|March 11, 2014||This Month in Queens Real Estate: March 2014||2 comments|
|February 13, 2014||This Month in Queens Real Estate: February 2014||3 comments|
|February 05, 2014||JUST LISTED: 1 BR Condo @ Baybridge Condominium in Bayside NY...||no comments|
|February 03, 2014||JUST LISTED: One Family Semi-Detached Home in Springfield Gardens NY!||no comments|
|January 17, 2014||JUST LISTED: 2 BR Coop @ the Lincoln in Forest Hills NY!||no comments|
|January 15, 2014||This Month in Queens Real Estate: January 2014||5 comments|
|January 10, 2014||JUST LISTED: 2 BR Coop @ Le Havre on the Water in Beechhurst!||no comments|
|January 10, 2014||JUST LISTED: 1 BR Coop @ Baydale Cooperative in Bayside!||no comments|
|January 10, 2014||JUST LISTED: 3 BR Coop @ Beech Hills in Douglaston...||no comments|
|December 14, 2013||This Month in Queens Real Estate: December 2013||1 comments|
Home sales declined in February with the combined effects of severe winter weather and the decline in affordability due to higher mortgage rates and prices than those seen in the previous year. Sales have also been hindered at the beginning of this year by new mortgage and flood insurance regulations that recently took effect. The flood insurance regulations are currently set to be reviewed, and buyers and sellers in flood-prone areas may want to become informed on how these regulations and potential changes are affecting their market. Home prices however, rose slightly from January to February even as inventory levels loosened slightly and home sales slowed. In addition, prices are still well above those seen at this time last year. Buyers willing to brave the cold may be able to take advantage of some of the short-term price breaks seen early this year. With prices still showing an upward year-over-year trend and inventory levels still tight, sellers remain well positioned in the Queens real estate market.
Month’s Supply: 7 Months
Mortgage rates have remained relatively flat from last month. The upward pressure on rates generated by the Federal Reserve’s winding down of quantitative easing has been counterbalanced by downward pressure on Treasury yields being generated by turmoil in emerging markets. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 4.33%; 15-year fixed rate, 3.35%; 5/1-year adjustable rate, 3.08%.
Queens NY Home Sales
The annual pace of home sales was 547 homes in February. This was down 19.1% from January and down 3% from the same month of the previous year. Severe winter weather likely affected home sales in many parts of the county in February; however, higher mortgage rates and prices, combined with new regulations, have also had a significant dampening effect on home sales. February also saw more severe weather than usual and this will likely be reflected in next month’s numbers. As we move out of the winter months, and lenders and consumers adjust to the changes in affordability and regulation, we should see sales begin to pick back up.
Queens NY Home Prices
The median home price rose 1.3% from January to February regardless of a slight increase in inventory and a fall in the pace of sales. Median prices are not seasonally adjusted so some decline at this time of year is considered normal. Prices remain almost 16% above those seen at this time last year, and many sellers continue to benefit from equity gains accrued in last year’s substantial price recovery.
Queens NY Housing Inventory
Inventory levels recovered slightly in February after taking a bit of a dip in December. The total number of homes that were available for sale remained the same from January to February, a total of 5,338 homes for sale. This represents 7 months of inventory at the current sales pace, which is up 6.1% from the previous month. As we move further into the year, we should continue to see inventory loosen across the borough, giving buyers more choices.
Homes sales were down in January from the previous month, likely a result of the severely cold weather which affected many markets more than in typical years. Inventory levels remained tight but did increase slightly. The weather may have affected the number of listings coming onto the market, but we still ended the month with 149 more homes on the market. The decrease in sales pace and tightening of inventory is reflected in the moderate price decrease in January, however, prices are still up year-over-year. Low inventory and sustained price gains throughout 2013 has left individuals looking to sell in a great position heading into the New Year. New mortgage regulations that took effect in early January may slow the buying process in the beginning of 2014, but those looking to buy this year will want to take advantage of rates and prices as early in the year as possible as both continue to follow an upward trend into 2014.
On January 29 the Federal Reserve announced it would continue to curtail its nontraditional asset purchases in February, as the strength of the economy continues to improve. As the Federal Reserve draws back its level of asset purchases, mortgage rates will likely continue to slowly increase. Recent turbulence in emerging markets may be having a dampening effect on mortgage rates as investors move heavily into U.S. treasuries, driving down yields which will have the effect of lowering other interest rates. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 4.39%; 15-year fixed rate, 3.44%; 5/1-year adjustable rate, 3.15%.
The year-over-year sales pace in December was down. The annual pace of sales in January was 657 homes, down 4.5% from last year and down 18% from last month. Surprisingly, Coop sales were up year-over-year in January, while Condos and residential single/multi-family home sales were actually down.
Queens NY Home Prices
The median home price increased 4.6% year over year in January, according to the Long Island Board of Realtors, to $375,000. From December, prices were down 2.6%, which is usual for this time of year and consistent with the tight inventory levels reported. The price gains of 2013 have returned thousands of homes to positive equity and positioned their owners to participate in the market for the first time in years. Residential & Condo home prices continued to increase, while Coop home prices decreased slightly year-over-year.
Queens NY Housing Inventory
January marked a slight increase in inventory month to month with the overall number of houses available for sale rising from 5,190 to 5,338. Months of supply, which reflects both the number of houses available and the current pace of sales, rose from 6.3 to 6.6 months. Year over year, however, inventory is still down. The colder-than-usual January weather likely has had an impact on inventory levels in Queens.
Queens Home Team Introduces another GREAT Condo for Sale @ Baybridge in Bayside NY!
Privacy and convenience are featured in this lovely Bayside Queens Condo for sale. Offered for sale by George Herrera & Abigail Herrera of the Queens Home Team @ Keller Williams Realty. This One bedroom Condos is located in the sought-after community of Baybridge…
Located in prestigious Bayside, Queens NY and close to all of the best that Queens NYC has to offer. This Home Features:
This Bayside NY home for sale is located at 208-11 Estates Dr #23128 in Bayside NY. Bayside Queens is a unique neighborhood in the New York City borough of Queens.
Queens Home Team Introduces another GREAT One Family Home for Sale in Springfield Gardens NY!
Privacy and convenience are featured in this lovely Springfield Gardens Home for sale. Offered for sale by George Herrera & Abigail Herrera of the Queens Home Team @ Keller Williams Realty. This Single Family Home is located in the sought-after neighborhood of Springfield Gardens…
Located in prestigious Springfield Gardens, Queens NY and close to all of the best that Queens NYC has to offer. This Home Features: Single Family Home W/3 Bedrms. Hardwood Floors. Full Basement. Alarm System Set Up W/Contract Ending 2015 (New Owner to Renew). R3-2 Zoning. Located near Rockaway Blvd, with easy access to the Belt Pkwy. LIRR station at Locust Manor less than 1 mile away. 1 Block away from restaurants and shopping along Rockaway Blvd. Zoned for school district 29 and less than 1 mile away from nearest elementary, middle, and high schools.
This Springfield Gardens home for sale is located at 167-21 144th Terrace in Springfield Gardens NY. Springfield Gardens is a unique neighborhood in the New York City borough of Queens.
Queens Home Team Introduces another GREAT Coop for Sale @ the Lincoln in Forest Hills NY!
Privacy and convenience are featured in this lovely Forest Hills Coop for sale. Offered for sale by George Herrera & Abigail Herrera of the Queens Home Team @ Keller Williams Realty. This true 2 BR Coop is located in the sought-after community, the Lincoln Cooperative…
Located in prestigious Forest Hills, Queens NY and close to all of the best that Queens NYC has to offer. This Unit Features: Lovely true 2 Bedrm, 1,150 sq ft, On 3rd Floor. High Ceilings, Large Windows, Hardwood Floors, Neutral Paint Scheme. Bedrm Located As Corner Unit With Lovely Views. Plenty Of Closet Space. Close To Express Mta Trains. Easy Access To Transportation, Shopping, Restaurants, And More. Some Furniture Can Be Sold W/Purchase. Zoned Ps 196 School. The M & R train at 67th Ave is within .3 miles. Within half a mile you can also access the E, F, and LIRR. Located at the Lincoln development, this 127 unit, 6 story building was built in 1948. Community District 406, City Council District 29, and Police Precinct 112. With a Walkscore of 91, it is no wonder why this area of Forest Hills is so desirable. Forest Hills is easily accessible by subway, rail, bus and car. The commercial heart of Forest Hills is a mile-long stretch of Austin Street between Yellowstone Boulevard and Ascan Avenue. Don’t miss out on the opportunity to own a unique and rare true 2 bedroom apt in a great location of Forest Hills! WHAT THE SELLER SAYS: “This is a very quiet & friendly building with a very attentive super. My apt lets in lots of natural sunlight and the location is centrally located for everything (highways, public transportation, etc).”
This Lincoln Coop for sale is located at 67-71 Yellowstone Blvd #3H in Forest Hills NY. Forest Hills is a unique neighborhood in the New York City borough of Queens.
In December, the Federal Reserve announced it would begin to curtail its purchases of non-traditional assets, also known as quantitative easing. As the Fed tentatively draws back its level of asset purchases, mortgage rates will likely continue to slowly increase. Currently, Freddie Mac reports the following, figures: 30-year fixed-rate, 4.48%; 15 – year fixed-rate, 3.52%; 5/1- year adjustable rate, 3.00%.
Queens NY Home Sales
According to the Long Island Board of Realtors, the seasonally adjusted rate of home sales increased 6.9% from last year to an annual rate of 773 homes. The rate of home sales is also up 5.2% from the rate reported in November. As banks begin to implement new lending regulations, credit tightness is likely to hamper home sales in Queens, however, due to the fact that inventory is still shrinking, demand is growing and may continue to do so in the beginning of the New Year.
Queens NY Home Prices
Median home prices rose slightly from November to December, rising 1.3% from $380,000 to $385,000 according to LIBOR. Year-over-year home prices continue to show fairly modest gains with prices up 2.7% from last December. This is consistent with the price gains of 2.4% over the course of the last twelve months.
Queens NY Housing Inventory
The level of total housing inventory in Queens county dropped in December to 5,190 homes, down 9.3% from the previous month. Month’s of supply of inventory also dropped slightly due to the high pace of sales this month. The number of months of supply represents how many months it would take the current level of inventory to sell given the current sales pace if no other homes were added to the market. Supply in December represented 6.3 months, down 8.7% from the previous month. A sign that demand is very high and inventory is still scarce in many areas around Queens.
Courtesy of George Herrera with the Queens Home Team @ Keller Williams Realty Landmark II.
Privacy and convenience are featured in this lovely Beechhurst Coop for sale. Offered for sale by George Herrera & Abigail Herrera of the Queens Home Team @ Keller Williams Realty. This 2 BR Coop is located in the sought-after community, Le Havre on the Water…
Located in prestigious Whitestone, Queens NY and close to all of the best that Queens NYC has to offer. This is a Beautiful 2 Bedroom 1 Bath Unit On 4th Fl Level. This Unit Features Large Open Layout, Spacious Kitchen W/Open Layout To Living Area. Large Balcony Excellent To Enjoy All Year. Amenities Include 2 Outdoor Seasonal Pools, Three Tennis Courts, Gym, Library, Clubhouse (Fees Apply), Cafe, On-Site Management, In-House Security, Large Maintenance Staff, and Year Round Landscaping. Imagine 28 acres of landscaped property surrounded by spectacular views of Long Island Sound and New York City. Imagine amenities such as two swimming pools, children’s playgrounds, cafe, tennis courts and a fully-equipped health club, all in a friendly and safe community. Imagination becomes reality at LeHavre On The Water. LeHavre On the Water offers waterfront living, conveniently located minutes from midtown Manhattan. LeHavre offers more than just a beautiful environment. Whether strolling the grounds, talking to neighbors or enjoying time with your family and friends at the pool, LeHavre will make you feel right at home.
This Le Havre Coop is located at 166-10 Powells Cove Blvd #4A in Beechhurst NY. Beechhurst is a neighborhood in the northeastern section of the New York City borough of Queens. It is on the northeastern side of Whitestone, Queens, New York, near the East River, north of the Cross Island Parkway and between the approaches to the Throgs Neck and Whitestone bridges.
Privacy and convenience are featured in this lovely Bayside Coop for sale. Offered for sale by George Herrera & Abigail Herrera of the Queens Home Team @ KW Landmark II. This 1 BR Coop is located in the sought-after neighborhood of Bayside, Queens at the Baydale Coop Development.
Located in prestigious Bayside, Queens NY and close to all of the best that Queens NYC has to offer. Feel At Home In This Beautiful 1 Bedroom Coop In The Heart Of Bayside. Located On A Tree Lined Street, Facing Residential Homes (For Easy Parking), This Garden Style Unit Features Freshly Polished Hardwood Floors, A Cozy Living Room To Entertain Guests, Renovated Bathroom, Custom California Closet in the Bedroom, And A Nook In The Kitchen For Dining. Near Francis Lewis Blvd. & Bell Blvd. Close To Shopping & Restaurants. The LIRR Auburndale station is less than half a mile away and takes you into the city in 20 minutes; Plenty of shopping in Bay Terrace; Array of restaurants on Bell Boulevard; Several convenient stores on 35th Avenue, from outstanding bagels to delicious homemade Italian ices! Ample parking available on 36th Ave. The charm and character of this apt will make it very simple to call this place home.
This Baydale Coop is located at 204-11 36th Ave #388 in Bayside NY. Bayside is a unique neighborhood located in the New York City borough of Queens. Bayside is bordered by the Bronx to the north across the Long Island South and Douglas Manor across the Little Neck Bay. The eastern land border is the Cross Island Parkway and Douglaston; the western is Francis Lewis Boulevard/Utopia Parkway and Auburndale; the southern is Long Island Expressway and Oakland Gardens.
Privacy and convenience are featured in this lovely Douglaston Coop for sale. Offered for sale by George Herrera & Abigail Herrera of the Queens Home Team @ Keller Williams Realty. This 3 BR Coop is located in the sought-after community, Beech Hills Cooperative…
Located in prestigious Douglaston, Queens NY and close to all of the best that Queens NYC has to offer. This Unit Features
According to the Long Island Board of Realtors, existing home sales declined 21% in November but are still well above last year’s pace by 16.9%. Some part of the drop in sales was likely due to delays caused by the government shutdown, which may affect December’s sales figures as well. Even with the modest decline in sales from October to November, we have still seen 8 consecutive months of year-over-year increases – thanks to a dip in the level of inventory available for sale across Queens county. For now, inventory levels have allowed a continued advantage to sellers even moving into the winter months, which typically see lower prices than the rest of the year. However, buyers should pay attention to mortgage rates, as they continue to creep upward and eat away at affordability.
Month’s Supply: 6.9 Months