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
*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
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.