Queens Real Estate Market Update: DECEMBER 2015

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by George Herrera, Realtor & Co-Owner of the Queens Home Team at Keller Williams Realty.

December 2015 Queens Real Estate Market Update

Home sales slowed again in November as inventory remained tight and prices continued their steady increase. As the end of the year approaches, consensus among economists was that the Federal Reserve would likely increase interest rates in December, and that indeed has happened which solidifies a trend of rising mortgage rates much more likely in the coming year. Rising interest rates affect buyer purchasing power and that in turn will likely affect home prices. StreetEasy.com recently released their 2016 market predictions which includes a prediction that Queens home price growth will slow down next year. We agree with this prediction and believe that the affect will be result of the rising interest rates which now have become much more of a reality & expectation with the fed rate increase this month.

Absorption Rate: 741.83 sales/per mo. (4,451 Sales in last 6 months/6 months)

Current Available Inventory: 3,971

Month’s Supply: 5.4 Months (3,971/741.83)

Last Month: 5.9 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.

Queens_Real_Estate_Market_Update_DECEMBER_2015_Courtesy_of_George_and_Abigail_Herrera_Keller_WilliamsClick Here for a Free Appraisal of your Home

Interest Rates

Interest_Rates
Interest rates began trending up in November amid speculation of a rate increase by the Federal Reserve in December. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 3.97%; 15-year fixed rate, 3.18%; 5/1-year adjustable rate, 2.98%.

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Queens Home Sales

Queens_Real_Estate_Market_Home_Coop_Condo_Sales_DEC_2015Homes sold at a seasonally adjusted annual rate of 656 homes in November, a decrease of 15.2% from October and an decrease of 2.7% from the same month last year. Tight inventory is likely weighing down sales as they have been all year and could be a persistent headwind through the colder months of the year. However, the recent fed rate increase will likely create urgency among buyers that are either on the fence, or barely qualified, so this should lead to an increase in sales in the next quarter. Specifically, residential 1-4 family home sales were down 4.8%, Condo sales were down 31.4%, and Coop sales were up 9.7% compared to November of last year. Over the last 12 months, sales are down .3%.

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Queens Home Prices

Queens_Real_Estate_Market_Home_Coop_Condo_Prices_DEC_2015Home prices continued their steady increase in November as the median home price rose to $430,000 according to the Long Island Board of Realtors. This was an increase of 1.3% from October and a year-over-year increase of 1.2%. As we move into the winter months, we should begin to see some seasonal alleviation on prices, especially considering the fed rate increase which can ultimately have an impact on buying power for prospective buyers. Year-over-year gains will likely continue throughout next year, however, as predicted by StreetEasy, the gains will most likely slow to a more standard appreciation rate. Specifically, residential 1-4 family home prices rose 4.3%, Condo prices rose 7.3%, and Coop prices rose 5.9% compared to November of last year.

*Economists tend to say that a healthy appreciation rate for home prices is one that follows along with general rate of inflation, about 4-5%.

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Queens Housing Inventory

The actual number of homes for sale at the moment (3,971) is down 7.4% compared to last month (4,291), and down 11.1% compared to the same month of the previous year (4,469). This led to the months supply of inventory, which measures the relationship between supply and demand, to dip slightly to 5.4 months due to the drop in sales. For most of the year we have seen a large year over year decrease in number of homes for sale, however, in the last three months, we have seen a smaller decrease which seems to signify that the market is shifting slightly. Let’s see what happens in the first quarter of 2016.

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

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Original Article: http://blog.queenshomeselling.com/blog/queens-real-estate-market-update-december-2015/

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Queens Real Estate Market Report: NOVEMBER 2015

Queens_Real_Estate_Market_Report_NOV_2015

by George Herrera, Realtor and Co-Owner of the Queens Home Team at Keller Williams Realty.

November 2015 Queens Real Estate Market Update

The pace of existing home sales dipped in October, both month over month and year over year. As chatter about the eventual rise in interest rates becomes more pervasive in the media, a sense of urgency has helped push more buyers back into the market. Inventory has remained tight on a local level but for the first time this year, inventory levels are roughly the same as they were this time last year. In addition, month’s supply is also very similar to last year so this could be a sign that we are leveling out with year ago levels. For most of 2015 we were experiencing 25% year over year inventory shortages, however, September and October have shown inventory levels consistent with what we were seeing in the fall of last year. With that said, demand remains high across the county; however, the opportunity for large equity gains in many neighborhoods has kept sellers active and price increases remain at a sustainable level.

Month's Supply: 5.9 Months 
Last Month: 6.5 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.

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Interest Rates

Interest_Rates

Interest rates continued to slide downward, prompting a surge in buyer activity as people looked to capitalize on low rates before they begin to rise again. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 3.79%; 15-year fixed rate, 2.98%; 5/1-year adjustable rate, 2.89%.

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Queens Home Sales

Queens_Real_Estate_Market_Home_Coop_Condo_Sales_NOV_2015

Homes sold at a seasonally adjusted annual rate of 721 homes in October, a decrease of 8.6% from September, and down 6.7% from the same month last year. As people move to lock in low interest rates at the end of this year, we are seeing an increase in buyer activity but it has not shown up in the sales figures yet. With the anticipation of a rate increase looming, we may see a rise in sales despite the usual seasonal decline. Over the last 12 months, residential home sales are up 3.2%, Condo sales are down 12.1%, and Coop sales are down 7.6%. Overall, sales are down 2.3% in the last 12 months.

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Queens Home Prices

Queens_Real_Estate_Market_Home_Coop_Condo_Prices_NOV_2015

Home prices continued to hold steady in October despite the uptick in demand. The median home price was $425,000 according to the Long Island Board of Realtors; this was a decrease of 1.2% from September and a year-over-year increase of 2.2%. 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. Over the last 12 months, prices are up 8.5%.

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Queens Housing Inventory

The actual number of homes for sale in October was down 4.5% from last month and down 4.3% compared to the same month of the previous year. This led to the months supply of inventory, which measures the relationship between supply and demand, to fall to 5.9 months. This number remains tight as low interest rates spur 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. Altogether, there are about 4,291 homes, coops, and condos for sale in Queens at the moment.

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Blog Courtesy of George & Abigail Herrera w/the Queens Home Team at Keller Williams Realty Landmark II. Queens Home Team is the Highest Rated Real Estate Team in Queens NYC!

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Original Article: http://blog.queenshomeselling.com/blog/queens-real-estate-market-update-nov-2015/

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.

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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.

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Blog Courtesy of George & Abigail Herrera w/the Queens Home Team at Keller Williams Realty Landmark II. 
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This Month in Queens Real Estate: JUL 2015

This_Month_In_Queens_Real_Estate_JUL_2015June 2015 Queens Real Estate Market UpdateMarketing Profile Picture_2

The pace of home sales rose in June, but were still below the pace of sales last June. The combination of buyers looking to take advantage of low interest rates before they increase further coupled with less homes being on the market than the same time last year has led to a sluggish pace in home sales. Even with more houses coming on to the market, demand has continued to outpace supply on a local level this year, and home prices have continued to rise as a result. As a result, this summer is likely to be the strongest market for existing homes since the recovery began.

Month’s Supply: 7 Months

Last Month: 6.9 Months

Last year: 8.75 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 interest rates reached 4% in June for the first time since last September. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 4.00%; 15-year fixed rate, 3.23%; 5/1-year adjustable rate, 3.00%.

To put things in perspective (National avg for 30 year fixed rate mortgage, Last 4 years): 

2015: 4%

2014: 4.1%

2013: 3.8%

2012: 3.6%

Queens Home Sales

Queens_Real_Estate_Market_Home_Coop_Condo_Sales_JUL_2015Homes sold at a seasonally adjusted annual rate of 664 homes in June based on the report released by the Long Island Board of Realtors. This was up 7.4% from May’s figures but down 8.4% from the same month of the previous year. June was a very strong month for existing home sales and recent reports on pending contracts indicate that July will likely be a strong month for sales as well. Specifically, Residential home sales are down 6.2%, Condo sales are down 6.5%, and Coop sales are down 11.9% compared to June of last year.

Queens Home Prices

Queens_Real_Estate_Market_Home_Coop_Condo_Prices_JUL_2015The pace of growth for home prices slowed slightly from May to June; however, inventory remains at such a level as to allow for price growth above the 4%–6% range typically considered healthy. In June, the median home price dropped to $391,250 according to LIBOR. This was an decrease of 3.8% from May but was up 7.2% from June 2014.  Specifically, Residential home prices are up 6.5%, Condo prices are up 3.2%, and Coop prices are up 13.1%.

To put things in perspective (Median Home Price, Last 4 Years): 

July 2015: $391K

July 2014: $373K

July 2013: $380K

July 2012: $345K

Queens Housing Inventory 

There were 1.2% less homes for sale in June than there were in May, and inventory across the county is still significantly below those of last year levels. At the moment we have 4,333 homes available for sale, that is 24.8% below the same month of the previous year. Demand continues to grow at a much faster rate than supply, this has led to the months of supply of inventory, which measures the relationship between supply and demand, to about 7 months in June. This number remains tight as low interest rates spur more buyers to enter the market and new home construction has not yet reached a pace which would provide significant relief to many of the county’s hotter markets.

To put things in perspective (Active Homes for sale, last 4 years): 

July 2015: 4,333 homes for sale

July 2014: 5,760 homes for sale

July 2013: 6,123 homes for sale

July 2012: 8,429 homes for sale

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

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This Month in Queens Real Estate: JUN 2015

TMIQRE QHT HeaderMarketing Profile Picture_2JUNE 2015 QUEENS REAL ESTATE MARKET UPDATE

The pace of existing home sales increased slightly from April to May according to the latest report released by the Long island Board of Realtors. This is likely related to slow growth in inventory that has failed to keep pace with this year’s pickup in demand. This has also led to an acceleration in price growth over the last 12 months. As interest rates remain low, it’s likely that demand will remain strong as we move into the summer and peak season for the Queens real estate market. Overall, we’re still experiencing the tight inventory levels, but now that June has hit, we are finally seen more homes hit the market. Sales in May were below that last year levels, but prices continued to increase as they have all year. 

  • Month’s Supply: 6.9 Months
  • Last Month: 6.7 Months
  • Last year: 8.7 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

Queens_NY_Interest_Rates30-year interest rates remain below 4% but have begun to move up slightly. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 3.84%; 15-year fixed rate, 3.05%; 5/1-year adjustable rate, 2.88%.

QUEENS HOME SALES

Queens_Real_Estate_Market_Home_Coop_Condo_Sales_JUN_2015Queens Homes sold at a seasonally adjusted annual rate of 602 homes in May based on the report released by LIBOR. This was 5.6% higher than April’s sales pace but still 8.4% below May of last year. The pace of home sales has been hampered by tight inventory levels across the county. If more Queens home owners decide to sell this summer and inventory eases, we could see sales begin to increase again. Specifically, Residential home sales are down 5.5%, Condo sales are down 13.8%, and Coop sales are down 10.9% from May of last year.

QUEENS HOME PRICES

Queens_Real_Estate_Market_Home_Coop_Condo_Prices_JUN_2015Strong demand for Queens homes combined with tight inventory levels led to significant price gains in May, as the median sales price reached $404,375. This is up 1.2% from April and 9.3% above the same month last year. As long as inventory remains in the low 6-7 months range, we are likely to continue seeing price gains in the 7%–9% range. Specifically, Residential Queens home prices are up 5.1%, Condo prices are up 20%, and Coop prices are up 9.4% from May of last year.

QUEENS HOUSING INVENTORY

There were roughly 24.6% fewer homes available for sale in May compared to the same month last year. This translated to 6.9 months of supply. Inventory grew slightly compared to the previous month as we move into the peak season. There has recently been some positive signs for new home construction and potential sellers; however, construction continues to lag behind expectations for the year amid concerns about the overall economy in the first quarter.

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

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This Month in Queens Real Estate: APRIL 2015

TMIQRE QHT HeaderApril 2015 Queens Real Estate Market Update Marketing Profile Picture

Homes sales increased in March while inventory levels remained tight. Inventory typically reaches its low point during the winter months, but the current level is well below that of last year. This led to higher than expected home price increases. While home price gains are good for homeowners, it will be important for inventory to loosen in the coming months to avoid constraining home sales and driving down affordability ahead of the potential for rising interest rates.

Month’s Supply: 6.1 Months

Last Month: 5.7 Months

Last year: 7.5 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% 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, 3.78%; 15-year fixed rate, 3.06%; 5/1-year adjustable rate, 2.97%. 


Queens Home Sales

Queens_Real_Estate_Market_Home_Coop_Condo_Sales_April_2015The seasonally adjusted annualized rate of Queens home sales increased 9.8% from February to March to a pace of 641 homes. Queens home sales decreased year-on-year in March and were 2.3% lower than the same month of the previous year. Specifically, Queens Residential single and multi family home sales are down .6%, Queens Condo sales are up 18.8%, and Queens Coop sales are down 10.4% from the same month last year. 


Queens Home Prices

Queens_Real_Estate_Market_Home_Coop_Condo_Prices_April_2015The median Queens home price reported by the Long Island Board of Realtors increased 1.3% in March to $405,000. Prices remain 9.5% higher than the same month of the previous year. The recent uptick in year-over-year price growth is probably due to low inventory levels across the county in recent months. Specifically, Queens Residential single and multi family home prices are up 6.3%, Queens Condo prices are up 16.7%, and Queens Coop prices are up 3.4% from the same month last year. 


Queens Housing Inventory

The number of homes available decreased 26.2% compared to the same month of the previous year, with 4,084 Queens homes available for sale in March. This translated to 6.1 months of supply. Historically, inventory typically remains low during March due to the cool weather and then loosens as the weather warms in April. Specifically, there are currently 2,574 Residential single and multi family homes, 1,300 Coops, and 405 Condos available for sale in Queens County.   


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

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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.

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