Queens Real Estate Talk by queenshometeam
Queens Real Estate Market Updates, Trends, and General Information. Courtesy of the Queens Home Team at Keller Williams Realty. Ask us about our Hassle Free Listing Program which includes flexible fees, no up front costs, and you can cancel anytime...
Nov 14, 2014 | 15503 views | 0 0 comments | 46 46 recommendations | email to a friend | print | permalink

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JUST LISTED: 2br Coop For Sale at Windsor Oaks in Bayside, NY!
by queenshometeam
Mar 06, 2015 | 6962 views | 0 0 comments | 190 190 recommendations | email to a friend | print | permalink
George & Abigail Herrera Introduce another 2br Coop for Sale at Windsor Oaks in Bayside NY!!!



Privacy, great views, and convenience are featured in this lovely Bayside Coop for Sale. Offered for sale by George Herrera, Abigail Herrera, and the Queens Home Team at Keller Williams Realty. This Property is located in the sought-after community of Windsor Oaks.

Located in prestigious Oakland Gardens and close to all of the best that Queens, New York has to offer, Windsor Oaks in Bayside is one of the city’s premier neighborhoods. This particular Coop offers: Renovated 2 Bedroom, 1 Bath Garden Style Corner Unit Coop On 2nd Floor at Windsor Oaks in Bayside NY 11364. Located within the Court Yard. Features Pass Through Window Between Kitchen & Living Room Which Allows For Easy Entertaining. Hard Wood Floors, Attic Storage with a drop down ladder. Parks, Groceries, Schools, Restaurants within a quarter mile. Two blocks from Bell Blvd and Springfield Blvd. Easy access to the Union Turnpike. School District 26.

This Bayside NY Coop is located at 219-40 75th Avenue #241A2 in Bayside NY. The 2 Bedroom Coop for sale is being offered at $220,000. For more information, contact George Herrera, Abigail Herrera, or the Queens Home Team at Keller Williams Realty Landmark II at: (347) 921-0895. Full details are available at: http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2742164

George & Abigail Herrera are local Bayside NY Realtors experienced in working with Residential 1-3 Family Homes, Coops, and Condos, in Forest Hills NY. George, Abigail, and the Queens Home Team can be reached at the Keller Williams Realty Landmark II office which is located at 75-35 31st Ave, Ste 202, Queens, NY 11370.



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JUST LISTED: 2br 2bth Coop for Sale at the Mayflower in Forest Hills NY
by queenshometeam
Mar 05, 2015 | 7100 views | 0 0 comments | 207 207 recommendations | email to a friend | print | permalink
George & Abigail Herrera Introduce another 2br 2bth Coop for Sale at the Mayflower in Forest Hills NY!!!



Privacy, great views, and convenience are featured in this lovely Forest Hills Coop for Sale. Offered for sale by George Herrera, Abigail Herrera, and the Queens Home Team at Keller Williams Realty. This Property is located in the sought-after community of the Mayflower.

Located in prestigious Forest Hills and close to all of the best that New York City has to offer, the Mayflower in Forest Hills is one of the city’s premier neighborhoods. This particular Coop offers: Renovated 2 Bedroom, 2 Full Bath, Coop With Terrace On 5th Floor at the Mayflower in Forest Hills NY. Only .3 miles from E, F, M, R, and LIRR. 98 Walk Score. Feat.  Hardwood Floors, High Ceilings, Raised Dining Area, Open Layout Living Room, Large Foyer. Kitchen Feat: Stainless Steel Appliances. Lovely Views From Private Terrace. Doorman Bldg, Laundry, Storage, Pvt Garage. . Nearby Retail Shops, Restaurants, Entertainment. School District 28

This Forest Hills NY Coop is located at 69-10 Yellowstone Blvd unit #517 in Forest Hills NY. The 2 Bedroom 2 BTH Coop for sale is being offered at 525,000. For more information, contact George Herrera, Abigail Herrera, or the Queens Home Team at Keller Williams Realty Landmark II at: (347) 921-0895. Full details are available at: http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2741832

George & Abigail Herrera are local Forest Hills NY Realtors experienced in working with Residential 1-3 Family Homes, Coops, and Condos, in Forest Hills NY. George, Abigail, and the Queens Home Team can be reached at the Keller Williams Realty Landmark II office which is located at 75-35 31st Ave, Ste 202, East Elmhurst, NY 11370.

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This Month in Queens Real Estate: FEB 2015
by queenshometeam
Feb 16, 2015 | 6493 views | 1 1 comments | 249 249 recommendations | email to a friend | print | permalink
TMIQRE QHT Header


February 2015 Queens NY Market Update 

Home sales continued to decrease in January, significantly below last year, however, inventory ticked up slightly. In response to the low inventory levels and low interest rates, prices increased on a monthly basis; however, the yearly increase remained in the 4%–6% range for the third consecutive month now, a positive sign that home price growth has stabilized at a more sustainable level. Recently announced programs aimed at increasing credit accessibility to first-time home buyers and low-to-moderate income borrowers will likely stimulate market demand for Queens’ homes in 2015.

Month’s Supply: 5.6 Months – Last Month: 5.5 Months – Last Year: 6.6 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_Rates

30-year rates remain below 4% after dipping in December due to concern surrounding the global economy and Europe. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 3.63%; 15-year fixed rate, 2.93%; 5/1-year adjustable rate, 2.83%.



Queens NY Home Sales

Queens_NY_Real_Estate_Market_Home_Sales_February_2015

The seasonally adjusted annualized rate of home sales for Queens County decreased year-over-year for a tenth consecutive month in January to reach 567 homes, coops, and condos sold. The pace of sales decreased 24.7% below last month’s sales pace, and was 16.4% below the same month of the previous year. The current accommodative interest rates will hopefully support stronger sales in the near future. Residential 1-3 family home sales are down 14.7%, Condo sales are down 20.3%, and Coop sales are down 17.7% from the same time last year.



Queens NY Home Prices

Queens_NY_Real_Estate_Market_Home_Prices_February_2015

The median home price for Queens County in January was $420,000, according to the Long Island Board of Realtors. This was 5% above the previous month and 13.5% above the previous year. This was the seventh consecutive month of year over year increases in home prices. Residential 1-3 family home prices are up 14.8%, Condo prices are down 3.4%, and Coop prices are up 10.5% from the same time last year.



Queens NY Housing Inventory

Queens_NY_Real_Estate_Market_Home_Sale_Trends_February_2015

The number of homes available decreased 25.3% compared to the same month of the previous year, with 3,989 Queens homes available for sale in January. This translated to 5.6 months of supply. The decrease in pace of sales is adding to already tightening inventory conditions so inventory will likely remain low during the cooler months of the year, and then loosen as the weather warms.

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

BUYwww.exclusivequeenshomes.com | SELLwww.queenshomeselling.com

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godfather
|
February 23, 2015
The Middle Village area is still one of the hottest areas going up in Value not decreasing.

Top rated schools, pre-schools, Express buses to Manhattan, a ten block long park and more stores to shop than many other areas.

Some buyers make it a career going to Open Houses. After six months time, the same home has gone up by $10,000 to $50,000 in a hot area. The one important question to ask when at an Open House is, Show me the comps, sold homes in the same area, to give you a guideline on prices. Also key point, better to buy a home that has old rugs, panelling, and antiquated kitchens and baths as long as it is located in Triple AAA area. (Schools, Transportation, etc.) Buying a home with new inexpensive cheap kitchens, bathrooms, just because it is in move in condition, is something you may regret. And you probably will be paying $50,000 to $75,000 more to.

One extra important note for buyers. Try to buy before spring actually arrives. Otherwise you have 10's the competition looking for the same home. Serving the MIDDLE VILLAGE area for 36 years. Look for 'SUNDAY' Open House ads beginning on Fridays. Try Trulia, Craigslist, and Zillow.

JIM TURANO-BROKER-DIVERSE REAL ESTATE WITH 36 YEARS OF EXPERIENCE IN THE COMMUNITY!

THANK YOU!

Queens Home Team Awarded Top Team at Keller Williams Realty Landmark II for Most Units Sold in 2014!
by queenshometeam
Jan 29, 2015 | 7998 views | 0 0 comments | 345 345 recommendations | email to a friend | print | permalink

The Queens Home Team at Keller Williams Realty, led by George & Abigail Herrera, were recently honored at the Keller Williams Realty Landmark II awards ceremony in Astoria, NY. Out of 160 Agents, Queens Home Team was awarded top team for units sold.

2014 was a great year for the Queens Home Team and Keller Williams Realty as a whole. With two offices in Jackson Heights and North Flushing, the 400 Keller Williams’ associates representing Keller Williams Realty in Queens have been working hard to remain at the top of the Queens’ real estate office rankings. As a result, Keller Williams Realty Landmark I finished the year as the top selling real estate office in all of Queens. Keller Williams Realty Landmark II was not far behind, coming in at #6 on the list. Altogether, both Keller Williams Realty Offices finished the year in the top 10 out of more than 1,000 real estate offices in Queens.

At the annual award ceremony honoring the top selling agents and teams from Keller Williams Realty Landmark I & II, hundreds of KW Associates were in attendance. Awards for Associates ranged from Silver ($2-$4 Million in Sales Volume), Gold ($4-$9 Million in Sales Volume), Double gold ($10-$14 Million in Sales Volume), Platinum ($15-$19 Million in Sales Volume), and Diamond ($20 Million in Sales Volume).

The Queens Home Team, who sold 53 homes in 2014, was awarded the Platinum award for closing $15 – $19 million in sales volume. This award places the Queens Home Team among the very top performers in all of Keller Williams Realty in Queens, NY. Being that the team was established in September, 2013 and has only been working together for a few years, the award speaks volumes to their success.

Leaders of the pack, George & Abigail Herrera, stated “Our goal every year is to help twice as many people as they year before. We don’t focus on prices, and we don’t focus on commissions. If we focus on helping people and delivering gret service, the rest will fall into place”.

The Queens Home Team now consists of 5 team members, and they are building on their momentum from 2014 to reach their goal of helping 100 fmailies in 2015. For more information or to contact the Queens Home Team at Keller Williams Realty, visit:www.queenshometeam.com

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This Month in Queens Real Estate: JANUARY 2015
by queenshometeam
Jan 14, 2015 | 8172 views | 0 0 comments | 241 241 recommendations | email to a friend | print | permalink
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January 2014 Queens NY Market Update 

The pace of existing home sales increased in December, but remained below that in the same month of the previous year. Home prices declined as we moved in to the cooler months, when seasonal declines in both prices and inventory are normal. Inventory dipped slightly and remained below last year’s levels as well. The year-over-year drop in sales pace is due largely in part to the continued decrease in inventory across the county. Anticipation of a continued drop in mortgage rates may also have played a role, as rates have continued to decline despite having already dipped below the previous year’s rates.

Month’s Supply: 5.5 Months

Last Month: 6.2 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.
 



Interest Rates

Queens_NY_Interest_Rates

30-year rates have continued to dip after moving below last year’s rates. Concerns about global growth and uncertainty around other global events have continued to put downward pressure on interest rates. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 3.80%; 15-year fixed rate, 3.09%; 5/1-year adjustable rate, 2.95%.



Queens NY Home Sales

Queens_NY_Real_Estate_Market_Home_Sales_January_2015

The seasonally adjusted annual rate of existing Queens home sales rose to 732 homes in December. This was a 14.7% increase from the previous month but was still 8.7% below the rate of Queens home sales from December of the previous year. The year 2014 has been a solid year for existing home sales coming off of the previous year’s jump in both sales in prices but we have seen year-over-year decreases for nine consecutive months since April of 2014. We look for 2015 to be another solid year for home sales because demand is high and the rate is still very low, however, this is only if more inventory finally hits the market. Residential home sales are up .7%, Condo sales are down 57%, and Coop sales are down 5.2% from this time last year.



Queens NY Home Prices

Queens_NY_Real_Estate_Market_Home_Prices_January_2015

The median home price in Queens was $403,500 in December. This was a 3.9% drop from the previous month, but is still 6.9% up from the same month of the previous year. In 2014, we’ve seen housing prices return to sustainable growth rates in the 4-6% range. This pattern will likely continue in 2015, with some potential for slightly slower year-over-year gains, depending on how inventory and new home construction develop next year. Residential home prices are up 11.3%, Condo prices are down 5.6%, and Coop prices are up 10.2% from this time last year.



Queens NY Housing Inventory

The number of homes available decreased 11% from the previous month and decreased 23.4% compared to the same month of the previous year, with 3,978 Queens homes available for sale in December. This translated to 5.5 months of supply, as the slower sales pace moved in line with inventory levels. As we move into the cooler months of the year, we will likely begin to see inventory continue to tighten slightly.



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



BUY
www.exclusivequeenshomes.com | SELLwww.queenshomeselling.com

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This Month in Queens Real Estate: DEC 2014
by queenshometeam
Dec 17, 2014 | 9201 views | 1 1 comments | 244 244 recommendations | email to a friend | print | permalink
Queens NY Real Estate Market Report and Trends

Dec 2014 Queens NY Market Update 

The pace of home sales continued to decrease in November and inventory continued to track below last year’s levels as well.  Sales are well below those seen in the same month last year while prices are well above those seen in the same month last year. Prices continued to track above those from the previous year. Inventory continued to decline heading into the colder months of the year, and they continued to remain below last years levels as well, resulting in fewer home sales. Inventory will likely continue to tighten in upcoming months, but it is unsure what will happen as a result of the decrease in home sales that have been consistently below last year’s levels.

Month’s Supply: 6.2 Months

Last Month: 6.3 Months

Last year: 6.9 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.



Interest Rates

Queens_NY_Interest_Rates

30-year rates remain below 4% after dipping last month due to concern surrounding the global economy and Europe. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 3.99%; 15-year fixed rate, 3.17%; 5/1-year adjustable rate, 3.01%.



Queens NY Home Sales

Queens_NY_Real_Estate_Market_Home_Coop_Condo_Sales_DECEMBER_2014

The seasonally adjusted annualized rate of home sales reached 618 homes in November, this was the lowest pace of sales for all of 2014. The pace of sales decreased 16.7% below last month’s sales pace, and was 16.8% below the same month of the previous year. This was the eighth consecutive month of year-over-year decreases in home sales for 2014. Residential home sales are down 11%, Condo sales are down 30%, and Coop sales are down 21% compared to November of last year.



Queens NY Home Prices

Queens_NY_Real_Estate_Market_Home_Coop_Condo_Prices_DECEMBER_2014

The median home price for Queens County in November was $415,000, according to the Long Island Board of Realtors. This was .9% below the previous month and 9.2% above the previous year. Year-over-year price growth has been at an average of 7.6% for five consecutive months now, a sign that home prices are still increasing at a significant rate, however, coupled with the consistent decrease in home sales over the second half of the year, it is likely that home prices should stabilize to a more sustainable level in 2015. Residential home prices are up 6.5%, Condo prices are down 1.5%, and Coop prices are up 2.5% compared to November of last year.



Queens NY Housing Inventory

The number of homes available decreased 21.9% compared to the same month of the previous year, with 4,469 Queens homes available for sale in November. This translated to 6.2 months of supply. The decrease in the pace of sales is likely due to lack of inventory, not a lack of demand. We are still experiencing a tightening in inventory conditions which is affecting the purchasing options for Queens home buyers. As we move into the cooler months of the year, we will likely begin to see inventory tighten more for the first quarter, but we are hopeful that more inventory will hit the market in 2015 to help stabilize the pace of sales across the county.

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



BUY
www.exclusivequeenshomes.com | SELLwww.queenshomeselling.com

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Turano
|
December 18, 2014
Middle Village is still having strong sales do to the following.

Top Rated schools, Express Buses to Manhattan, Nursery Schools, all the various stores and Juniper Valley Park.

6 room apartments averaging $1,800-$2,200 dollars rents.

Especially in P.S. 128 school district.

Best time to buy is now, while buyers in general are busy Christmas shopping, which means less competition for the rest. And mortgage rates are still low.

If you wait until spring, rates could be higher and the amount of buyers all begin their house hunting at the same time.

Advice-keep looking on Craigslist, or Trulia for that Triple AAA location.

Some good estate sales still going on right now.

Find a home that needs some work and buy cheaper.

Place the Kitchens & colors you like.

36 years of experience-Jim Turano/Broker Diverse Real Estate

This Month in Queens Real Estate: NOV 2014 (Month's Supply: 6.3 Months)
by queenshometeam
Nov 14, 2014 | 11998 views | 0 0 comments | 872 872 recommendations | email to a friend | print | permalink
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Oct 2014 Queens NY Market Update 

Queens home sales are down for the third month in a row from August – October. Home sales are also remaining significantly below last year’s levels, according to the Long Island Board of Realtors. Prices increased on a year-over-year basis for 4 consecutive months as of October, and surprisingly the magnitude of the gains has increased over the last two months. Inventory declined again as we began to move out of the peak season for home sales. Buyers will likely see seasonal declines in inventory in the coming months, and at the rate of home price increases, we can expect to see more year over year increases throughout the end of year. This combined with declines in interest rates could present some opportunity for Queens home buyers to see a slight bump in what they could afford.



Month’s Supply: 6.3 Months (Last Month: 6.9 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.
 



Interest Rates

Queens_NY_Interest_Rates

30-year rates dropped below 4% for the first time since last Summer as worrisome economic news from Europe affected US markets. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 3.97%; 15-Year fixed rate, 3.18%; 5/1-Year adjustable rate, 2.92%.



Queens NY Home Sales

Queens_NY_Real_Estate_Market_Home_Coop_Condo_Sales_NOVEMBER_2014

The seasonally adjusted annualized rate of Queens home sales reached 711 homes in October, its lowest pace since June of this year. The pace of sales decreased 4.2% below last month’s sales pace, and was 19.8% below the same month of the previous year. The continuing accommodative interest rates will likely continue to support strong sales in the near future. Residential 1-3 family home sales are down 17.6% from last year. Condo sales are down 12.2% year over year. And Coop sales are down 24.6% compared to the same month last year.



Queens NY Home Prices

Queens_NY_Real_Estate_Market_Home_Coop_Condo_Prices_NOVEMBER_2014

Queens home prices rose on a month-to-month basis in October, up 4.8% to a median price of $419,000. Year-over-year prices increased 14.8% in October, the highest year over year increase this year and continuing the year’s pattern of a more sustainable price growth path. The recent drop in interest rates, however, could put some increased pressure on prices, leading to a return of more common year-over-year gains. Residential 1-3 family home prices are up 16.7% from last year. Condo prices are up 6.4% year over year. And Coop sales are up 2.1% compared to the same month last year.



Queens NY Housing Inventory

The number of Queens homes available decreased 24.8% compared to the same month of the previous year, with 4,486 Queens homes available for sale in October. This translated to 6.3 months supply, with the decrease in the pace of sales creating a tightening in inventory conditions. As we move into the cooler months of the year, we will likely begin to see inventory tighten even more.



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

BUYwww.exclusivequeenshomes.com | SELLwww.queenshomeselling.com

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This Month in Queens Real Estate: OCT 2014
by queenshometeam
Oct 22, 2014 | 11008 views | 2 2 comments | 319 319 recommendations | email to a friend | print | permalink
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Oct 2014 Queens NY Market Update

The pace of Queens home sales reached its second-highest rate of 2014 in September, but was slightly slower than the previous month and remains below 2013 levels. Prices however, saw an increase over last year, but remained the same as last month’s median home price. Prices continue to post year-over-year gains, but at a slower pace than earlier in the year. Interest recently saw a small increase, but a steady rise in rates does not yet appear to have materialized as a broader trend.

Month’s Supply: 6.9 Months (Last Month: 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.

 
 



Interest Rates

Queens_NY_Interest_Rates

30-year rates increased 13 basis points from the same week of the previous month, showing the first significant movement in rates in recent months. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 4.23%; 15-year fixed rate, 3.37%; 5/1-year adjustable rate, 3.06%.

 




Queens NY Home Sales

Queens_NY_Real_Estate_Market_Home_Coop_Condo_Sales_OCT_2014

The seasonally adjusted annualized pace of Queens home sales dropped 3.9% in September compared to the previous month. Queens home sales were down 9.5% compared to last September which posted one of the highest pace of sales in 2013. Residential home sales are down 9.5%, Condo home sales are down 14%, and Coop home sales are down 8.4% from this time last year.

 




Queens NY Home Prices

Queens_NY_Real_Estate_Market_Home_Coop_Condo_Prices_OCT_2014

Queens NY home prices remained the same in September, with median home price coming in at $400,000. However, year-over-year prices continue to increase, with September showing an increase of 7.4%. Year-over-year price gains in the 4–6% range are a continued indication that the Queens housing market has returned to a more stable balance between available inventory and the pace of home sales. However, in many areas across the county, there is still an uneven balance of high demand and very limited inventory. Average home prices came in at $449,465, an increase of 3.6% compared to this time last year. Residential home sales are up 2.7%, Condo home sales are up 16.8%, and Coop home sales are up 10.6% from this time last year.

 




Queens NY Housing Inventory

The number of Queens homes available for sale was down 22% from last year, with 4,707 homes, coops, and condos available for sale in September. That translates to 6.9 months of supply, keeping the market slightly in favor of sellers. With less Queens homes on the market, buyers will have even less options, and in many local markets timeliness will still be a factor when putting in an offer on a home.

 




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

BUYwww.exclusivequeenshomes.com | SELLwww.queenshomeselling.com

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godfather
|
October 25, 2014
copy and paste-The nightmare of attaining a Commercial loan by well known bank.

http://queensexaminer.com/pages/my_blogs/user_blogs/post?postid=26005261

This Month in Queens Real Estate: SEPT 2014
by queenshometeam
Sep 17, 2014 | 10915 views | 0 0 comments | 337 337 recommendations | email to a friend | print | permalink
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Sept 2014 Queens NY Market Update 

In August, the pace of home sales continued to improve amid decreasing inventory levels and interest rates below last year’s. This summer’s housing market has presented opportunity to buyers with low interest rates and slower price increases in Queens, helping to alleviate the affordability crunch created by last year’s rapid price gains. Queens Home Sellers remain well positioned in most local markets with price gains continuing, albeit at a slower pace than last year.

Month’s Supply: 7.9 Months (Last Month: 8.4 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_Rates

30-year rates dropped 3 basis points from the same week of the previous month, continuing this year’s streak of relatively flat and occasionally falling mortgage rates. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 4.10%; 15-year fixed rate, 3.23%; 5/1-year adjustable rate, 2.95%.



Queens NY Home Sales

Queens_NY_Real_Estate_Market_Home_Coop_Condo_Sales_SEPT_2014

The pace of Queens home sales rose 6.2% in August to a seasonally adjusted annual pace of 792 homes. This is down 10.2% from the same month of the previous year; however, the portion of sales that were distressed is down significantly from last year. This means that conventional sales are likely higher than in August of last year. Residential home sales are down 9.8% from this time last year, Condo home sales are down 32% from this time last year, and Coop sales are down a slight 3.2% from this time last year.



Queens NY Home Prices

Queens_NY_Real_Estate_Market_Home_Coop_Condo_Prices_SEPT_2014

Median home prices continued to increase in August, increasing by 3.8% to $401,000. This is up 3.5% from last year, continuing the summer’s pattern of sustainable increases in Queens home prices. Residential home prices are up 11.7% from this time last year, Condo home prices are up 3.1% from this time last year, and Coop home prices are up 6.5% from this time last year. All in all, home, Coop, and Condo prices are continuing to increase this year.



Queens NY Housing Inventory

The number of homes available for sale was down 6.6% from last year, with 5,627 Queens Homes, Coops, and Condos available for sale in August. That translated to 7.9 months of supply, keeping the market slightly in favor of sellers in most neighborhoods, especially Residential and Condo home sellers. With less homes on the market across Queens county, buyers have less options so in many markets timeliness will be a big factor when putting in an offer on a home, coop, or condo.



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

BUYwww.exclusivequeenshomes.com | SELLwww.queenshomeselling.com

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This Month in Queens Real Estate: AUG 2014
by queenshometeam
Aug 19, 2014 | 11946 views | 0 0 comments | 328 328 recommendations | email to a friend | print | permalink
TMIQRE Header
 

August 2014 Queens NY Market Update 

In July, home sales dropped slightly from June when we saw a slight jump in sales. The increase in sales pace in June & July led to another substantial increase in home price which is likely a result of a decrease in the number of homes on the market in Queens. Mortgage rates are now below the previous year’s level, offering an opportunity for home buyers who thought they missed their opportunity for low rates last year to secure them now. This summer’s growth in the housing market is a positive sign for the overall economy after the county got off to a rough start earlier in the year.

Month’s Supply: 8.4 Months (Last Month: 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_Rates

30-year rates dropped 4 basis points from the same week of the previous month, continuing this year’s streak of relatively flat and occasionally falling mortgage rates. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 4.13%; 15-year fixed rate, 3.23%; 5/1-year adjustable rate, 2.97%.

 

Queens NY Home Sales

Queens_NY_Real_Estate_Market_Home_Coop_Condo_Sales_AUG_2014

The seasonally adjusted annual rate of home sales dropped to 732 homes in July, a month-to-month decrease of 1.5% and a slower pace of home sales since last July. Sales were down 17.9% from last year. Residential home sales were down 13.3% compared to this time last year, while Condo sales were also down, by 51% year over year. Lastly, Coop home sales were down 14.4% from this time last year. So all in all, home sales are down across the board year-over-year. 

 

Queens NY Home Prices

Queens_NY_Real_Estate_Market_Home_Coop_Condo_Prices_AUG_2014

The median home price increased 2.6% in July to $385,000, up 4.1% from the same month last year. As we move into the peak months for the Queens’ housing markets, we are observing home price growing at a similar rate to last year on a monthly basis. However, the year-over-year price increase in July was less than half of that seen last year. This slower rate of annual appreciation is more consistent with sustainable growth. Median home prices for residential homes were up 4.8% while the median home prices for Condos were up a significant 16.4%, and finally, median Coop sale prices were also up by 6.2% year over year.  

 

Queens NY Housing Inventory

The number of homes available for sale decreased by 2%, the second month in a row of decrease in homes on the market. That translates to 8.4 months of supply. In general, the market is still slightly in favor of sellers across the county, especially if you are the seller of a residential home or Condo. However, there are still neighborhoods with more supply than there is demand, and in these areas, the buyers still have an advantage. Inventory is down 8% from last year, so buyers still have very limited options available to them. 

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

BUYwww.exclusivequeenshomes.com | SELLwww.queenshomeselling.com

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