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

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