This Month in Forest Hills Real Estate: May 2013

Forest Hills NY Real Estate Market Trends ReportGeorge Herrera KW_Queens NY Realtor_Queens Home Team_Keller Williams Realty Landmark 2February 2013 Forest Hills Market Update

As the Forest Hills housing market recovers we are seeing considerable increases in demand, resulting in a stronger market. Currently, there is still more supply than there is demand, but the good news is that home sales are rising, we are moving closer to a balanced market, and low mortgage rates are continuing to keep affordability conditions at historically favorable levels.Homes are selling much faster then they were last year, and multiple bidding is becoming more common. The best homes (Price + Condition) are selling much closer to asking price if not full asking, so buyers need to move quickly. With historically low interest rates, decreasing inventory, and the rising demand, there is an urgency to buy now during one of the most favorable times in history to buy or sell a home in Forest Hills NY.

Absorption Rate/Month’s Supply

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

  • This Month – 8.8 months
  • Last Month – 8.7 months
  • Last Year – 18.2 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.

Numbers that Drive US Real Estate

Forest Hills NY Interest Rates

Interest rates this month are slightly lower from last month, at 3.41% for a 30-year mortgage. Low mortgage rates continue to keep affordability conditions at historically favorable levels.

Rates

Forest Hills NY Home Sales

Home sales in April were down from last month’s figures at 36 units. Sales are up 24.1% from year-ago levels, making this month the 3rd month of year-over-year sales unit increases this year. Forest Hills Residential Home Sales increased from last year to 5 units, while Forest Hills Condo home sales remained the same as last year at 2 units, and most significantly Forest Hills Coop home sales rose 26% from year ago levels to 29 units.

Forest_Hills_NY_Real_Estate_Home_Sales_MAY_2013

Total Number of Homes Sold: 36

  • Residential Homes Sold: 5
  • Condo Homes Sold: 2
  • Co-Op Homes Sold: 29
 
Forest Hills NY Home Prices

The current median home price decreased in April to a seasonally adjusted $247,500, which is up 31.6% year over year. April marks the 2nd month of year-over-year price increases this year, and the strongest year-over-year increase since November 2012. Residential home prices are up 2.2% in the last 12 months, while Condo home prices are down 22% in the last 12 months, and Coop home prices are up 2.3% in the last 12 months. The decrease in inventory has put moderate pressure on home prices to rise because it has led to a rise in demand among Forest Hills Home Buyers.

Forest_Hills_NY_Real_Estate_Home_Prices_MAY_2013

Median Home Sale Price: $247,500

  • Residential Median Sale Price: $690,000
  • Condo Median Sale Price: $448,000
  • Co-Op Median Sale Price: $223,000

Forest Hills NY Listing Inventory 

Inventory levels in April decreased by 5% to 386 existing homes for sale. The number of homes on the market represents a 8.8-month supply, indicating that Forest Hills is still in a buyer’s market, however, we are gradually moving towards a balanced market. Inventory is down 24.3% below a year ago when there was 510 homes for sale. This decrease in inventory has led to rising demand, however, there is still an over-supply of Coops on the market. Residential homes are in high demand but inventory is limited, and Condos remain a popular choice for home buyers, however, they are few and far between. Condo inventory is scarce so Condo house hunters are limited in their choices. Coops remain the most popular choice among Forest Hills home buyers and though there is less inventory than last year, there is still plenty of inventory to choose from.

Current active listings on the market: 386

  • 97 New Co-Ops hit the Market
  • 5 New Condos hit the Market
  • 8 New Residential Homes hit the Market

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

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

This Month in Queens Real Estate: May 2013

TMIQHRE Header
George Herrera KW_Queens NY Realtor_Queens Home Team_Keller Williams Realty Landmark 2Queens NY Real Estate Market Update

As the Queens housing market recovers we are seeing considerable increases in demand, resulting in a strong seller’s market in certain areas across the county. Currently, there is more demand than there is supply available in many neighborhoods, but the good news is home construction is rising and low mortgage rates are continuing to keep affordability conditions at historically favorable levels. 

Homes are selling much faster, and multiple bidding is becoming more common, and more homes are selling above the asking prices, so buyers need to move quickly. With historically low interest rates and rising demand, there is an urgency to buy now during one of the most favorable times in history to buy or sell a Queens home.

Queens NY Interest Rates

Rates

Interest rates this month are slightly lower from last month, at 3.41% for a 30-year mortgage. Low mortgage rates continue to keep affordability conditions at historically favorable levels. 

Queens NY Home Sales

Queens_NY_Real_Estate_Market_Home_Sales_May_2013_Queens_Home_Team_George_and_Abigail_Herrera_KW

Home sales in April were parallel to last month’s figures at 600 units. Sales are up 3.6% from year-ago levels, making this month the 2nd month of year-over-year sales unit increases this year. Queens Residential Home Sales increased 2% from last year, while Queens Condo home sales decreased 11.3% from last year, and Queens Coop home sales rose 13% from year ago levels.

Queens NY Home Prices

Queens_NY_Real_Estate_Market_Home_Prices_May_2013_Queens_Home_Team_George_and_Abigail_Herrera_KW

The current median home price increased 5.8% in April to a seasonally adjusted $376,000, which is up 7.4% year over year. April marks the 3rd consecutive month of year-over-year price increases, and the strongest year-over-year increase since January. Residential home prices are up 6.6% compare to this time last year. Condo home prices are up 3.2% from year ago levels. And Coop home prices are up 4.9% from this time last year. This is a result of the substantial decrease in inventory which has put pressure on home prices to rise because it has led to a rise in demand among Queens home buyers.

Queens NY Housing Inventory

Inventory levels in April decreased slightly by 1.5% to 6,280 existing homes for sale. The number of homes on the market represents a 10.1-month supply, indicating that the County as a whole is still in a buyer’s market. Inventory is down 26.8% below a year ago when there was 8,577 homes for sale. This decrease in inventory has led to rising demand, however, there is still an over-supply of Coops on the market. Residential homes are in high demand right now but there isn’t enough inventory for the buyers out there, hopefully this will get some seller’s off the fence soon as they see prices start to rise. Condos remain a popular choice for home buyers, however, they are few and far between. Condo inventory is scarce so Condo house hunters are limited in their choices. Coops remain a popular choice among first time home buyers and though there is less inventory than last year, there is still plenty of inventory out there.

Blog & Content Courtesy of George & Abigail Herrera @ Keller Williams Realty landmark II.

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

JUST LISTED: 1 BR Condo in Astoria, Queens!!! PRICE: $415K

Queens Home Team Introduces another GREAT Condo for Sale in Astoria Queens NY! 

Privacy and great views are featured in this lovely Astoria NY Condo for sale. Offered for sale by George & Abigail Herrera of the Queens Home Team @ Keller Williams Realty Landmark II. This 1 bedroom Condo is located in the sought-after community of Astoria, Queens. Full listing details at: http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2580536/

Located in prestigious Astoria, Queens NY and close to all of the best that Queens NYC has to offer, 30-87 38th St is a premier condominium. This Astoria NY Condo for sale offers: 

Condo Features: Balcony, Stainless Steel Appliances W/Dishwasher, Stackable Washer & Dryer, Central A/C. Storage Space Transferred W/Unit. Color Video Intercom System. Individual Gas Hot Water Heaters. Tax Abatement 15 Years. Terrace On Roof, Accessible To Residents. Prime Location 1 Block Off Steinway Street & Off 30th Ave. Within Blocks To Trains (N/W & R/G/V).

This Astoria Queens Condo is located at 30-77 38th St #3B in Astoria NY. The 30-77 38th St Condominium in Astoria NY offers something for everyone. While the average Astoria apartment gives you four walls, and nothing else, there is nothing average about the 30-77 38th St Condominium. That’s because the 30-77 38th St Condominium in Astoria NY isn’t just another building hemmed in between other buildings. It’s a carefully-planned community, that’s why 30-77 38th St condominiums are benchmarks for value and quality. Condos at the 30-77 38th St Condominium in Astoria NY are spacious, many have terraces, storage, and nice sized closets. When you live at the 30-77 38th St Condominium, you enjoy more than an apartment, you enjoy a complete lifestyle.

This 1 bedroom Astoria Queens Condo for sale is being offered at $415,000. For more information, contact George Herrera of the Queens Home Team @ Keller Williams Realty Landmark II (718) 869-0270. Full Listing details are available athttp://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2580536/. George & Abigail Herrera are Astoria NY Realtors experienced in working with luxury properties in Astoria NY, Astoria NY first-time homebuyers, Astoria NY Coops, as well as Astoria NY Condos, Astoria NY Single Family Homes, Astoria NY Two (2) family, and Multi-Family Homes in Astoria NY.
George & Abigail Herrera can be reached at the Keller Williams Realty Landmark II office which is located at:
75-35 31st Avenue | Ste. 202 | Jackson Heights, NY 11370

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