This Month in Forest Hills Real Estate: April 2013

Forest Hills NY Real Estate Market Trends Report

George Herrera KW_Queens NY Realtor_Queens Home Team_Keller Williams Realty Landmark 2

March 2013 Forest Hills Market Update
Home sales and prices confirm that a slow recovery is continuing in the Forest Hills housing market: sales have been above year-ago levels for 8 of the last 12 months, while prices have experienced 4 months of year-over-year gains in the last 12 months.
Rising home sales coupled with a decrease in inventory, may lead to a rise in home prices.  However, affordability remains historically favorable because home prices have not risen much & rates are still at all time lows. This means there is still great value for buyers in the current market.
The uptick in homes sales & pending homes sales together with the decrease in available inventory, leads to a positive outlook on a recovering forest hills housing market. With mortgage rates at historically low rates, and with the increase in demand for Forest Hills homes, now marks one of the most favorable times in history to buy or sell a Forest Hills NY Home.

Absorption Rate/Month’s Supply

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

  • This Month – 8.7 months
  • Last Month – 10.2 months
  • Last Year – 12.2 months
Absorption Rate/Month’s Supply for Forest Hills Coops: 9.7 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

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.”

Forest Hills NY Home Sales

Forest_Hills_Queens_NY_Real_Estate_Market_Home_Sales_APRIL_2013

Home sales in March were up 28% from last month and 25% from last year. Residential Home Sales were up 100% from last year while Condo Sales remained even with 2012, and Coop home sales were up 25%. So, Residential sales were up significantly while condo sales remained steady, and coops are still a popular housing choice among Forest Hills home buyers so they have also been selling more than last year.

Total Number of Homes Sold: 50

  • Residential Homes Sold: 10
  • Condo Homes Sold: 3
  • Co-Op Homes Sold: 40
Forest Hills NY Home Prices
Forest_Hills_Queens_NY_Real_Estate_Market_Home_Prices_APRIL_2013

The current median home price dropped in March to a seasonally adjusted $250,000, which is down 4% from last month and 4.4% year over year. March marks the seventh month of year-over-year price drops in the last 12 months. A sign of the slow recovery when it comes to forest hills home prices. The good news is that Coop home prices are up year-over-year.

Median Home Sale Price: $273,500

  • Residential Median Sale Price: $668,500
  • Condo Median Sale Price: $690,000
  • Co-Op Median Sale Price: $237,900

Forest Hills NY Listing Inventory 

Housing inventory levels increased 10.6% to 406 existing homes for sale, which represents a 8.7-month supply, still a buyer’s market, but rising home sales may change that soon. Inventory is down 20.5% 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.

Current active listings on the market: 406

  • 91 New Co-Ops hit the Market
  • 4 New Condos hit the Market
  • 12 New Residential Homes hit the Market

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

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