: $470,000
  • Co-Op Median Sale Price: $267,000

Forest Hills NY Pending Home Sales

In November, pending home sales fell 45.3% from November’s 53 contracts written, due in large part to Hurricane Sandy. This is the first drop in year-over-year pending home sales since April of this year. We also expect an impact on Forest Hills pending home sales in the coming months from a pause and delay in storm-impacted regions.

Total Number of Pending Home Sales: 29 – Down 45.3% from last month & Down 29.3% from last year. 

  • Residential Pending Sales: 3
  • Condo Pending Sales: 3
  • Co-Op Pending Sales: 23

Forest Hills NY Listing Inventory 

Current active listings on the market: 413

  • 47 New Co-Ops hit the market
  • 5 New Condos
  • 7 New Residential Homes

For more information about what’s going on in your neighborhood, contact Abigail Herrera of Keller Williams Realty Landmark.

718-968-5538 | abigailSELLS@kw.com

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This Month in Queens Real Estate: December 2012

Queens NY Real Estate Market Trends Report
Abigail Herrera Keller Williams Realty LandmarkDecember 2012 Market Update

While the Queens housing market is improving, there are still signs that indicate we are not yet experiencing a full-force recovery. Credit standards are still tight. There are thousands of homeowners in some stage of foreclosure or default, while thousands of others still owe more than their homes are worth. As long as the economy continues to strengthen, the housing market will move toward the recovery we have been waiting for. However until the recovery is fully realized, we must remain aware that if the economy weakens again, the Queens housing market could relapse.

The Federal Housing Administration announced that as a result of so many mortgage delinquencies, it might have to exhaust its reserves, which could result in the FHA needing to rely on taxpayer funds for the first time in its 78-year history. A government bailout of this magnitude could possibly weaken the economy, but the U.S. Treasury will not make a decision until next February. 

Considering the current, stringent mortgage underwriting standards, it’s important to know how credit scores work; improving your credit score will increase your likelihood of obtaining financing. Record-low mortgage interest rates shouldn’t be taken for granted. Buying a Queens home now is favorable for those that want to take advantage of interest rates while they are at historic lows.

Interest Rates

Queens NY Interest Rates_December 2012

Interest rates this month continue to decline at or around 3.34%, reaching record lows. NAR President Gary Thomas states, “Even with rising home prices, we’ll continue to see favorable housing affordability conditions over the coming year, but they won’t last forever. Inflationary pressures are expected to build during the next two years. As a result, mortgage interest rates will also rise with inflation. Buyers who are currently held back by tight mortgage credit standards should work to improve their credit scores, so they’ll be able to qualify for a mortgage while conditions are still favorable.”

Home Sales

Queens NY Real Estate Market Trends Report Home Sales_December 2012

Home sales were down 11% this month to a seasonally adjusted rate of 536 units, a 10.7% decrease from last year. Hurricane Sandy had some impact on sales figures this month. Home sales continue to trend up and most November transactions were completed by the time the storm hit, but the growing demand with limited inventory is pressuring home prices in much of the county. We expect an impact on Queens’ home sales in the coming months from a pause and delay in storm-impacted regions.

Home Prices

Queens NY Real Estate Market Trends Report Median Home Prices_December 2012

The median home price rose in November to $389,950, compared to the previous month’s median price of $367,750. Home prices are up 18.2% from a year ago, which marks the third consecutive month and sixth month overall of year-over-year price gains, .

Pending Home Sales

Queens NY Real Estate Market Trends Report Pending Home Sales_December 2012

In November, pending home sales fell 25.8% from November’s 774 contracts written, due in large part to Hurricane Sandy. This is the first drop in year-over-year pending home sales since June of thus year. We also expect an impact on Queens’ pending home sales in the coming months from a pause and delay in storm-impacted regions.

Abigail Herrera Helps Another Family Achieve their Real Estate Dreams!

Abigail Herrera and her team at Keller Williams Realty Landmark are pleased to announce the sale of the property located at 61-20 Grand Central Pkwy #B1101 in the Fairview Cooperative Development of Forest Hills, NY. This Forest Hills Coop consisted of 2 Bedrooms, 1 Bathroom, 959 square feet, and sold for $214,888. This Forest Hills Coop is located in the desirable neighborhood of The Fairview and was only on the market for 50 days before the contract was fully executed.

Forest Hills Coop SOLD_Nov 30 2012
This Forest Hills Coop sold for 98% of its original listing price of $219,000. The final sale price of this property was $214,888 – Showcasing how Abigail Herrera is both skilled and experienced at getting Forest Hills Queens Homes SOLD, all the while netting homeowners top dollar in today’s market. If you or someone you know is looking to sell a Forest Hills, Queens home, contact Abigail Herrera at Keller Williams Realty Landmark today. “We would be happy to show you the most comprehensive & strategic real estate marketing plan for Queens’ NY homes, proven to get homes SOLD for the most amount of money in the least amount of time”, says Abigail.
If you are curious what your Forest Hills Queens NY home might sell for, call or text Abigail Herrera of Keller Williams Realty Landmark at: 718-968-5538. “We would love to meet your family and evaluate your home free of charge“, says Abigail. If you are looking to buy a Queens NY Home for sale, you can also call or text Abigail Herrera and her team at Keller Williams Realty Landmark, “we have experienced Realtors who specialize in working with Queens home buyers looking in all areas of the borough. Let us go to work for you and show you why so many Queens home sellers & buyers choose us to represent them in the real estate process” says Abigail.
32-55 Francis Lewis Blvd.
2nd Floor
Flushing, NY 11358
718-475-2742
Visit us online at: www.abigailSELLS.com