This Month in Forest Hills Real Estate: March 2013

Forest Hills NY Real Estate Market Trends Report Forest Hills Queens NY RealtorFebruary 2013 Forest Hills Market Update

The Forest Hills housing market is showing some improvement. The main trend to call attention to is the tightening inventory. Home prices are still below year-ago levels, but housing demand has picked up, resulting in low levels of inventory in many areas of Forest Hills.

Tight inventory is a major factor in the market. Buyer traffic is continuing to pick up, while seller traffic is holding steady. Inventory is low for a number of reasons: Housing demand has picked up, banks have slowed the pace of foreclosures, and many homeowners who wish to sell their homes simply cannot because they do not have enough equity to make a down payment on their next home. However, as home prices continue to rise and more people can afford to sell their homes, inventory levels will increase.

The typical Forest Hills home is taking 3 days longer to sell, than it did a year ago. Now marks one of the most favorable times to buy or sell a home in Forest Hills. There is an urgency to buy now while mortgage rates are at record lows and before home prices increase more significantly.

Absorption Rate/Month’s Supply Time it would take to sell the current inventory at the current rate of sales:

  • This Month – 10.2 months
  • Last Month – 7.2 months
  • Last Year – 9.9 months
Absorption Rate/Month’s Supply for Forest Hills Coops: 9 Months

*When inventory supply is above 6 months the market is said to favor buyers, and when inventory supply is below 6 months the market is said to favor sellers. Forest Hills NY

Interest Rates

Queens NY Interest RatesMortgage rates are still low, but have risen slightly this month to around 3.56%. Last month, NAR President Gary Thomas stated that even though interest rates should gradually rise as the year progresses, they are still expected to stay below 4% during the first half of the year.

Forest Hills NY Home Sales

Home sales this month decreased by 30.2% from last month to a current seasonally adjusted rate of 37 units, down 24.5% from year-ago levels. Residential 1, 2, and 3 family home sales decreased from 7 home sales in 2012 to 5 home sales in February 2013. Condo sales dropped from 5 condo sales in February 2012 to 2 sales in February 2013. Coop home sales also decreased from 37 units sold in February 2012, to 30 units in February 2013.

Total Number of Homes Sold: 37
  • Residential Homes Sold: 5
  • Condo Homes Sold: 2
  • Co-Op Homes Sold: 30
 
Forest Hills NY Home Prices
The current median home price rose this month to $300,000, and it is 4.5% below year-ago prices, marking February as the first month of year-over-year price decreases, which last occurred in August of last year (2012). This decrease in median home price can be directly attributed to the decrease in home sales. However, if home sales pick up, and with the low inventory levels that we’re experiencing, home prices can surely be expected to rise.
Median Home Sale Price: $300,000

  • Residential Median Sale Price: $637,000
  • Condo Median Sale Price: $275,000
  • Co-Op Median Sale Price: $237,500
Forest Hills NY Listing Inventory 
Current active listings on the market: 367

  • 79 New Co-Ops hit the Market
  • 2 New Condos hit the Market
  • 11 New Residential Homes hit the Market
For more information about what’s going on in your neighborhood, contact George or Abigail Herrera of Keller Williams Realty Landmark.

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This Month in Queens Real Estate: March 2013

Queens NY Real Estate Market Trends Report

March 2013 Queens NY Market UpdateAbigail Herrera Queens NY Realtor with Keller Williams Realty Landmark

The Queens housing market is showing positive improvement. The main trend to call attention to is the seller’s market. Home prices continue to rise steadily above year-ago levels, and housing demand has strongly picked up, resulting in low levels of inventory in many neighborhoods across the county.

Tight inventory is a major factor in the market. Buyer traffic is continuing to pick up, while seller traffic is holding steady. In fact, buyer traffic is 40% above a year ago. Inventory is low for a number of reasons: Housing demand has picked up, banks have slowed the pace of foreclosures, and many homeowners who wish to sell their homes simply cannot because they do not have enough equity to make a down payment on their next home. However, as home prices continue to rise and more people can afford to sell their homes, inventory levels will increase.

The typical queens home is selling much faster than it did a year ago. Now marks one of the most favorable times in market history to buy or sell a home. There is an urgency to buy now while mortgage rates are at record lows and before home prices increase more significantly.

Interest Rates

Queens NY Interest Rates

Mortgage rates are still low, but have risen slightly this month to around 3.56%. Last month, NAR President Gary Thomas stated that even though interest rates should gradually rise as the year progresses, they are still expected to stay below 4% during the first half of the year.

Queens NY Home Sales 

Queens NY Real Estate Market Home Sales_Feb 2013

Home sales this month decreased by 18.2% from last month to a current seasonally adjusted rate of 532 units; sales are down 14.7% from year-ago levels. This figure is down from 24% the previous month, but down from 35% in January 2012. Residential 1, 2, and 3 family home sales have decreased 28.5% from year ago levels, while condo & coop sales remained more steady. Condo home sales decreased 1.8%, and Coop home sales slightly increased by 8.2% from from year ago levels. A sign that their is a strong demand for Coops amongst queens home buyers.

Queens NY Home Prices

Queens NY Real Estate Market Home Prices_Feb 2013

The current median home price fell slightly this month to $329,000, and it is 4.5% below year-ago prices, marking February as the first month of year-over-year price decreases, which last occurred in August of last year (2012). This decrease in median home price can be directly attributed to the decrease in home sales. However, if home sales pick up, and with the low inventory levels that we’re experiencing, home prices can surely be expected to rise.

Queens NY Inventory

Housing inventory fell again this month to 6,354 existing homes for sale, representing a 10.3-month supply, a sign that Queens as a whole is still favoring buyers, however there are neighborhoods with Month Supply at or below 6 months. When inventory supply is above 6 months, the market is said to favor buyers, and when inventory supply is below 6 months, the market is said to favor sellers. Though Queens Home Sales have not increased dramatically, the steadily declining inventory is a sign that demand for the current homes on the market may begin to favor sellers soon.

Courtesy of George & Abigail Herrera with Keller Williams Realty Landmark.

BUY: www.ExclusiveQueensHomes.com | SELL: www.QueensHomeSelling.com

A Beautiful Studio Coop for Sale @ The Fairview in Forest Hills NY!!!

Privacy and great views are featured in this lovely Forest Hills, Queens Studio Coop for sale. Offered for sale by Abigail Herrera of Keller Williams Realty Landmark, the Studio Coop is located in the sought-after community of The Fairview Cooperative. Full listing details at: http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2561399/

Located in prestigious Forest Hills, and close to all of the best that New York City has to offer, The Fairview at Forest Hills is one of the city’s premier cooperatives. This particular Coop offers a bright & spacious layout for living room, 1 bathroom, an excellent view overlooking the front courtyard from the 5th floor, ample closet space, high ceilings, and wood floors. Maintenance is $653.55/mo, includes all utilities and is 40% tax deductible.

Additional amenities at the Fairview Cooperative include 24Hr Doorman & Security, 24-hour roaming Guard, handyman on duty until 10:30pm 7 days a week, on-site Management, modern laundry facilities, olympic size seasonal pool & club, storage facilities, and limited parking spaces.

This Forest Hills NY Studio Coop is located at 61-20 Grand Central Parkway, Unit B510 in Forest Hills NY. Featuring acres of parklike grounds and recreational facilities, The Fairview at Forest Hills offers something for everyone. While the average Forest Hills cooperative gives you four walls, and nothing else, there is nothing average about The Fairview at Forest Hills. That’s because The Fairview at Forest Hills isn’t just another building hemmed in between other buildings. It’s a master-planned community. Its dramatic Y-shaped residential tower, soaring 15 stories skyward, is a Queens landmark. And the Fairview Cooperative apartments are benchmarks for value and quality. Coop apartments at The Fairview in Forest Hills are extremely spacious. Many have terraces, dens, windowed kitchens and oversized walk-in closets.

When you live at The Fairview, you enjoy a complete lifestyle. The Fairview has an enormous pool and a recreation center (memberships are available at a nominal fee), or you can stroll around the parklike grounds. And right at he doorstep is Flushing Meadow Park and lake, with all of their recreational facilities.

This Studio Fairview Coop for sale is being offered at $115,000. For more information, contact Abigail Herrera of Keller Williams Realty Landmark at: (718) 968-5538. Details are available at http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2561399/.

Abigail Herrera is a Forest Hills NY Realtor experienced in working with luxury properties in Forest Hills NY, Forest Hills NY first-time homebuyers, Forest Hills NY Coops, as well as Forest Hills NY Condos, Forest Hills NY Single Family Homes, Forest Hills NY Two (2) family, and Multi-Family Homes in Forest Hills, Queens NY.

Abigail Herrera can be reached at the Keller Williams Realty Landmark office, 32-55 Francis Lewis Blvd, Bayside, NY 11358.

BUY: http://www.ExclusiveQueensHomes.com | SELL: http://www.QueensHomeSelling.com

Just Listed: 2 BR Coop @ The Beech Hills Cooperative in Douglaston NY!!!

Privacy and great views are featured at this lovely 2 BR Co-Op in Douglaston, NY. Offered for sale by Abigail Herrera of Keller Williams Realty Landmark, the home is located in the sought-after community of Beech Hills, a self-managed cooperative community located in Douglaston Queens. Rolling hills and winding streets distinguish this quiet community of 816 garden style apartments, situated upon 45 acres of land.

Located in the desirable neighborhood of Douglaston, Queens, the home offers: 2 Bedroom Garden Style Apartment On 1st Floor W/Formal Dining. Bright & Spacious Corner Unit At Excellent Price! Close To Shopping, Transportation, And Restaurants. Built in 1953, this Douglaston Coop for sale is located at 244-42 Horace Harding Expy in Douglaston, NY 11362. Full details are available at: http://exclusivequeenshomes.com/listing/mlsid/137/propertyid/2560499/.

Beech Hills residents’ have unparalleled convenience and opportunity being only a short commute from Midtown Manhattan. This development provides private sanitation six days a week, a private security company to patrol the community, free off-street resident parking, rentable vehicle garages, as well as twenty-four hour maintenance emergency service. Amenities include, on-site laundry rooms, playground areas, a sprinkler park, and a rentable community room with fully equipped kitchen. The Beech Hills Cooperative strives to foster a cooperative spirit and offers their shareholders and their families a safe and wholesome environment in which to live.

Located in School District 26, Region 3 children are within blocks of an elementary and a middle school, as well as a public library. Each of these schools is rated as one of the highest academically achieving schools within New York City. The Beech Hills community includes a Fairway Grocery Store, a Golf Course, and a wide variety of upscale shopping & dining.

The home is being offered at $169,000. For more information, contact Abigail Herrera of Keller Williams Realty Landmark at: (718) 968-5538. Full details are available at http://exclusivequeenshomes.com/listing/mlsid/137/propertyid/2560499/.

Abigail Herrera is a local Douglaston NY Realtor experienced in working with first time homebuyers in Douglaston NYDouglaston NY CoopsDouglaston NY CondosSingle Family Homes in Douglaston NY2 Family Homes in Douglaston NYMulti Family Homes in Douglaston_NY, and Luxury Homes in Douglaston_NYAbigail Herrera can be reached at the Keller Williams Realty Landmark office, 32-55 Francis Lewis Blvd, Bayside, NY 11358.

Abigail Herrera can be reached at the Keller Williams Realty Landmark office, 32-55 Francis Lewis Blvd, Bayside, NY 11358.

BUY:  http://www.ExclusiveQueensHomes.com | SELL: http://www.QueensHomeSelling.com