This Month in Queens Real Estate: April 2013

Queens NY Real Estate Market Trends Report
Marketing Profile PictureQueens NY Real Estate Market Update
Home sales and prices confirm that a healthy recovery is continuing in the Queens housing market: sales have been above year-ago levels for 8 of the last 12 months, while prices have experienced 9 months of year-over-year gains in the last 12 months. We are still in a Buyer’s market, indicated by the 9.7 month’s supply.
Even with rising home prices, affordability remains historically favorable because home prices over corrected during the downturn. This means there is still great value for buyers in the current market.
With a positive outlook on a recovering housing market and mortgage rates at historically low rates, now marks one of the most favorable times in history to buy or sell a Queens NY Home.

Queens NY Interest Rates

Interest rates this month changed very little from last month, with rates at or around 3.54% for a 30-year mortgage. “In the history of mortgage interest rates since 1971,” states Gary Thomas, “the 30-year fixed rate has been below 4% in only 15 months, and those have all been in the past 15 months.”

Rates

Queens NY Home Sales

Home sales in March were up 6.2% from last month and down 13.2% from last year. Residential Home Sales were down 22.1% from last year while Condo Sales were down 3.3%, and Coop home sales were up 2.6%. So, Residential sales were down significantly while condo sales remained steady, and coop sales are still a popular housing choice among queens ny home buyers.

Queens NY Real Estate Market Home Sales_March 2013

Queens NY Home Prices

The current median home price rose in March to a seasonally adjusted $356,000, which is up 7.9% from last month and up 4.7% year over year. March marks the ninth month of year-over-year price gains in the last 12 months. A sign that the shrinking inventory is putting pressure on home prices to go up. Residential, Condo, and Coop home prices are up year-over-year.

Queens NY Real Estate Market Home Prices_March 2013

Queens NY Housing Inventory

Housing inventory levels increased .3% to 6,373 existing homes for sale, which represents a 9.7-month supply, still a buyer’s market in general, but of course every neighborhood is different. There are actually neighborhoods that are in a seller’s market which means that some seller’s are in a great position to sell. Inventory is down 25.7% year over year, when there was a much higher supply of homes. This is a strong sign that the market is headed towards a balanced market, however, historically balanced markets never last more than 6 months. 

Blog courtesy of George Herrera with the Queens Home Team @ Keller Williams Realty Landmark 2.

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