Queens Real Estate Market Update
Home sales in the US increased significantly, and they actually reached their highest levels in nearly a decade. In Queens however, home sales actually dropped and have continued to decline over the last 4 months and for most of this year. This stark difference is a clear sign that what the rest of the country is seeing is not exactly what we’re seeing here in Queens. Either way, as the economy shows signs of expansion, coupled with continued low mortgage rates, buyers are entering the market despite diminished inventory levels. The main shift we’re seeing right now as we head into the new year, are the increasing mortgage rates. Although still historically low, people do tend to freak out when rates go up. We’ve already started getting calls from buyers who are looking to buy before rates go up again so the urgency will likely be apparent in the first quarter of 2017. As for inventory levels, we currently have 3,316 homes for sale ending the year 6.3% below the Jan 2016 levels of 3,538. Inventory is still low but not falling as drastically as we’ve seen in the past few years. It will be interesting to see what happens to inventory as rates go up.
# Homes for Sale: 3,316
Rate of Sales (Avg sales per mo): 735.5
Month’s Supply: 4.5
Average Days on Market: 77
Pending Sales: 705
*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. Keep in mind that month’s supply can vary by neighborhood and property type.
Interest Rates
According to Freddie Mac, 30-year fixed rates increased from 3.52 percent to 3.94 percent. Following the election, rates have continued to rise on expectations of increased inflation and economic growth in 2017.
As I sit here typing, rates for a 30 year fixed are ranging from 4.3% – 4.6%. Check current interest rates here: http://search.queenshometeam.com/idx/mortgage
Queens Home Sales
Home sales across the country were up both month over month and year over year, however, in Queens, home sales are down. The Long Island Board of REALTORS® reported Queens home sales at a seasonally adjusted annual rate of 686 homes during the month of November. This was an decrease of 3.5 percent from October, and a decrease of 2.4 percent from November of last year.
Specifically, Residential 1-3 family Queens home sales were down 6.9%, Queens Condo sales were UP 56.3%, and Queens Coop sales were down 6.4% compared to this time last year. Over the last 12 months, Queens home sales are down .8%.
Queens Home Prices
The median home price across the country was down month over month, but up year over year. This is exactly the same as what we saw in Queens last month. The median home price in Queens was $478,500, that’s down 2.9% from last month but up 10.8% from the median home price at this time last year.
Specifically, Residential 1-3 family Queens home prices were up 16.7%, Queens Condo prices were up 13.6%, and Queens Coop prices were up 15.2% compared to this time last year. Over the last 12 months, Queens home prices are up 10.4%.
Queens Housing Inventory
There was a 4.5-month supply of Queens housing inventory in December, which was an 8 percent decrease from November. The total number of homes for sale decreased by 6.5 percent compared to last month, and decreased 16.5% compared to December of last year. Altogether, we currently have 3,316 homes, coops, and condos for sale across Queens county.
Specifically, there are currently 2,158 residential 1-3 family homes for sale, 330 Condos for sale, and 828 Coops for sale in Queens county.
Blog Courtesy of George & Abigail Herrera w/the Queens Home Team at Keller Williams Realty Landmark II.
BUY: queenshometeam.com/buy | SELL: queenshometeam.com/sell