|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|
|November 11, 2013||This Month in Queens Real Estate: November 2013||no comments|
|October 15, 2013||Queens Home Team Introduces another One Bedroom Coop for Sale @ the Eden Rock in Briarwood NY!||no comments|
|October 11, 2013||This Month in Queens Real Estate: October 2013||no comments|
|September 18, 2013||This Month in Queens Real Estate: September 2013||no comments|
|August 18, 2013||This Month in Queens Real Estate: August 2013||no comments|
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
The seasonally adjusted rate of Queens home sales increased again in October and continued to increase when compared to year-ago levels, with October marking the 7th month of year-over-year increases. Median price declined month to month, which was expected given seasonal patterns; year-over-year, October marked only the 4th month this year of price decreases. This should have many potential Queens home sellers better positioned than they were this time last year and Queens home buyers should look to take advantage of the recent dip in mortgage rates thanks to a continuation of Federal Reserve policy. Next month’s report on November sales will likely reflect the transactional delays created by the government shutdown and the drop in consumer sentiment. However, with government workers back in their offices, the transaction process should return to normal.
Privacy and convenience are featured in this lovely Briarwood for sale. Offered for sale by George & Abigail Herrera of the Queens Home Team @ KW Landmark II. This one bedroom coop is located in the sought-after neighborhood of Briarwood, Queens.
Full listing details at: http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2618735/. Located in prestigious Briarwood, Queens NY and close to all of the best that Queens NYC has to offer, this lovely Coop is a spacious Coop near Main St in Briarwood. This Briarwood Coop Features 1 Bedroom W/Raised Dining Area. Doorman Building W/Laundry Facilities. Approx 5 Blocks To E & F Train @ Queens Blvd. & Van Wyck Expy., Few Blocks To Grand Central Pkwy. & Van Wyck Expy., Union Tpke. Forest Park In Close Proximity.
The annual rate of home sales rose for the fifth month in a row in August, the jump likely boosted by formerly reluctant buyers being pushed off the sidelines by the anticipation of rising mortgage rates. As speculation continues on the date and extent of the Federal Reserve’s reduction in its purchases of unconventional assets, mortgage rates have already begun to rise and are unlikely to return to the historic lows witnessed early in the year. With rates on the move, prospective buyers would do well to take advantage of low rates while home affordability remains at historically high levels. Prices rose again in August, maintaining the high year-over-year growth rates of the last twelve months. Sellers are still well-positioned in the Queens’ real estate market with inventory still relatively tight in many neighborhoods.
Interest rates for 30-year fixed-rate mortgages are currently 4.37% with 15-year rates at 3.41% and 5-year adjustable rates at 3.17%.
Queens NY Home Sales
Queens experienced another month-to-month gain in total existing-home sales for the month of July amounting to a 9% increase from the previous month. The seasonally adjusted annual rate rose to 803 for July, up from 737 in June. This is 17.1% higher than transactions in June 2012. We still believe there is a strong outlook in the Queens housing market despite the rise in interest rates. This is evident by the four consecutive months of year over year double digit home sale increases. Residential One, Two, and Three Family home sales are down 2.4%, Condo home sales are up 16%, and Coop Sales are up 61.6% from July 2012.
Queens NY Home Prices
The median existing-home price for Queens reached $365,000 in July, which was 5.1% higher than the previous year. On a month-by-month basis, July’s median price is .8% lower than the price of $368,000 in June. This is the ninth consecutive month of year-over-year price increases. Residential One, Two, and Three Family home prices are down 8.7%, Condo home prices are up 8.7%, and Coop prices are up .5% from July 2012.
Queens NY Housing Inventory
Inventory in July represented 9 months supply, down slightly from 9.3 months in June. Total housing inventory rose by .3% in July from 6,123 homes to an end total of 6,144 homes available for sale. Dealing with low inventory can be a struggle for buyers but with prices recovering it is still possible to find good deals on Queens NY homes.