Queens real estate market report October 2017, provided by the Queens Home Team at Keller Williams Realty Landmark II. Need help? Feel free to Contact Us anytime 🙂
Queens Real Estate Market Update
The Queens real estate market continued to see significant home price increases in September. Home sales on the other hand, saw their biggest year over year decrease in all of 2017. The home price trend has remained consistent throughout all of this year and we don’t expect it to change by end of year. Most of our listings are still selling at or above asking price so the demand is still strong, although we definitely don’t get as many offers as we did last year. In our opinion, listings are still selling at or above list price because inventory is still very low. Earlier this year inventory was beginning to rise steadily, and we actually thought that we were seeing early signs of a shift in the market, however, in the last few months inventory began to drop again and this typically leads to more demand.
Right now we are at a very low level of inventory across the county and being that peak listing season has past, we will probably end the year this way. Interest rates are still low, so in terms of affordability, the rate is still good. Prices on the other hand, are not very affordable for the common working family living in Queens, however, we still see a lot of buyers coming from Manhattan, Brooklyn, and foreign countries so this is where we believe the surge in home prices is coming from. The main things to look for as we move into the fourth quarter of the year, are rents (which have been down for most of the year) and major economic changes which can impact home buying and selling. These factors may play a key role in how supply and demand are affected moving forward.
Queens Real Estate Market Report October 2017: In a Nutshell
- Available Homes for Sale: 3,802 (Last Month: 3,831)
- Rate of Sales (Avg sales per mo): 715 (Last Month: 706)
- Month’s Supply: 5.3 (Last Month: 5.4)
- Avg Days on Market (Residential): 73 (Last Month: 74)
- Avg Days on Market (Coop/Condo): 78 (Last Month: 73)
- Contracts Written: 756 (Last Month: 923)
*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.
New 1 Family Homes for Sale in Queens
Interest Rates
Check today’s rates at: https://goo.gl/UJYNkM
New 2 Family Homes for Sale in Queens
Queens Home Sales
The Long Island Board of Realtors reported Queens home sales at a rate of approximately 680 homes during the month of September. This was a decrease of 20.5 percent from August and a decrease of 18.4 percent from September of last year.
Specifically, our Queens real estate market report October 2017 showed that Residential home sales were DOWN 14%, Queens Condo sales were DOWN 34.6%, and Queens Coop sales were DOWN 21.4% compared to this time last year. Over the last 12 months, Queens home sales are DOWN 1.9%.
New 3 Family Homes for Sale in Queens
Queens Home Prices
The median home price increased to $537,750 in September, which was up .5 percent from August and up 13.2 percent from September of last year. The median home price has increased by approximately $62,750 in the past year alone.
Specifically, our Queens real estate market report October 2017 showed that Queens home prices were UP 12.9%, Queens Condo prices were UP 5.7%, and Queens Coop prices were UP 20.8% compared to this time last year. Over the last 12 months, Queens home prices are UP 10.7%. The appreciation rate in Queens has continued to be very significant.
Average Home Price in Queens NY
- Average Price for a Residential Home in Queens: $768,542
- Average Price for a Condo in Queens: $507,607
- Average Price for a Coop in Queens: $278,003
New Condos for Sale in Queens
Queens Housing Inventory
There is currently a 5.3-month supply of housing inventory in Queens, this is down from the 5.4-month supply we had last month. The total number of homes for sale in Queens (3,802) decreased by .8 percent compared to August, but inventory is up 3.6% compared to this time last year when there were 3,670 homes for sale.
Specifically, our Queens real estate market report October 2017 showed that there are 2,556 residential homes for sale, 369 Condos for sale, and 877 Coops for sale across Queens county. Total homes for sale = 3,802
New Coops for Sale in Queens
Queens real estate market October 2017, courtesy of George & Abigail Herrera w/the Queens Home Team at Keller Williams Realty Landmark II. 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 🙂
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