This Month in Forest Hills Real Estate: AUG 2014
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This Month in Forest Hills Real Estate: August 2013
Courtesy of George & Abigail Herrera w/the Queens Home Team @ Keller Williams Realty Landmark
BUY: www.ExclusiveQueensHomes.com | SELL: www.QueensHomeSelling.com
This Month in Forest Hills Real Estate: July 2013
Forest Hills NY Real Estate Market Snapshot
Forest Hills NY Home Sales: 44 – Last Year: 50
Forest Hills NY Median Home Price: 257,500 – Last year: $250,000
Inventory: 375 – Last year: 534
Month’s Supply: 7.3 Months
Forest Hills NY Home Sales
Forest Hills NY Home Prices
Courtesy of George & Abigail Herrera w/the Queens Home Team @ Keller Williams Realty Landmark II.
BUY: www.ExclusiveQueensHomes.com | SELL: www.QueensHomeSelling.com
| June 2013 | George@QueensHomeTeam.com |
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Copyright 2013 by MLSLI. Any dissemination or reproduction of this information in violation of copyright laws is strictly prohibited. While believed to be accurate, MLSLI does not guarantee its accuracy. This report was generated Tue Jul 16 13:31:34 PDT 2013. |
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This Month in Forest Hills Real Estate: June 2013
June 2013 Forest Hills Market UpdateThe recovery of the Forest Hills housing market now appears to be well under way. Month’s supply is now at 7.6 months which means we are moving closer to a balanced market. While demand is still high even with credit conditions constraining buyers, the low level of inventory is having a significant effect in the neighborhood, especially with residential homes and condos. Due to current market conditions, March, April, and May saw a significant jump in sales velocity. April & May typically see the most significant gain in inventory in any given year, meaning low levels of inventory are likely to persist throughout the year. Residential and Coop prices continued to rise in May, however, condo prices are down. Homes sales have continued to rise, but prices overall are down a modest percentage year over year and have been for six consecutive months. With affordability still at historically high levels, the market is continuing to improve, and inventory lending advantage to sellers, it could be an opportune time for a well-informed buyer or seller to enter the market.
Time it would take to sell the current inventory at the current rate of sales:
- This Month – 7.6 months
- Last Month – 8.8 months
- Last Year – 11 months
Interest Rates
Interest rates ticked up to 4.125% this month. With yields on treasuries rising due to overall economic recovery and anticipation of the Federal Reserve cutting back on monetary easing, we could see mortgage rates slowly trend up in the future.
Forest Hills NY Home Sales
Home sales in May reached a seasonally adjusted annual rate of 54, an 46% increase from April and an 8% increase from May of 2012. This is the fastest annual sales pace the market has seen since the 2009 tax credit. May would have been the sixth consecutive month of year-over-year gains, however, super storm Sandy caused sales to dip in February. Even with these gains, the market is still being constrained by tight credit and inventory. The robust housing market recovery is occurring in spite of tight access to credit and limited inventory. Without these frictions, existing-home sales easily would be well above the current pace.
Forest Hills NY Home Prices
Median home price was $250,000 in May, no change from April but a 2.9% decrease from the same month last year. This makes May the sixth consecutive month of year-over-year price drops. This is mainly true for Coops because there are still hundreds of Studios & 1 bedroom Coops that are sitting on the market due to low demand for them. Junior 4 apts and two bedroom apts are still the most popular choice among Forest Hills home buyers so prices have increased modestly for these types of homes. Residential inventory is very scarce, so prices have actually been increasing for these types of property as well and it is very likely that residential home sellers can receive up to, if not over asking price for their homes right now.
Forest Hills NY Housing Inventory
Inventory saw a moderate decrease in May, dropping 5% from April levels to 367 existing homes for sale, that’s 25.3% lower than what we saw in May of 2012 and is still representative of a somewhat balanced market in the neighborhood. Residential Homes are in high demand among buyers, however, we are experiencing the biggest shortage with these types of properties. There is still a large supply of Coops on the market and Buyers typically have more leverage at the negotiating table when it comes to studio Coops & 1 bedroom Coops, not so much with Junior 4’s and 2-3 bedrooms due to the higher demand. In any case, there are still less Coops on the market than there were last year so if you are a Forest Hills Coop owner, now may be a good time to cash out before inventory levels increase again.
Courtesy of George & Abigail Herrera @ Keller Williams Realty Landmark II.
BUY: www.ExclusiveQueensHomes.com | SELL: www.QueensHomeSelling.com
This Month in Forest Hills Real Estate: May 2013
February 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.
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.
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.
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.
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 Forest Hills Real Estate: April 2013
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
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
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
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.
This Month in Forest Hills Real Estate: March 2013
February 2013 Forest Hills Market Update
The Forest Hills housing market is showing some improvement. The main trend to call attention to is the tightening inventory. Home prices are still below year-ago levels, but housing demand has picked up, resulting in low levels of inventory in many areas of Forest Hills.
Tight inventory is a major factor in the market. Buyer traffic is continuing to pick up, while seller traffic is holding steady. Inventory is low for a number of reasons: Housing demand has picked up, banks have slowed the pace of foreclosures, and many homeowners who wish to sell their homes simply cannot because they do not have enough equity to make a down payment on their next home. However, as home prices continue to rise and more people can afford to sell their homes, inventory levels will increase.
The typical Forest Hills home is taking 3 days longer to sell, than it did a year ago. Now marks one of the most favorable times to buy or sell a home in Forest Hills. There is an urgency to buy now while mortgage rates are at record lows and before home prices increase more significantly.
Absorption Rate/Month’s Supply Time it would take to sell the current inventory at the current rate of sales:
- This Month – 10.2 months
- Last Month – 7.2 months
- Last Year – 9.9 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. Forest Hills NY
Interest Rates
Mortgage rates are still low, but have risen slightly this month to around 3.56%. Last month, NAR President Gary Thomas stated that even though interest rates should gradually rise as the year progresses, they are still expected to stay below 4% during the first half of the year.Forest Hills NY Home Sales
Home sales this month decreased by 30.2% from last month to a current seasonally adjusted rate of 37 units, down 24.5% from year-ago levels. Residential 1, 2, and 3 family home sales decreased from 7 home sales in 2012 to 5 home sales in February 2013. Condo sales dropped from 5 condo sales in February 2012 to 2 sales in February 2013. Coop home sales also decreased from 37 units sold in February 2012, to 30 units in February 2013.
Total Number of Homes Sold: 37
- Residential Homes Sold: 5
- Condo Homes Sold: 2
- Co-Op Homes Sold: 30
Forest Hills NY Home Prices
The current median home price rose this month to $300,000, and it is 4.5% below year-ago prices, marking February as the first month of year-over-year price decreases, which last occurred in August of last year (2012). This decrease in median home price can be directly attributed to the decrease in home sales. However, if home sales pick up, and with the low inventory levels that we’re experiencing, home prices can surely be expected to rise.
Median Home Sale Price: $300,000
- Residential Median Sale Price: $637,000
- Condo Median Sale Price: $275,000
- Co-Op Median Sale Price: $237,500
Forest Hills NY Listing Inventory
Current active listings on the market: 367
- 79 New Co-Ops hit the Market
- 2 New Condos hit the Market
- 11 New Residential Homes hit the Market
For more information about what’s going on in your neighborhood, contact George or Abigail Herrera of Keller Williams Realty Landmark.
This Month in Forest Hills Real Estate: January 2013
January 2013 Forest Hills Market Update
The Forest Hills housing market continues to recover as a result of existing-home sales improving with low inventory supply pushing home prices upward. Momentum continues to build in the housing market from growing jobs and a bursting out of household formation. With lower rental vacancy rates and rising rents, combined with historically favorable affordability conditions, more people are buying homes in Forest Hills.
There are good signs that 2013 will be a year of recovery for the Forest Hills housing market. 2012 was a good year that ended in a positive territory, and if 2013 is anything like 2012, it could mean we are headed for a strong rebound. There is an urgency to buy now as home prices continue to increase and mortgage rates are at historic lows.
While home sales are increasing, median home sale prices have remained relatively stable. However, with the decrease in inventory/month’s supply, and the increase in home sales, a modest increase in home prices could be coming soon. The decrease in inventory is a good sign for home sellers because there is less competition on the market.
Absorbtion Rate/Month’s Supply
Time it would take to sell the current inventory at the current rate of sales:
- This Month – 8.3 months
- Last Month – 14.6 months
- Last Year – 12.3 months
*6-7 Months is a sign of a stable real estate market. Under 6 months is considered a “Seller’s Market”, over 7 months is considered a “Buyer’s Market”.*
Forest Hills NY Interest Rates
This month mortgage rates are at or around 3.37%, still hovering near record lows. In terms of the monthly payment on a 30-year fixed rate mortgage, a 1% increase in interest rate is the equivalent to a 10% increase in price. Low rates and a rebounding market have put buyers in a sweet spot, fueling urgency to buy now.
Forest Hills NY Home Sales
Home sales this month increased 22.5% from last year and 44.1% from last month to a seasonally adjusted rate of 49 units, the highest level since October of 2012. The Home Sale trajectory of 2012 saw a low point of 29 units in April 2012 and peaked at 52 units in July & October 2012. All in all, there were 6 months of year-over-year increases in 2012 with 5 of them coming in the second half of the year, a sign of the market stability that was apparent in 2012.
Total Number of Homes Sold: 49
- Residential Homes Sold: 7
- Condo Homes Sold: 2
- Co-Op Homes Sold: 40
Forest Hills NY Home Prices
The current median home price fell to $220,000, a decrease of 22.4% from the previous month and 20.7% from last year. December marked the sixth month of year-over-year price decreases, while the other six months saw year-over-year price gains, another sign of the market stability in 2012. The increase in number of home sales in tandem with the shrinking inventory should give us positive momentum in the first quarter of 2013.
Median Sale Price: $220,000
- Residential Median Sale Price: $718,888
- Condo Median Sale Price: $379,000
- Co-Op Median Sale Price: $215,000
Forest Hills NY Pending Home Sales
Pending Home sales in December increased 70.6% from last year and 87.1% from last month to a rate of 58 units. This large increase in year-over-year pending home sales is just another sign that Forest Hills home sales are in fact increasing and should continue to do so into the first quarter of 2013. All in all, in 2012 there were 8 months of year-over-year pending home sale increases, a strong sign of the buyer confidence experienced in 2012, a trend that should continue in 2013.
Total Number of Pending Home Sales: 58
- Residential Pending Sales: 8
- Condo Pending Sales: 4
- Co-Op Pending Sales: 50
Forest Hills NY Listing Inventory
Current active listings on the market: 351
- 60 New Co-Ops hit the market
- 2 New Condos
- 7 New Residential Homes
For more information about what’s going on in your neighborhood, contact Abigail Herrera of Keller Williams Realty Landmark.
718-968-5538 | abigailSELLS@kw.com
BUY: www.ExclusiveQueensHomes.com | SELL: www.QueensHomeSelling.com
This Month in Forest Hills Real Estate: December 2012
Forest Hills NY Market Update
While the Forest Hills housing market is improving, but there are still signs that indicate we are not yet experiencing a full-force recovery. Credit standards are still tight. There are homeowners in some stage of foreclosure or default, while others still owe more than their homes are worth. As long as the economy continues to strengthen, the Forest Hills housing market will move toward the recovery we have been waiting for. However until the recovery is fully realized, we must remain aware that if the economy weakens again, the Forest Hills housing market could relapse.
The Federal Housing Administration announced that as a result of so many mortgage delinquencies, it might have to exhaust its reserves, which could result in the FHA needing to rely on taxpayer funds for the first time in its 78-year history. A government bailout of this magnitude could possibly weaken the economy, which could have an effect on the Forest Hills Market, but the U.S. Treasury will not make a decision until next February.
Considering the current, stringent mortgage underwriting standards, it’s important to know how credit scores work; improving your credit score will increase your likelihood of obtaining financing. Record-low mortgage interest rates shouldn’t be taken for granted. Buying a home in Forest Hills is extremely favorable for those that want to take advantage of interest rates while they are at historic lows.
Absorbtion Rate/Month’s Supply
Time it would take to sell the current inventory at the current rate of sales:
- This Month – 14.6 months
- Last Month – 8.9 months
- Last Year – 13.7 months
*6-7 Months is a sign of a stable real estate market. Under 6 months is considered a “Seller’s Market”, over 7 months is considered a “Buyer’s Market”.*
Forest Hills NY Interest Rates
Interest rates this month continue to decline at or around 3.34%, reaching record lows. NAR President Gary Thomas states, “Even with rising home prices, we’ll continue to see favorable housing affordability conditions over the coming year, but they won’t last forever. Inflationary pressures are expected to build during the next two years. As a result, mortgage interest rates will also rise with inflation. Buyers who are currently held back by tight mortgage credit standards should work to improve their credit scores, so they’ll be able to qualify for a mortgage while conditions are still favorable.”
Forest Hills NY Home Sales
Home sales were down 40.4% this month to a seasonally adjusted rate of 31 units, a 13.9% decrease from last year. Hurricane Sandy had some impact on sales figures this month. Home sales were trending up from July – October and most November transactions were completed by the time the storm hit, but the growing demand with limited inventory is pressuring home prices in Forest Hills. We expect an impact on Queens’ home sales in the coming months from a pause and delay in storm-impacted regions which may affect Forest Hills home sales as well.Total Number of Homes Sold: 31 – Down 40.4% from last month & Down 13.9% from last year.
- Residential Homes Sold: 5
- Condo Homes Sold: 1
- Co-Op Homes Sold: 25
Forest Hills NY Home Prices
The median home price rose in November to $287,000, compared to the previous month’s median price of $257,500. Home prices are up 31.7% from a year ago, which marks the second consecutive month and sixth month this year of year-over-year price gains, .Median Sale Price: $287,000 – Up 11.5% from last month & 31.7% from last year. - Residential Median Sale Price: $675,000
- Condo Median Sale Price: $470,000
- Co-Op Median Sale Price: $267,000
Forest Hills NY Pending Home Sales
In November, pending home sales fell 45.3% from November’s 53 contracts written, due in large part to Hurricane Sandy. This is the first drop in year-over-year pending home sales since April of this year. We also expect an impact on Forest Hills pending home sales in the coming months from a pause and delay in storm-impacted regions.Total Number of Pending Home Sales: 29 – Down 45.3% from last month & Down 29.3% from last year.
- Residential Pending Sales: 3
- Condo Pending Sales: 3
- Co-Op Pending Sales: 23
Forest Hills NY Listing Inventory
Current active listings on the market: 413
- 47 New Co-Ops hit the market
- 5 New Condos
- 7 New Residential Homes
For more information about what’s going on in your neighborhood, contact Abigail Herrera of Keller Williams Realty Landmark.
718-968-5538 | abigailSELLS@kw.com
Abigail Herrera Helps Another Family Achieve their Real Estate Dreams!
Abigail Herrera and her team at Keller Williams Realty Landmark are pleased to announce the sale of the property located at 61-20 Grand Central Pkwy #B1101 in the Fairview Cooperative Development of Forest Hills, NY. This Forest Hills Coop consisted of 2 Bedrooms, 1 Bathroom, 959 square feet, and sold for $214,888. This Forest Hills Coop is located in the desirable neighborhood of The Fairview and was only on the market for 50 days before the contract was fully executed.
This Forest Hills Coop sold for 98% of its original listing price of $219,000. The final sale price of this property was $214,888 – Showcasing how Abigail Herrera is both skilled and experienced at getting Forest Hills Queens Homes SOLD, all the while netting homeowners top dollar in today’s market. If you or someone you know is looking to sell a Forest Hills, Queens home, contact Abigail Herrera at Keller Williams Realty Landmark today. “We would be happy to show you the most comprehensive & strategic real estate marketing plan for Queens’ NY homes, proven to get homes SOLD for the most amount of money in the least amount of time”, says Abigail.
If you are curious what your Forest Hills Queens NY home might sell for, call or text Abigail Herrera of Keller Williams Realty Landmark at: 718-968-5538. “We would love to meet your family and evaluate your home free of charge“, says Abigail. If you are looking to buy a Queens NY Home for sale, you can also call or text Abigail Herrera and her team at Keller Williams Realty Landmark, “we have experienced Realtors who specialize in working with Queens home buyers looking in all areas of the borough. Let us go to work for you and show you why so many Queens home sellers & buyers choose us to represent them in the real estate process” says Abigail.
32-55 Francis Lewis Blvd.
2nd Floor
Flushing, NY 11358
718-475-2742
Visit us online at: www.abigailSELLS.com
Queens Real Estate Market Insights 
