Queens Real Estate Market Report: OCTOBER 2015

Queens_Real_Estate_Market_Report_OCT_2015Queens Real Estate Market Report: October 2015

The pace of existing home sales rose in September, but remains slightly below the pace from the same month last year. Demand for existing homes appears to remain high even after rebounding to post-recession highs this summer. Prices have not begun their usual seasonal decline for the latter part of the year; instead, they continued to increase in September and they remain well above prices from the same time last year. Inventory remains tight, contributing to year-over-year price gains, but has eased slightly on a monthly basis. As interest rates remain low moving into the fall, the Queens housing market is likely to continue to post year-over-year gains in the upcoming months. Overall, we are seeing fairly high, summer-like demand for Coops, Condos, and Residential Homes. The anticipation of a rate increase by end of year seems to have buyers moving quicker to find a buy something.

  • Month’s Supply: 6.5 Months
  • Last Month: 6.75 Months
  • Last year: 6.9 Months
*Month’s supply over 6 months is said to favor buyers, month’s supply below 6 months is said to favor sellers, and month’s supply of 5-6 months is said to be a balanced market.
Queens_Real_Estate_Market_Update_OCTOBER_2015

Interest Rates

Interest_Rates30-year interest rates took a slight downward tick again in September as global growth concerns continue to impact markets. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 3.91%; 15-year fixed rate, 3.11%; 5/1-year adjustable rate, 2.92%.

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Queens Home Sales

Queens_Real_Estate_Market_Home_Coop_Condo_Sales_OCT_2015Homes sold at a seasonally adjusted annual rate of 761 homes in September, up 2.1% from August and down 2.6% from the same month of the previous year. Surprisingly, we aren’t seeing a falloff from the rebound effect seen this summer after weather subdued home sales in key regions this spring. Sales in September were slightly below year ago levels, but they reached a high point for the year of 2015. Specifically, Residential home sales are up 5.5%; Condo sales are down 2.6%; And Coop sales are down 14.2% compared to the same month last year.

Click Here to Find out How much your Home is worth in Today’s Market

Queens Home Prices

Queens_Real_Estate_Market_Home_Coop_Condo_Prices_OCT_2015Home prices rose again in September to $430,000, up 1.2% from August and still up 7.5% from the same month of last year. As we move into the fall months, we should begin to see some seasonal alleviation on prices; however, year-over-year gains will likely remain strong especially considering the fact that interest rates are remaining very low. Specifically, Residential home prices are up 7.1%; Condo prices are up 2.1%; And Coop prices are down 2.4% compared to the same month last year.

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Queens Housing Inventory

The actual number of homes for sale in September was down 4.5% compared to the same month of the previous year. This equaled a total of 4,495 homes for sale in Queens and led to months supply of inventory, which measures the relationship between supply and demand, to drop to 6.5 months. This number remains tight as low interest rates spur buyers to enter the market. New home construction has recently shown signs of increasing across the county; however, this recent uptick has not yet been enough to alleviate pressure on existing homes.

Click Here to search for Homes Coops and Condos for Sale in Queens NY

Blog and Queens Real Estate Market Report provided courtesy of George & Abigail Herrera w/the Queens Home Team at Keller Williams Realty Landmark II. 

George and Abigail Herrera_Queens Home Team at Keller Williams Realty 2_HEADSHOT_ROUNDBUYwww.exclusivequeenshomes.com | SELLwww.queenshomeselling.com

Original Article: http://blog.queenshomeselling.com/buying-a-home/queens-real-estate-market-report-oct-2016/

19 Must Have Links and Bookmarks for Queens Homeowners

If you own a Home in Queens, then you know that there is a lot of information that you must have readily accessible for a variety of reasons. For example, maybe you need to pull your C of O, maybe you need to provide your Block and Lot number, you may need to check if you have any violations, liens, etc. The good news is that most if this information is publicly available, so we did the work for you and comiled a list of the 19 must have website links that you should bookmark as a Queens homeowner. ENJOY!

1. Borough-Block-Lot (BBL) Lookup

Check the Borough-Block-Lot (BBL) or parcel number for a piece of property.

2. Building Floor Plan

Get a copy of building floor plans.

3. Building Violation Status

Get information about building violations or check the status of a violation.

4. Buy a Classic Photo from the City Archive

Get information about buying high quality prints of classic images of New York City.

5. Buy the Zoning Handbook

Get information about buying the Department of City Planning’s Zoning Handbook.

6. Certificate of Occupancy and Letter of No Objection

Get information about Certificate of Occupancy and Letter of No Objection.

 

Click Here to find Homes for Sale in Queens NY

 

7. Con Edison Worksites and Services

Get information about Con Edison worksites.

8. Department of Design and Construction Projects

Get information or make a complaint about specific City projects.

9. Development Challenge Process

Get information on how to challenge the approval of a construction project.

10. Graffiti Reward Program

Provide a tip about graffiti or vandalism for a possible cash reward.

11. Housing Rules and Regulations for NYC Owners and Tenants

Information about rules and regulations for owners and renters of City apartments.

12. Land Use and Development Appeals

Get information about appealing land use and construction laws for a specific site or project.

 

Click Here for a Free Appraisal of your Queens Home

 

13. New York City Rent Guidelines Board Report

Get a report from the Rent Guidelines Board on housing.

14. Property Records

Information about property ownership and records, such as deeds and mortgages. Includes online lookup in ACRIS.

15. Property Tax Map

Request for a certified copy of a tax map.

16. Repair Loan Programs for Small Homes and Apartment Buildings

Get information about grants and low-interest renovation loans for building owners.

17. Sidewalk Violations and Their Removal

Get information about sidewalk violations, request a sidewalk inspection, or get a violation removed or dismissed.

18. Tax Photograph from 1940 or 1980s

Learn about buying a picture of any property in New York City.

19. Zoning

Get information about zoning for specific properties, such as the zoning designation and the type of use allowed.

 

Click Here for a Free Real Estate Market Report for your Neighborhood

 

Blog courtesy of George & Abigail Herrera w/the Queens Home Team at Keller Williams Realty.

George and Abigail Herrera_Queens Home Team at Keller Williams Realty 2_HEADSHOT_ROUND

www.queenshometeam.com

50 Fun Facts about the Astoria Queens Neighborhood

By George Herrera

If you’re familiar with Queens, then you probably already know about the Astoria Queens Neighborhood. Arguably the most popular neighborhood in Queens and definitely one of the most in demand areas to live in NYC, Astoria has a whole lot to offer. From the plush Astoria Park, to the shopping and restaurants on 30th Ave/Steinway/Ditmars/Broadway, to the tree lined streets in Ditmars, there is so much to see and appreciate in this neighborhood. So, we have compiled a list of 50 fun facts that you may or may not know about the neighborhood. Check them out and feel free to comment if you have any additions:)

Astoria_Hell_Gate_and_Triborough_Bridges_New_York_City_Queens

1. Astoria is bounded by the East Riverand is adjacent to three other Queens neighborhoods: Long Island City, Sunnyside(bordering at Northern Boulevard), and Woodside (bordering at 50th Street).

2. The area now known as Astoria was originally called Hallet’s Cove, after its first landowner William Hallet, who settled there in 1659 with his wife, Elizabeth Fones.

3. Beginning in the early 19th century, affluent New Yorkers constructed large residences around 12th and 14th streets, an area that later became known as Astoria Village (now Old Astoria).

4. Hallet’s Cove, founded in 1839 by fur merchant Stephen A. Halsey, was a noted recreational destination and resort for Manhattan’s wealthy.

5. The area was renamed after John Jacob Astor, then the wealthiest man in America with a net worth of over $40 million, in order to persuade him to invest just $2,000 in the neighborhood. He only invested $500, but the name stayed nonetheless, as a bitter battle over naming the village finally was won by Astor’s supporters and friends.

Click Here to find One Family Homes for Sale in Astoria NY

6. During the second half of the 19th century, economic and commercial growth brought increased immigration from German settlers, mostly furniture and cabinet makers. One such settler was Heinrich Engelhard Steinweg Steinway & Sons in 1853, which today is a worldwide piano company.

7. Later on the Steinways built a sawmill and foundry, as well as a streetcar line. The family eventually established Steinway Village for their workers, a company town that provided school instruction in German as well as English.

8. Astoria and several other surrounding villages, including Steinway, were incorporated into Long Island City in 1870.

9. Long Island City remained an independent municipality until it was incorporated into New York City in 1898.

10. Astoria figured prominently in early American filmmaking as one of its initial centers, a heritage preserved today by the Museum of the Moving Image Kaufman Astoria Studios.

Click Here to find out how much your Astoria NY Home is worthAstoria_1280px-Astoriaqueens33rdand31st

11. Astoria was first settled by the Dutch Germans in the 17th century.

12. Many Irish settled in the area during the waves of Irish immigration into New York City during the 19th and early 20th centuries.

13. Italians were the next significant immigrants in Astoria, and numerous Italian restaurants, delis, bakeries, and pizza shops are found throughout Astoria, particularly in the Ditmars Boulevard area.

14. Jews are also a significant ethnic and religous group. The Astoria Center of Israel, which is listed on the National Register of Historic Places, was built in 1925 after outgrowing the former Congregation Mishkan Israel, which was built in 1904.

15. The 1960s saw a large number of ethnic Greeks from Greece, and immigrants from Cyprus in 1974.

Click Here to find Multi Family Homes for Sale in Astoria NY

16. The Greek cultural imprint can be seen in the numerous Greek restaurants, bakeries, tavernas and cafes, as well as several Greek Orthodox churches.

17. Many Maltese residents live in Astoria, around 20,000, and although this population has steadily been emigrating from the area, there are still many Maltese, supported by the Maltese Center of New York.

18. Beginning in the mid-1970s, the neighborhood’s Arab population grew from earlier immigrants from Lebanon to also include people from Egypt, Syria, Yemen, Tunisia, Morocco and Algeria.

19. In the 1990s, Steinway Street between 28th Avenue and Astoria Boulevard saw the establishment of many Arabic shops, restaurants and cafes, which is unofficially called “Little Egypt”.

20. Astoria’s South American and European population has seen significant growth since the early 1990s, including a large population of Brazilians, who reside in the 36th Avenue area. Albanians, Bulgarians, and Bosnians have also shown a rise in numbers.

Click Here for a Free Astoria NY Real Estate Market Report

Astoria_Ditmars_Residential_Neighborhood_in_Fall_of_2012

21. Many Spanish Americans live in Astoria, with most of them being of Galician heritage from Northwestern Spain; this community being supported by the Casa Galicia, or Galicia House.

22. At one time, many Bangladeshi Americans settled in Astoria, but by 2001, many of the Bangladeshi American people in Astoria had moved to Metro Detroit. A survey of an Astoria-area Bengali language newspaper estimated that, in an 18-month period until March 2001, 8,000 Bangladeshi people moved to the Detroit area.

23. There is some debate as to what constitutes the geographic boundaries of Astoria. The neighborhood was part of Long Island City prior to the latter’s incorporation into the City of New York in 1898, and much of it is still classified as LIC by the USPS.

24. The area south of Astoria was called Ravenswood, and traditionally, Broadway was considered the border between the two. Today, however, many residents and businesses south of Broadway identify themselves as Astorians for convenience or status, since Long Island City has historically been considered an industrial area, and Ravenswood is now mostly a low-income neighborhood.

25. The eastern end of Astoria, with Steinway Street as its main thoroughfare, is sometimes referred to simply as “Steinway”.

Click Here to find 1 BR Coops and Condos for Sale in Astoria NY

26. The northern end around Ditmars Boulevard is sometimes referred to as “Ditmars”.

27. Banners displayed on lamp posts along 30th Avenue refer to it as “the Heart of Astoria”.

28. Ravenswood is the name for the strip of land bordering the East River in Long Island City, and is part of Astoria.

29. Ravenswood remained an exclusive hamlet within the Town of Newtown until its absorption with the Village of Astoria and the hamlets of Hunters Point, Blissville, Sunnyside, Dutch Kills, Steinway, Bowery Bay and Middleton in Newtown Township into Long Island City in 1870.

30. In 1870, Ravenswood, along with several other hamlets and the Village of Astoria, merged to form Long Island City.

Click Here to find 2 BR Coops and Condos for Sale in Astoria NY

Astoria_1024px-MoMI2

31. Ravenswood was heavily commercial, and remains so to this day. However, the name has retained its residential character through the New York City Housing Authority project that was built in 1949 to 1951 with this name between 34th and 36th Avenues, and 12th and 24th Streets.

32. The Ravenswood name also identifies the large electric power station established along the shore of the East River, just south of the Roosevelt Island Bridge.

33. Ditmars is a middle class section of Astoria bounded by Bowery Bay to the north, 31st Street to the east (boundary with the adjacent neighborhood of Steinway, with which Ditmars is sometimes confused), 23rd Avenue to the south and the East River on the west.

34. The Steinway neighborhood was largely developed as a company town by the Steinway & Sons piano company, and included houses and public facilities that were also available to non-employees.

35. The Ditmars neighborhood was not included in the Steinway & Sons company housing and related facilities project.

36. Ditmars is considered to be a popular neighborhood among young professionals and in some real estate references the adjacent neighborhoods of Ditmars and Steinway are joined as a single “Ditmars-Steinway” reference.

37. The Ditmars neighborhood takes its name from Ditmars Boulevard which was named in honor of Raymond Lee Ditmars, (1876-1942) famed American herpetologist and curator of Reptiles of the New York Zoological Society at the Bronx Zoo.

38. Astoria Heights, or Upper Ditmars, is bounded by Hazen Street to the west, La Guardia Airport to the east, Bowery Bay to the north, and Astoria Boulevard and the Grand Central Parkway to the south. It is mostly a quiet middle class neighborhood of 1 and 2 family private homes.

39. The Riker-Lent Homestead is near the north end of Astoria Heights at 78-03 19th Road. Built around 1655 by Abraham Riker under a patent from Nieuw Nederland’s last governor, Peter Stuyvesant, it is believed to be the oldest remaining dwelling in New York City still used as a residence.

40. Before Prohibition, there were dance halls, picnic areas and amusement park rides at North Beach.

Ditmars-Steinway Astoria Living

41. The Rikers Island Bridge to New York City’s main prison, Rikers Island, runs from the north end of Hazen Street. Technically, Rikers Island is in the Bronx since New York City took it over from Long Island City in 1884, after it had annexed the South Bronx but before it consolidated Queens. However, like Astoria Heights, Rikers Island gets its mail from the East Elmhurst (Zip code 11370) station of the Flushing Post Office.

42. Astoria is served by the E M R trains of the New York City Subway that stop at Steinway Street and 46th Street stations on the underground IND Queens Boulevard Line as well as the N Q trains which run along the elevated BMT Astoria Line above 31st Street.

43. The primary streets running north-south are Vernon Boulevard along the East River; 21st Street, a major traffic artery with a mix of residential, commercial and industrial areas; 31st Street; and Steinway Street (named for Heinrich Engelhard Steinweg (later Henry E. Steinway), founder of the piano company Steinway & Sons).

44. Steinway Street is a major commercial street with many retail stores, and a very prominent Middle Eastern section between Astoria Boulevard and 28th Avenue, the area is full of Middle Eastern food restaurants which present some local types of food from Lebanon, Egypt and Morocco, most food in these restaurants is Halal to suit the Muslim residents who are main customers in this neighborhood.

45. Because of its proximity to Manhattan and semi-reasonable rents, Astoria has become home to an ever-increasing number of fledgling actors lending to the nomenclature “Actoria”—a term coined by Astorian actor/writer Jason Arcaro who moved to Astoria in the 1990s before the thespian “coup de main”.

46. The Robert De Niro film GoodFellas (1990) was filmed on location in Astoria.

47. The Showtime original series Nurse Jackie is shot at Kaufman Astoria Studios as well as on location in Astoria.

48. The Netflix original series Orange Is the New Black is shot at Kaufman Astoria Studios as well as on location in Astoria.

49. The block of 37th Street between Ditmars Boulevard and 23rd Avenue is sometimes referred to as “the Seinfeld Street.” In the Seinfeld television show, this street is occasionally seen in external establishing shots as the block where George Costanza’s parents live.

50. Kaufman Astoria Studios has been longtime host to the PBS series Sesame Street and has been credited with local shoots on films like The Stepford Wives, the 2009 remake of The Taking of Pelham 123, and the Golden Globe-winning Angels in America.

Blog courtesy of George & Abigail Herrera w/the Queens Home Team at Keller Williams Realty.

George and Abigail Herrera_Queens Home Team Keller Williams Realty75-35 31st Ave, Ste. 202 | Queens, NY 11370 | 718.869.0270

BUY: www.exclusivequeenshomes.com | SELL: www.queenshomeselling.com

Briarwood Homeowner Cashes out on Home and Heads to Florida for Retirement…

1_Home for Sale in Kew Garden Hills_Kew Garden Hills Homes for Sale_Kew Garden Hills Real Estate (71)We recently closed on one of our single family home listings in Briarwood, Queens. This one was listed for $750K and sold for $761K in less than 60 days. The seller of this property was actually referred to us from another agent down in Florida who was helping her find a home down there. The owner’s first language was spanish, so the agent was looking for a spanish speaking agent in queens who could assist her with the sale of her house in Briarwood. He called us and immediately felt comfortable sending us the referral since we know Briarwood very well, and more importantly, we always stress to agents that we will take care of their referrals as if they were our very own family. This is 100% true, and I think people sense that…

We called the owner, set up a meeting, and spoke to her about her selling options. When we first met her I felt like I was speaking to a person that could be one of my Aunts. This was one of those people who could easily be taken advantage of by one of those immoral and unethical agents. We love meeting sellers like this because we know that they’ll be in good hands with us. On top of that, she lived alone and recently had hip surgery. She lived in this house for close to twenty years and was finally ready to move to Florida so she could escape this cold. She was also tired of the stairs in her house because of the hip surgery. Now that we knew her goals, we were ready to go to work and help get her to Florida! We made sure she felt comfortable with the process and assured that one of our team members would be at the showings to make sure she had us on her side at all times…

Click here to see a list of one homes for sale in Briarwood NY

Now, the biggest selling point for this house was the fact that she just renovated the entire property due to a small isolated fire in the living room. Fortunately her insurance company wanted her to renovate the whole house so they paid for a large scale renovation instead of just the living room. In other words, the condition of the home was excellent! In addition, the house was much larger than your standard one family in Briarwood, and it also had room for 8 car parking (3 in front, 3 in driveway, and 2 in backyard). The downside was that it was right on Main St close to the intersection of GCP and Main St. We knew that we would likely get some negative feedback about the busyness of the area but we felt confident that there were enough positive selling points to overcome that objection.

Pricing was a little difficult because the highest sale price in all of Briarwood at the time was in the mid $600s. However, there was a large one family within a quarter mile (in Kew Garden Hills) which was listed for $749K and recently went under contract. Considering the fact that this one was similar in lot size, livable square footage, and condition, we suggested a list price of $750K. We scheduled the photography session, staged the property, and hit the market. We have an extremely aggressive marketing plan for our Queens’ listings so as soon as we listed it, our phones and emails were blowing up. We pushed all first showings to the first open house in order to create urgency, and we ended up having a huge turnout. After the first weekend showings, we had multiple offers on the property. Most were below asking price, and one very close.

Click here to find out how much your Briarwood home is worth

We ended up negotiating a full price offer for our client and got a deal going. This was great news, and our client was very excited since this would be the highest sale price for the entire neighborhood. After accepting the full price offer, the buyers asked if they could see it one more time, this time with their parents. Once the parents came to see it, they ended up backing out on us due to the fact that the parents didn’t like the street noise. Luckily we know to not stop showing even if we have an accepted offer so as soon as they backed out on us, we were already negotiating another offer very close to asking price. Now, being that we already had a full price offer on the previous deal, our client was not accepting anything below full price. This can happen sometimes, but frankly, we don’t mind because if one buyer was willing to pay it, then surely others will, it’s just our job to get them there.

So, we ended up negotiating another full price offer, but before we could get the deal going, something happened. One of the owner’s neighbors saw that she was selling and knocked on her door to express her family’s interest to buy the property. Now, this was great news because we offer our clients discounts on the commission if they are able to find us the buyer. That means that with this new offer, she would end up netting 2% more money from the sale! So naturally, we accepted the offer. The owner was so happy to be selling to the neighbor, and also to be netting more, that she said we don’t need to show the house anymore. We advised against it, but she felt confident that they were buying it since she knew them personally. They decided to bypass the inspection since it was recently renovated, but a few days later, the buyers said they wanted to see it again, this time with their parents (sound familiar?). As you can probably guess, these buyers ended up backing out on us as well because the parents didn’t like it. The bad news this time is that we stopped showing, so we lost out on several potential buyers while we were waiting to go into contract.

Click here for a free Briarwood real estate market report

We started from square one, relaunched all marketing activities, and got to work. After a few weeks, we had some new traction. Two buyers who really wanted the place! This time we were able to negotiate the prices over asking price, and on top of that, they were all cash offers which means no bank involved. We were worried about appraisal issues so this was a huge relief…

Ultimately, the owner ended up taking the second highest offer, because there was no selling contingency. We got the deal going immediately, and this time the buyer looked very serious to go into contract immediately. They scheduled an inspection which didn’t turn up anything alarming aside from a leak in the basement that the owner quickly resolved. We finally went into contract and were on our way to getting our client to Miami where she longed to be.

Contract to close was fairly smooth, a few speed bumps here and there, but nothing we haven’t experienced before. The owner needed an extra month or so to get things ready and the buyer was happy to accomadate… Once the closing date drew closer, we scheduled the final walk through on the morning of the closing date. This was one of the most pleasant walk throughs we’ve conducted because the buyer’s whole family came with them (mom, dad, kids, etc). The owner was almost done clearing the house out and it looked great, even bigger than the buyers remembered! Baby was running around the house, apparently marking her new found territory:) The buyers looked so happy to be moving in, and they had a certain gittyness that you rarely see from working NYC professionals! They asked us to take a picture of the family in front of the house, and it felt like we were in a real estate commercial. These are the times when we really get a lot of fulfillment in what we do… Most importantly, our client was packing up everything for the drive down to Florida and she was just as happy to be nearing the beginning of her retirement. Her daughter (who lives in the Bronx) was driving her down to Florida and she looked as if she was contimplating the move as well:)

Click here to see a list of multi family homes for sale in Briarwood NY

We were so happy for her, and when she got her net proceeds check at the closing (over $500K), we were excited to see that she had a nice chunk of change to retire with. As we grow, and as we continue to get more seller referrals, we are starting to realize that there is a large amount of empty nesters and baby boomers who are relocating to the south. We hope to find more of these families so that we can help them get the best return on their investment while making the process as smooth and hassle free as possible. Congratulations to our client as she begins this new exciting chapter of her life! Another fulfilling sale for the Queens Home Team…

Courtesy of George & Abigail Herrera w/the Queens Home Team at Keller Williams Realty

George and Abigail Herrera_Queens Home Team Keller Williams RealtyBUY: www.exclusivequeenshomes.com | SELL: www.queenshomeselling.com

Queens Real Estate Market Report: SEP 2015

Queens_Real_Estate_Market_Report_SEP_2015

 Queens Real Estate Market Update 

Existing home sales hit a high for the year in August, however, year-over-year sales were still down. Inventory remains tight on a county level as the increased demand for homes continues to outpace the number of homes coming onto the market. The pace of year-over-year price increases slowed somewhat in August, and on a monthly basis prices remained consistent. Prices typically peak in June and slowly decline for the remainder of the year, however, prices in Queens actually peaked in August this year. Mortgage rates remain subdued at the moment as recent market turmoil has likely caused the Federal Reserve to reevaluate the timing of any interest rate increases that may occur this year. Overall, the Queens real estate market has remained the same throughout most of the year and we are seeing a steadiness in buyer activity mainly due to the anticipation of a rate increase by end of year.

  • Month’s Supply: 6.75 Months
  • Last Month: 6.9 Months
  • Last year: 7.9 Months

*Month’s supply over 6 months is said to favor buyers, month’s supply below 6 months is said to favor sellers, and month’s supply of 5-6 months is said to be a balanced market.

Queens_Real_Estate_Market_Update_SEP_2015

Interest Rates

Queens_NY_Interest_Rates30-year interest rates took a slight downward tick in August amid serious turmoil in global markets. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 3.93%; 15-year fixed rate, 3.15%; 5/1-year adjustable rate, 2.94%.

 

Queens Home Sales

Queens_Real_Estate_Market_Home_Coop_Condo_Sales_SEP_2015Homes sold at a seasonally adjusted annual rate of 726 homes in August, up 3.0% from July and down 8.3% from the same month of the previous year. August posted an 8 month high for home sales this year. Most indications show continued strength in the housing market in the next few months to come, however, interest rates can affect buying power, which ultimately affects home sales and prices so we will need to monitor this closely through the end of year. Specifically, Residential home sales are down 4.7%; Condo home sales are down 16.2%; And Coop sales are down 12.1% compared to August of last year.

Click Here to Find out How much your Home is worth in Today’s Market

Queens Home Prices

Queens_Real_Estate_Market_Home_Coop_Condo_Prices_SEP_2015Home prices rose  slightly in August to $425,000, up 1% from July but still up 6% from the same month of last year. As we move into the fall months, we should begin to see some seasonal alleviation on prices; however, year-over-year gains will likely remain strong. Specifically, Residential home prices are up 1%; Condo prices are up 4.5%; And Coop prices are up 15.4% compared to August of last year.

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Queens Housing Inventory

The actual number of homes for sale in Queens is down 18% compared to the same month of the previous year. This led to the months of supply inventory, which measures the relationship between supply and demand, to drop to 6.75 months. This number remains tight as low interest rates spur more buyers to enter the market. New home construction has recently shown signs of increasing; however, this recent uptick has not yet been enough to alleviate pressure on existing homes. Specifically, there are currently 2,796 homes for sale in Queens; 512 Condos for sale; And 1,293 Coops for Sale, equaling a total of 4,601 homes for sale in Queens.

Click Here to see Active Homes for Sale in Queens

 

Blog Courtesy of George & Abigail Herrera w/the Queens Home Team at Keller Williams Realty Landmark II. 
George and Abigail Herrera_Queens Home Team Keller Williams Realty
BUYwww.exclusivequeenshomes.com | SELLwww.queenshomeselling.com