Queens Real Estate Market Report DEC 2019, courtesy of the Queens Home Team at Keller Williams Realty Landmark II. Looking for a real estate agent in Queens NY? Let the Queens Home Team help you accomplish your goals.
718-968-5538
Market Snapshot
Happy Holidays & Happy New year from Queens Home Team!
It’s officially December, the holidays are here and the year is coming to an end. This year was an interesting one because it began with speculations of a shift which would put the market more in favor of buyers instead of sellers, but by the end of the year, we are looking at a balanced market that seems to be trending in favor of sellers. The reason for this can mostly be attributed to the interest rates which dropped this year, and have continued to remain very low.
Regarding home sales, this year Queens home sales have definitely been down for the most part. Almost every month this year saw home sales below year ago levels, and although the interest rates were very low, it seems that some buyers dropped out of the market. Some may have dropped off because of rising home prices, and based on our conversations with a lot of people this year, some people seem to have left NYC in search of more value.
As for home prices in Queens, we are still up over last year, just not up dramatically. So far this year home prices are up about 5.1% which is right in line with most of the country and that is also where economists like to see home price appreciation so this can be considered healthy.
When it comes to inventory, we had a big drop this month, from 4,974 homes in November to 4,685 in December. This drop in inventory can be a combination of sellers taking their homes off the market during the holidays, sellers who decided to refinance since the rates are so low, and a slight uptick in demand due to low interest rates. Either way, this drop in inventory changes the trend that we were seeing all year. For example, starting in January we started seeing inventory grow every month and in June, we hit 5,000 homes for sale for the first time since 2012. However, in November we dropped below 5,000 homes for sale, and this month we dropped again. Will be interesting to see what happens come January.
Lastly, regarding Month’s supply. This month we are looking at month’s supply of 6.6 months. This would be considered a “balanced market”. Last year in December we had month’s supply of 6.1 months so we are in a very similar position than we were in last year. The main difference now, is that the speculation of interest rates is different. Last year at this time we were thinking that rates would continue going up which would have driven us into a more pronounced buyer’s market. Instead, now the speculation is that rates will not move much next year so we are anticipating another year of very low interest rates. So, if you are looking to buy a home or refinance, then next year may be the year to do it.
We’ll continue to watch the market and keep you posted 🙂
Sign Up to Receive our Quarterly Market Report
Sign up below to receive our Queens real estate market report directly to your inbox every 3 months.
"*" indicates required fields
Call Today for a Free Home Valuation
Month’s Supply
What is Month’s Supply? Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. For example, if there are 50 homes on the market and 10 homes selling each month, there is a 5 month supply of homes for sale.
Months of supply is a good indicator of whether a particular real estate market is favoring buyers or sellers. Typically, a market that favors sellers has less than 6 months of supply, while more than 6 months of supply indicates an excess of homes for sale that favors buyers.
Month’s Supply in Queens NY
- Homes on the Market: 4,685
- Homes selling each month: 709
- Month’s Supply: 6.6
Market in Favor of: [ ] Buyers [ ] Sellers [ X ] Balanced
Queens Home Sales
The Long Island Board of Realtors reported a total of 628 home sales during the month of November. This was DOWN 20.3% from October and DOWN 11.5% compared to November of last year. Specifically, sales for Residential homes were DOWN 10.1%, sales for Condos were DOWN 30.6%, and sales for Coops were DOWN 8.8%% compared to the same month last year.
Thinking of Selling in the next 6-12 Months? Schedule a Free Listing Consultation to find out how to best prepare for the sale.
Queens Home Prices
In October, the median home price in Queens remained at $615,000, this is UP 2.5% from last month and UP 5.1% compared to November of last year. To put that into perspective, the median home price in November of last year was $585,000. That’s a difference of $30,000. Specifically, the median home price for Residential homes was up 1%, median home price for condos was up 7.5%, and the median home price for coops was up 7% compared to the same month last year.
Thinking of Buying a Home in Queens? Speak with a local real estate expert who can help line up your financing, find the right place, and negotiate on your behalf.
Interest Rates
On December 20, 2019, according to Bankrate’s latest survey of the nation’s largest mortgage lenders, the benchmark 30-year fixed mortgage rate is 3.80 percent with an APR of 3.93 percent. The average 15-year fixed mortgage rate is 3.20 percent with an APR of 3.41 percent. The 5/1 adjustable-rate mortgage (ARM) rate is 4.08 percent with an APR of 7.06 percent.
Click Here for Today’s Rates
Inventory
There is currently a 6.6-month supply of housing inventory in Queens, this is down from the 6.9-month supply we had last month, but still up from the 6.1 month’s supply we had in December of last year. As for active listings, currently there are currently 4,685 homes for sale in Queens. That’s UP from the 4,974 homes we had for sale last month, and UP from the 4,481 homes for sale in December of last year.
Queens real estate market report, provided by the Queens Home Team at Keller Williams Realty Landmark II. Have a Question? Contact Us anytime.
About Us
The Queens Home Team is a group of friendly, service driven real estate agents in Queens NY. Our team members are not only experts at what they do, but more importantly, they are driven by their desire to help people. The team approach is what truly separates us from the average Queens broker, because while most agents are one person doing several things, we have several agents doing one thing, and being great at it! This ensures expertise throughout all stages of the transaction and allows us to provide the superior level of service our clients deserve. We understand that real estate is a service industry, therefore we treat it as such. Rest assured that when you work with the Queens Home Team, you’ll be in good hands, with people who care 🙂
*The opinions expressed in This Queens Real Estate Market Report are intended to supplement opinions on real estate expressed by local and national media, local Queens real estate agents and other expert sources. You should not treat any opinion expressed on this report as a specific inducement to make a particular investment or follow a particular strategy, but only as an expression of opinion. The Queens Home Team at Keller Williams Realty Landmark II does not guarantee and is not responsible for the accuracy or completeness of information, and provides said information without warranties of any kind. All information presented herein is intended and should be used for educational purposes only. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. All investments involve some degree of risk. The Queens Home Team will not be liable for any loss or damage caused by your reliance on information contained in this report.