This Month in Queens Real Estate: MAR 2015

TMIQRE QHT HeaderWebMarch 2015 Queens NY Market Update

Homes sales declined in February on a monthly basis, and continued to show declines year-over-year. Prices followed a similar pattern as the sales, posting a monthly decrease, however, prices remain well above the previous year’s levels. Inventory tightened slightly coming out of February and things have remained very tight with winter being the usual lowpoint for the year. However if inventory remains low moving into the warmer months, it could constrain home sales even further and cause larger price increases.

Month’s Supply: 5.7 Months

Last Month: 5.6 Months

Last year: 7 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.

Interest Rates

rates30-year rates remain below 4% but have begun to trend back upward after dropping in the second half of last year amid concerns around the global economy. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 3.76%; 15-year fixed rate, 3.05%; 5/1-year adjustable rate, 2.97%.

Queens NY Home Sales

queens real estate market report _home sales march 2015The seasonally adjusted annualized rate of Queens home sales declined from January to February to a pace of 564 homes, a 3.3% decline. Queens home sales were 1.4% lower than the same month of the previous year, with February making eleven months in a row of year-over-year decreases. Residential home sales are up 6.4%, Condo sales are down 31.1%, and Coop sales are down 3.7% from the same time last year.

Queens NY Home Prices

queens real estate market report _home prices march 2015The median home price for Queens reported by the Long Island Board of Realtors declined 4.7% in February to $405,000. Queens Home Prices, however, remain 9.6% higher than the same month of the previous year. The consistent rise in year-over-year price growth is probably due to low inventory levels in the last 12+ months. Residential home prices are up 9.3%, Condo home prices are up 11%, and Coop prices are up 2.4% from this time last year.

Queens NY Housing Inventory

The number of homes available decreased 27% compared to the same month of the previous year, with 3,902 Queens’ homes available for sale in February. This translated to 5.7 months of supply. Inventory will likely remain low during the cooler months of the year and then loosen as the weather warms. Still Inventory levels are extremely low, and the low inventory is continuing to drive price increases across the county. With the Spring market right around the corner, we may see a large amount of pent up demand hit the market soon, otherwise, we will likely see the same market conditions persist for most of the year.

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

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

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This Month in Queens Real Estate: FEB 2015

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February 2015 Queens NY Market Update Web

Home sales continued to decrease in January, significantly below last year, however, inventory ticked up slightly. In response to the low inventory levels and low interest rates, prices increased on a monthly basis; however, the yearly increase remained in the 4%–6% range for the third consecutive month now, a positive sign that home price growth has stabilized at a more sustainable level. Recently announced programs aimed at increasing credit accessibility to first-time home buyers and low-to-moderate income borrowers will likely stimulate market demand for Queens’ homes in 2015.

Month’s Supply: 5.6 Months – Last Month: 5.5 Months – Last Year: 6.6 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.

Interest Rates

Queens_NY_Interest_Rates

30-year rates remain below 4% after dipping in December due to concern surrounding the global economy and Europe. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 3.63%; 15-year fixed rate, 2.93%; 5/1-year adjustable rate, 2.83%.

Queens NY Home Sales

Queens_NY_Real_Estate_Market_Home_Sales_February_2015

The seasonally adjusted annualized rate of home sales for Queens County decreased year-over-year for a tenth consecutive month in January to reach 567 homes, coops, and condos sold. The pace of sales decreased 24.7% below last month’s sales pace, and was 16.4% below the same month of the previous year. The current accommodative interest rates will hopefully support stronger sales in the near future. Residential 1-3 family home sales are down 14.7%, Condo sales are down 20.3%, and Coop sales are down 17.7% from the same time last year.

Queens NY Home Prices

Queens_NY_Real_Estate_Market_Home_Prices_February_2015

The median home price for Queens County in January was $420,000, according to the Long Island Board of Realtors. This was 5% above the previous month and 13.5% above the previous year. This was the seventh consecutive month of year over year increases in home prices. Residential 1-3 family home prices are up 14.8%, Condo prices are down 3.4%, and Coop prices are up 10.5% from the same time last year.

Queens NY Housing Inventory

Queens_NY_Real_Estate_Market_Home_Sale_Trends_February_2015

The number of homes available decreased 25.3% compared to the same month of the previous year, with 3,989 Queens homes available for sale in January. This translated to 5.6 months of supply. The decrease in pace of sales is adding to already tightening inventory conditions so inventory will likely remain low during the cooler months of the year, and then loosen as the weather warms.

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

BUYwww.exclusivequeenshomes.com | SELLwww.queenshomeselling.com

This Month in Queens Real Estate: JANUARY 2015

TMIQRE HeaderWebJanuary 2015 Queens NY Market Update 

The pace of existing home sales increased in December, but remained below that in the same month of the previous year. Home prices declined as we moved in to the cooler months, when seasonal declines in both prices and inventory are normal. Inventory dipped slightly and remained below last year’s levels as well. The year-over-year drop in sales pace is due largely in part to the continued decrease in inventory across the county. Anticipation of a continued drop in mortgage rates may also have played a role, as rates have continued to decline despite having already dipped below the previous year’s rates.

Month’s Supply: 5.5 Months

Last Month: 6.2 Months

Last year: 6.3 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.

Interest Rates

Queens_NY_Interest_Rates

30-year rates have continued to dip after moving below last year’s rates. Concerns about global growth and uncertainty around other global events have continued to put downward pressure on interest rates. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 3.80%; 15-year fixed rate, 3.09%; 5/1-year adjustable rate, 2.95%.

Queens NY Home Sales

Queens_NY_Real_Estate_Market_Home_Sales_January_2015

The seasonally adjusted annual rate of existing Queens home sales rose to 732 homes in December. This was a 14.7% increase from the previous month but was still 8.7% below the rate of Queens home sales from December of the previous year. The year 2014 has been a solid year for existing home sales coming off of the previous year’s jump in both sales in prices but we have seen year-over-year decreases for nine consecutive months since April of 2014. We look for 2015 to be another solid year for home sales because demand is high and the rate is still very low, however, this is only if more inventory finally hits the market. Residential home sales are up .7%, Condo sales are down 57%, and Coop sales are down 5.2% from this time last year.

Queens NY Home Prices

Queens_NY_Real_Estate_Market_Home_Prices_January_2015

The median home price in Queens was $403,500 in December. This was a 3.9% drop from the previous month, but is still 6.9% up from the same month of the previous year. In 2014, we’ve seen housing prices return to sustainable growth rates in the 4-6% range. This pattern will likely continue in 2015, with some potential for slightly slower year-over-year gains, depending on how inventory and new home construction develop next year. Residential home prices are up 11.3%, Condo prices are down 5.6%, and Coop prices are up 10.2% from this time last year.

Queens NY Housing Inventory

The number of homes available decreased 11% from the previous month and decreased 23.4% compared to the same month of the previous year, with 3,978 Queens homes available for sale in December. This translated to 5.5 months of supply, as the slower sales pace moved in line with inventory levels. As we move into the cooler months of the year, we will likely begin to see inventory continue to tighten slightly.

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

BUYwww.exclusivequeenshomes.com | SELLwww.queenshomeselling.com

This Month in Queens Real Estate: DEC 2014 (Month’s Supply = 6.2 Months)

Queens NY Real Estate Market Report and TrendsWebDec 2014 Queens NY Market Update 

The pace of home sales continued to decrease in November and inventory continued to track below last year’s levels as well.  Sales are well below those seen in the same month last year while prices are well above those seen in the same month last year. Prices continued to track above those from the previous year. Inventory continued to decline heading into the colder months of the year, and they continued to remain below last years levels as well, resulting in fewer home sales. Inventory will likely continue to tighten in upcoming months, but it is unsure what will happen as a result of the decrease in home sales that have been consistently below last year’s levels.

Month’s Supply: 6.2 Months

Last Month: 6.3 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.

Interest Rates

Queens_NY_Interest_Rates30-year rates remain below 4% after dipping last month due to concern surrounding the global economy and Europe. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 3.99%; 15-year fixed rate, 3.17%; 5/1-year adjustable rate, 3.01%.

Queens NY Home Sales

Queens_NY_Real_Estate_Market_Home_Coop_Condo_Sales_DECEMBER_2014

The seasonally adjusted annualized rate of home sales reached 618 homes in November, this was the lowest pace of sales for all of 2014. The pace of sales decreased 16.7% below last month’s sales pace, and was 16.8% below the same month of the previous year. This was the eighth consecutive month of year-over-year decreases in home sales for 2014. Residential home sales are down 11%, Condo sales are down 30%, and Coop sales are down 21% compared to November of last year.

Queens NY Home Prices

Queens_NY_Real_Estate_Market_Home_Coop_Condo_Prices_DECEMBER_2014

The median home price for Queens County in November was $415,000, according to the Long Island Board of Realtors. This was .9% below the previous month and 9.2% above the previous year. Year-over-year price growth has been at an average of 7.6% for five consecutive months now, a sign that home prices are still increasing at a significant rate, however, coupled with the consistent decrease in home sales over the second half of the year, it is likely that home prices should stabilize to a more sustainable level in 2015. Residential home prices are up 6.5%, Condo prices are down 1.5%, and Coop prices are up 2.5% compared to November of last year.

Queens NY Housing Inventory

The number of homes available decreased 21.9% compared to the same month of the previous year, with 4,469 Queens homes available for sale in November. This translated to 6.2 months of supply. The decrease in the pace of sales is likely due to lack of inventory, not a lack of demand. We are still experiencing a tightening in inventory conditions which is affecting the purchasing options for Queens home buyers. As we move into the cooler months of the year, we will likely begin to see inventory tighten more for the first quarter, but we are hopeful that more inventory will hit the market in 2015 to help stabilize the pace of sales across the county.

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

BUYwww.exclusivequeenshomes.com | SELLwww.queenshomeselling.com

This Month in Queens Real Estate: NOV 2014 (Month’s Supply: 6.3 Months)

TMIQRE HeaderWebNov 2014 Queens NY Market Update 

Queens home sales are down for the third month in a row from August – October. Home sales are also remaining significantly below last year’s levels, according to the Long Island Board of Realtors. Prices increased on a year-over-year basis for 4 consecutive months as of October, and surprisingly the magnitude of the gains has increased over the last two months. Inventory declined again as we began to move out of the peak season for home sales. Buyers will likely see seasonal declines in inventory in the coming months, and at the rate of home price increases, we can expect to see more year over year increases throughout the end of year. This combined with declines in interest rates could present some opportunity for Queens home buyers to see a slight bump in what they could afford.

Month’s Supply: 6.3 Months (Last Month: 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.

Interest Rates

Queens_NY_Interest_Rates

30-year rates dropped below 4% for the first time since last Summer as worrisome economic news from Europe affected US markets. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 3.97%; 15-Year fixed rate, 3.18%; 5/1-Year adjustable rate, 2.92%.

Queens NY Home Sales

Queens_NY_Real_Estate_Market_Home_Coop_Condo_Sales_NOVEMBER_2014

The seasonally adjusted annualized rate of Queens home sales reached 711 homes in October, its lowest pace since June of this year. The pace of sales decreased 4.2% below last month’s sales pace, and was 19.8% below the same month of the previous year. The continuing accommodative interest rates will likely continue to support strong sales in the near future. Residential 1-3 family home sales are down 17.6% from last year. Condo sales are down 12.2% year over year. And Coop sales are down 24.6% compared to the same month last year.

Queens NY Home Prices

Queens_NY_Real_Estate_Market_Home_Coop_Condo_Prices_NOVEMBER_2014

Queens home prices rose on a month-to-month basis in October, up 4.8% to a median price of $419,000. Year-over-year prices increased 14.8% in October, the highest year over year increase this year and continuing the year’s pattern of a more sustainable price growth path. The recent drop in interest rates, however, could put some increased pressure on prices, leading to a return of more common year-over-year gains. Residential 1-3 family home prices are up 16.7% from last year. Condo prices are up 6.4% year over year. And Coop sales are up 2.1% compared to the same month last year.

Queens NY Housing Inventory

The number of Queens homes available decreased 24.8% compared to the same month of the previous year, with 4,486 Queens homes available for sale in October. This translated to 6.3 months supply, with the decrease in the pace of sales creating a tightening in inventory conditions. As we move into the cooler months of the year, we will likely begin to see inventory tighten even more.

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

BUYwww.exclusivequeenshomes.com | SELLwww.queenshomeselling.com

This Month in Queens Real Estate: OCT 2014

TMIQRE HeaderWebOct 2014 Queens NY Market Update

The pace of Queens home sales reached its second-highest rate of 2014 in September, but was slightly slower than the previous month and remains below 2013 levels. Prices however, saw an increase over last year, but remained the same as last month’s median home price. Prices continue to post year-over-year gains, but at a slower pace than earlier in the year. Interest recently saw a small increase, but a steady rise in rates does not yet appear to have materialized as a broader trend.

Month’s Supply: 6.9 Months (Last Month: 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.

Interest Rates

Queens_NY_Interest_Rates30-year rates increased 13 basis points from the same week of the previous month, showing the first significant movement in rates in recent months. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 4.23%; 15-year fixed rate, 3.37%; 5/1-year adjustable rate, 3.06%.


Queens NY Home Sales

Queens_NY_Real_Estate_Market_Home_Coop_Condo_Sales_OCT_2014

The seasonally adjusted annualized pace of Queens home sales dropped 3.9% in September compared to the previous month. Queens home sales were down 9.5% compared to last September which posted one of the highest pace of sales in 2013. Residential home sales are down 9.5%, Condo home sales are down 14%, and Coop home sales are down 8.4% from this time last year.


Queens NY Home Prices

Queens_NY_Real_Estate_Market_Home_Coop_Condo_Prices_OCT_2014

Queens NY home prices remained the same in September, with median home price coming in at $400,000. However, year-over-year prices continue to increase, with September showing an increase of 7.4%. Year-over-year price gains in the 4–6% range are a continued indication that the Queens housing market has returned to a more stable balance between available inventory and the pace of home sales. However, in many areas across the county, there is still an uneven balance of high demand and very limited inventory. Average home prices came in at $449,465, an increase of 3.6% compared to this time last year. Residential home sales are up 2.7%, Condo home sales are up 16.8%, and Coop home sales are up 10.6% from this time last year.


Queens NY Housing Inventory

The number of Queens homes available for sale was down 22% from last year, with 4,707 homes, coops, and condos available for sale in September. That translates to 6.9 months of supply, keeping the market slightly in favor of sellers. With less Queens homes on the market, buyers will have even less options, and in many local markets timeliness will still be a factor when putting in an offer on a home.


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

BUYwww.exclusivequeenshomes.com | SELLwww.queenshomeselling.com

This Month in Queens Real Estate: SEPT 2014

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WebSept 2014 Queens NY Market Update 

In August, the pace of home sales continued to improve amid decreasing inventory levels and interest rates below last year’s. This summer’s housing market has presented opportunity to buyers with low interest rates and slower price increases in Queens, helping to alleviate the affordability crunch created by last year’s rapid price gains. Queens Home Sellers remain well positioned in most local markets with price gains continuing, albeit at a slower pace than last year.

Month’s Supply: 7.9 Months (Last Month: 8.4 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.

Interest Rates

Queens_NY_Interest_Rates

30-year rates dropped 3 basis points from the same week of the previous month, continuing this year’s streak of relatively flat and occasionally falling mortgage rates. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 4.10%; 15-year fixed rate, 3.23%; 5/1-year adjustable rate, 2.95%.

Queens NY Home Sales

Queens_NY_Real_Estate_Market_Home_Coop_Condo_Sales_SEPT_2014

The pace of Queens home sales rose 6.2% in August to a seasonally adjusted annual pace of 792 homes. This is down 10.2% from the same month of the previous year; however, the portion of sales that were distressed is down significantly from last year. This means that conventional sales are likely higher than in August of last year. Residential home sales are down 9.8% from this time last year, Condo home sales are down 32% from this time last year, and Coop sales are down a slight 3.2% from this time last year.

Queens NY Home Prices

Queens_NY_Real_Estate_Market_Home_Coop_Condo_Prices_SEPT_2014

Median home prices continued to increase in August, increasing by 3.8% to $401,000. This is up 3.5% from last year, continuing the summer’s pattern of sustainable increases in Queens home prices. Residential home prices are up 11.7% from this time last year, Condo home prices are up 3.1% from this time last year, and Coop home prices are up 6.5% from this time last year. All in all, home, Coop, and Condo prices are continuing to increase this year.

Queens NY Housing Inventory

The number of homes available for sale was down 6.6% from last year, with 5,627 Queens Homes, Coops, and Condos available for sale in August. That translated to 7.9 months of supply, keeping the market slightly in favor of sellers in most neighborhoods, especially Residential and Condo home sellers. With less homes on the market across Queens county, buyers have less options so in many markets timeliness will be a big factor when putting in an offer on a home, coop, or condo.

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

BUYwww.exclusivequeenshomes.com | SELLwww.queenshomeselling.com