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 | 10237 views | 0 0 comments | 34 34 recommendations | email to a friend | print | permalink

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Queens Home Team Introduces another One Bedroom Coop for Sale @ the Eden Rock in Briarwood NY!
by queenshometeam
Oct 15, 2013 | 14713 views | 0 0 comments | 328 328 recommendations | email to a friend | print | permalink

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.

This Briarwood Coop is located at 84-01 Main St in Briarwood NY. Briarwood is a unique neighborhood in the New York City borough of Queens. It is located northwest of Jamaica and roughly bounded by Queens Boulevard, Parsons Boulevard, Union Turnpike, and Hillside Avenue.
 
This One Bedroom Briarwood Queens Coop for sale is being offered at $125,000. For more information, contact George Herrera of the Queens Home Team @ Keller Williams Realty Landmark II (718) 869-0270. Full Listing details are available at http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2618735/. George & Abigail Herrera are Briarwood NY Realtors experienced in working with luxury properties, first-time homebuyers, Condos, Coops, Single Family Homes, and Multi-Family Homes in Briarwood NY.
 
George & Abigail Herrera can be reached at the Keller Williams Realty Landmark II office which is located at: 
 
 

BUY: http://www.ExclusiveQueensHomes.com | SELL: http://www.QueensHomeSelling.com 

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This Month in Queens Real Estate: October 2013
by queenshometeam
Oct 11, 2013 | 3626 views | 0 0 comments | 268 268 recommendations | email to a friend | print | permalink

TMIQRE Header 

Queens NY Real Estate Market Update
 
In September the seasonally adjusted annual rate of home sales in Queens jumped to the highest year-over-year increase since January 2013, as many buyers made the effort to lock in rates before they rise any further. While rates have ticked down due to the Federal Reserve’s announcement that it would not taper its unconventional asset purchases in September, rates are still likely to slowly rise through the end of the year. Prospective buyers should take advantage of what is still a historically high level of affordability in the housing market before it diminishes. With inventory remaining tight in many areas around Queens, potential home sellers are still well- positioned to take advantage of the many buyers looking for opportunities in Queens.
 
Month’s Supply: 7.7 Months 
 
*Month’s supply over 6 months is said to favor buyers, supply below 6 months is said to favor sellers, and supply ove 5-6 months is said to be a balanced market.
 
Interest Rates
 
Interest_Rates



Interest rates have moderated thanks to the Federal Reserve’s decision to continue its quantitative easing policies. 30-year fixed-rate mortgages are currently 4.32% with 15-year rates at 3.37% and 5-year adjustable rates at 2.63%. While the Fed’s policy announcement has helped rates in the near term, we should expect them to continue to increase as the overall economy improves.
 


Queens NY Home Sales
 
Queens_NY_Real_Estate_Market_Report_for_Single_Family_Multi_Family_Condo_and_Coop_Homes_Home_Sales_OCT_2013

Existing home sales were down 5.5% from August, but the 796 home sales in September represents a 28.6% increase over the same month last year and represents the sixth consecutive month of year-over-year increases. The recent spike in the rate of home sales is likely tied to the rise in interest rates in previous months, which caused buyers concerned about rising rates to get off the sidelines and lock in. Residential home sales were up 16.2%, Condo sales were up 70.2%, and Coop sales were up 41.6% year-over-year. A sign that the increase in sales was evident in all property types.
 


Queens NY Home Prices
 
Queens_NY_Real_Estate_Market_Report_for_Single_Family_Multi_Family_Condo_and_Coop_Homes_Home_Prices_OCT_2013


In September the median existing home price dipped slightly from the previous month to $374,000. Median price was down only 1.6% from August and was only down .3% from last September. Home prices typically dip later in the year, so the current month- to- month trend is not concerning. However, the year-over-year rises in home prices bode well and will continue to help boost more Queens’ homeowners out of negative equity positions.
 


Queens NY Housing Inventory
 
The number of homes available for sale in September decreased again so we are still having a hard time keeping up with the jump in buyer activity. This brought months’ supply of inventory, which takes into account inventory levels and sales rates, down 4.9% from last month to a current supply of 7.7 months of inventory.
 
Courtesy of George Herrera w/the Queens Home Team @ Keller Williams Realty Landmark II.
 
Queens Home Team_Keller Williams Realty Landmark II_Real Estate Agents in Queens NY_BANNER
 
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This Month in Queens Real Estate: September 2013
by queenshometeam
Sep 18, 2013 | 15445 views | 0 0 comments | 324 324 recommendations | email to a friend | print | permalink
TMIQRE Header
 
Queens NY Real Estate Market: Update

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.

 
Month’s Supply: 8.1 Months
 
*Month’s supply above 6 months is said to favor buyers, and month’s supply below 6 months is said to favor sellers.
 
 
Interest Rates
 
Interest rates have moved up this month: 30-year fixed-rate mortgages are currently 4.58% with 15-year rates at 3.60% and 5-year adjustable rates at 3.21%. These are the highest rates we have seen in the last two years.
 
Interest_Rates
 
Queens NY Real Estate Market: Home Sales
 
Total existing home sales in August were down 2% from July to a seasonally adjusted annual rate of 820 homes. Year-over-year home sales were up 15% from the August 2012 rate of 713 homes. The Queens’ housing market recovery is still well under way with 5 consecutive months of year-over-year growth in home sales heading into this fall. The most significant rise in home sales is in the Condo market. Residential home sales and Coop sales were up moderately in comparison.
 

 
Queens_NY_Real_Estate_Market_Report_Home_Sales_Coop_Condo_Single_Family_Multi-Family_Home_Sales_Sept 2013
 
 
Queens NY Real Estate Market: Home Prices
 
The median existing home price in the Queens in August was $383,750, up slightly from the previous month but up 9.6% from the same month last year. Of the last twelve months, this is the tenth month of year-over-year price increases. The most significant rise in home prices is still for Residential 1-3 family homes and Condos. Coops have only experienced a slight rise in prices.

 
 
Queens_Real_Estate_Market_Report_Home_Prices_Condo_Coop_Single_Family_Multi-Family_Sept_2013
 
 
Queens NY Real Estate Market: Inventory
 
A slight decrease in inventory levels was offset by the increase in the pace of home sales, causing the months of supply for existing homes to drop down from 9.1 months in July, to 8.1 months in August. Total Queens housing inventory dropped by 2% in August from 6,144 homes for sale in July to a level of 6,026 homes for sale in August.
 
Courtesy of the Queens Home Team @ Keller Williams Realty Landmark II. NYS Licensed Real Estate Salespersons. 
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This Month in Queens Real Estate: August 2013
by queenshometeam
Aug 18, 2013 | 12318 views | 0 0 comments | 367 367 recommendations | email to a friend | print | permalink
Queens NY Real Estate Market Report and Trends


Queens NY Real Estate Market Update
 
With home prices still rising rapidly, inventory has remained tight as many potential Queens home sellers hold out in an effort to wait until prices peak. However, with builders ramping up operations and the potential for interest rates to rise, it is still a good time for prudent homeowners to take advantage of the tight market. A brief jump in interest rates in mid-June slightly tempered home sales but are expected to stabilize and demand will respond positively. Demand is still very high for entry-level homes as first-time buyers compete with investors for the best properties in Queens County.



Interest Rates

Interest_Rates

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_NY_Real_Estate_Market_Report_Home_Sales_JULY_2013

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

Queens_NY_Real_Estate_Market_Report_Home_Prices_JULY_2013

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.

Courtesy of George & Abigail Herrera with the Queens Home Team @ Keller Williams Realty Landmark. 

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SOLD! George & Abigail Herrera Help Another Home Owner Sell their Coop for ABOVE Asking Price!
by queenshometeam
Jul 19, 2013 | 20320 views | 0 0 comments | 459 459 recommendations | email to a friend | print | permalink
George & Abigail Herrera and the Queens Home Team @ Keller Williams Realty Landmark II are pleased to announce the sale of the Two Bedroom Coop located at 61-20 Grand Central Pkwy #C1401 in the Fairview Cooperative of Forest Hills NY...
 
This Forest Hills Coop consisted of 2 Bedrooms, 1 Bathroom, and SOLD for $240,000. This Forest Hills NY Coop is located in the desirable community at the Fairview Cooperative and was on the market for 26 days before the contract was fully executed.

The seller of this Forest Hills NY Coop SOLD the property for 4% above the listing price, showcasing how George & Abigail Herrera are both skilled and experienced at helping Queens Home Owners SELL their home for the most amount of money, in the least amount of time, with the least amount of hassle. If you are curious what your Astoria Queens NY Home might sell for, call or text Abigail Herrera of Keller Williams Realty Landmark at: 718-869-0270 (tel:718-968-5538). We would love to meet your family and evaluate your home free of charge.

If you or someone you know is looking to Buy a Forest Hills Queens Coop, contact George or Abigail Herrera at Keller Williams Realty Landmark II today. We would be happy to show you how we find the very best homes for our buyer clients, our 10 minute phone consultation is proven to narrow down your search so that you only view homes that fit your search criteria. If you are looking to buy a Home for sale in Queens NY, you can also call or text George, Abigail, and their team at Keller Williams Realty Landmark II, we have experienced Realtors on our team who specialize in working different areas of the borough. Let us go to work for you and show you why so many Queens home sellers & buyers choose us to represent them in the real estate process.

Queens Home Team
George & Abigail Herrera
Keller Williams Realty Landmark II
75-35 31st Ave
Ste. 202
Jackson Heights, NY 11370
718.869.0270

BUY: www.ExclusiveQueensHomes.com | SELL: www.QueensHomeSelling.com
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This Month in Queens Real Estate: July 2013
by queenshometeam
Jul 12, 2013 | 9555 views | 0 0 comments | 337 337 recommendations | email to a friend | print | permalink
Queens NY Real Estate Market Report and Trends

July 2013 Queens NY Market Update

The recovery of the Queens housing market now appears to be well under way. While demand is still high, even with credit conditions constraining buyers, the low level of inventory is having a significant effect in most neighborhoods. This is likely to persist through the year due to the rapid sales velocity and only modest additions to inventory levels. May & June saw a modest jump in sales velocity where existing home sales were at the highest point since August 2012. Prices continued to rise in June, marking the eighth consecutive month of price growth. Current absorption rate is 9.3 months, which is down from last month’s supply of 9.5 months. With affordability still at historically high levels and the market continuing to improve, it could be an opportune time for a well-informed buyer or seller to enter the market.





Queens NY Interest Rates

Long-term U.S. mortgage rates jumped half a point in May, reflecting consumer confidence in the economy and the very active housing market. The 30-year fixed rate mortgage averaged 3.81% in May, which was a high not seen in over a year. The 15-year fixed rate mortgage had an average rate of 2.98%, while the 1-year adjustable rate mortgage slipped to 2.54% in May. Rates have stayed fairly close to April levels for most of the month until the growing economy and increasing momentum caused the leap in interest rates at the end of May. It will be interesting to see if this gain carries over into the next month.

Interest_Rates



Queens NY Home Sales

Home sales decreased in June with total existing home sales dropping 3.3% from May, but still up 5.6% year-over-year. The positive housing numbers are indicative of the New York & U.S. economy strengthening. Existing home sales are at the highest level since August 2012. June marked the eighth month that sales have recorded year-over-year gains. The most significant jump in year-over-year home sales are in the Condo market. Residential & Coop sales are still fairly similar to the sales seen at this time last year.



Queens NY Home Prices

Median home prices continued to rise from a year earlier with an increase of 10.1% from last June. This marks eight straight months of increases, with the exception of February which was affected by Super Storm Sandy. The Queens median existing home price for all housing types was $380,000 in June, which is a 4.1% increase from the median home price in May ($365,000). The median price level has been gaining year-over-year for eight consecutive months as of June, a strong sign of the market recovery in Queens.



Queens NY Housing Inventory

Total housing inventory at the end of June dropped 1.3% to 6,123 existing homes, which represents a 9.3-month supply of homes. This is down from the 9.5-month supply in May. Inventory is down 28% below year-ago levels, but this is indicative of the current recovery. The housing numbers are overwhelmingly positive. However, the number of available homes is unlikely to grow, unless new home construction ramps up quickly by an additional 50%.

Courtesy of George & Abigail Herrera with the Queens Home Team @ Keller Williams Realty Landmark II.



BUY
www.ExclusiveQueensHomes.com | SELLwww.QueensHomeSelling.com

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JUST LISTED: 1 BR Coop for Sale @ The Birchwood House in Jackson Heights NY!!!
by queenshometeam
Jun 18, 2013 | 360 views | 0 0 comments | 15 15 recommendations | email to a friend | print | permalink


Privacy and Manhattan skyline views are featured in this lovely Jackson Heights Coop for sale. Offered for sale by George & Abigail Herrera of the Queens Home Team @ KW Landmark II. This 1 BR Coop is located in the sought-after neighborhood of Jackson Heights, Queens.

Full listing details at: http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2591634/. Located in prestigious Jackson Heights, Queens NY and close to all of the best that Queens NYC has to offer, The Birchwood House is a premier cooperative. Pull up to the Birchwood House and you see an array of restaurants, shops, stores, and entertainment nearby. As you step foot into the building you’re greeted by a doorman and an impeccably designed lobby area. Take the elevator up to your brand new one bedroom coop in this cast iron building in the fashionable Jackson Heights neighborhood. 1 bedroom, 1 bath, brand new stainless steel appliances, custom wood cabinets, granite countertops, refinished parquet wood floors, custom tiling in bathroom & kitchen, and city views throughout this 780 /- sqft coop. No expense spared. Designer finishes throughout including Custom earth tone paint perfect to move right in and decorate. Sixth floor unit features 10 ft /- ceilings, a Formal living room with three large windows that look right out at Manhattan. Need a breath if fresh air? Head up to your newly opened rooftop deck complete with sunbathing chairs and picnic tables. To top it off, enjoy a panoramic view of New York City!

This Jackson Heights Queens Coop is located at 37-31 73rd St #6B in Jackson Heights NY. The Birchwood House Cooperative in Jackson Heights NY offers something for everyone. While the average Jackson Heights apartment gives you four walls and nothing else, there is nothing average about the Birchwood House Coops. That’s because the Birchwood House Cooperative in Jackson Heights NY isn’t just another building hemmed in between other buildings. It’s a carefully-planned community, that makes Birchwood House Coops benchmarks for value and quality. Coops at the Birchwood House Cooperative in Jackson Heights NY are beautifully designed and crafted to provide a spacious layout with nice sized closets and quality materials throughout. When you live at the the Birchwood House you enjoy more than an apartment, you enjoy a complete lifestyle.

This 1 bedroom Jackson Heights Queens Coop for sale is being offered at $255,000. For more information, contact George Herrera of the Queens Home Team @ Keller Williams Realty Landmark II (718) 869-0270. Full Listing details are available at http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2591634/. George & Abigail Herrera are Jackson Heights NY Realtors experienced in working with luxury properties in Jackson Heights NY, Jackson Heights NY first-time homebuyers, Jackson Heights NY Coops, as well as Jackson Heights NY Condos, Jackson Heights NY Single Family Homes, Jackson Heights NY Two (2) family, and Multi-Family Homes in Jackson Heights NY.
 
George & Abigail Herrera can be reached at the Keller Williams Realty Landmark II office which is located at:
 
 

BUY: http://www.ExclusiveQueensHomes.com | SELL: http://www.QueensHomeSelling.com

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1 BR Coop for Sale @ Station Square in Forest Hills Gardens!!!
by queenshometeam
Jun 17, 2013 | 8519 views | 0 0 comments | 544 544 recommendations | email to a friend | print | permalink

Privacy and convenience are featured in this lovely Forest Hills Gardens Coop for sale. Offered for sale by George & Abigail Herrera of the Queens Home Team @ Keller Williams Realty Landmark II. This 1 bedroom Coop is located in the sought-after community of Forest Hills, Queens. Full listing details at: http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2590404/ 

Cozy 1 Bedroom Located By 71st & Continental Shopping & Enjoyment! Building Is 1 Block To Transportation, Retail Shopping, Restaurants, And Entertainment. Location, location, location. Austin St, Continental Ave, and Forest Hills Gardens! A windowed kitchen with white cabinets, stainless steel appliances, a beautiful bathroom, large windows, and many closets galore. This one bedroom Coop has beautiful wood floors and is in great condition. 2 Dartmouth St is a prewar building 1 block from the LIRR, E/F/M/R Trains, Q23 Bus, Restaurants, Theaters, and Austin Street shopping. This could easily be the perfect Home for you. 20% down payment required for potential buyers.
 

Located in prestigious Forest Hills Gardens, Queens NY and close to all of the best that Queens NYC has to offer, The Station Square Cooperative is a premier cooperative. This Forest Hills Queens Coop is located at 2 Dartmouth St in Forest Hills NY. The Station Square Cooperative in Forest Hills NY offers something for everyone. While the average Forest Hills apartment gives you four walls and nothing else, there is nothing average about the Station Square Coops. That's because the Station Square Cooperative in Forest Hills NY isn't just another building hemmed in between other buildings. It's a carefully-planned community, that's why Station Square Coops are benchmarks for value and quality. Coops at the Station Square Cooperative in Forest Hills NY are spacious, many have terraces, storage, and nice sized closets. When you live at the Station Square, you enjoy more than an apartment, you enjoy a complete lifestyle. 

This 1 bedroom Forest Hills Queens Coop for sale is being offered at $178,000. For more information, contact George Herrera of the Queens Home Team @ Keller Williams Realty Landmark II (718) 869-0270. Full Listing details are available at:http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2590404/. George & Abigail Herrera are Forest Hills Gardens NY Realtors experienced in working with luxury properties in Forest Hills Gardens NY, Forest Hills Gardens NY first-time homebuyers, Forest Hills Gardens NY Coops, as well as Forest Hills Gardens NY Condos, Forest Hills Gardens NY Single Family Homes, Forest Hills Gardens NY Two (2) family, and Multi-Family Homes in Forest Hills Gardens NY.
 
George & Abigail Herrera can be reached at the Keller Williams Realty Landmark II office which is located at: 
 
 

BUY: http://www.ExclusiveQueensHomes.com | SELL: http://www.QueensHomeSelling.com

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This Month in Queens Real Estate: June 2013
by queenshometeam
Jun 10, 2013 | 7801 views | 0 0 comments | 517 517 recommendations | email to a friend | print | permalink
Queens NY Real Estate Market Report and Trends

June 2013 Queens Market Update

The recovery of the Queens housing market now appears to be well under way. While demand is still high even with credit conditions constraining buyers, the low level of inventory is having a significant effect in most neighborhoods. Due to current market conditions, May saw a significant jump in sales velocity. April & May typically see the most significant gain in inventory in any given year, meaning low levels of inventory are likely to persist throughout the year. Prices continued to rise in April, marking the sixth consecutive month of gains in median price. With affordability still at historically high levels, the market continuing to improve, and inventory lending advantage to sellers, it could be an opportune time for a well-informed buyer or seller to enter the market.



Numbers that Drive Queens Real Estate_UPDATE



Interest Rates

Interest rates ticked up to 4.125% this month. With yields on treasuries rising due to overall economic recovery and anticipation of the Federal Reserve cutting back on monetary easing, we could see mortgage rates slowly trend up in the future.



Queens_NY_Interest_Rates

Queens NY Home Sales

Home sales in May reached a seasonally adjusted annual rate of 698, an 11.1% increase from April and a 10.8% increase from May of 2012. This is the fastest annual sales pace the market has seen since the 2009 tax credit. May would have been the sixth consecutive month of year-over-year gains, however, super storm Sandy caused sales to dip in February & March. Even with these gains, the market is still being constrained by tight credit and inventory. The robust housing market recovery is occurring in spite of tight access to credit and limited inventory. Without these frictions, existing-home sales easily would be well above the current pace.

Queens_NY_Home_Sales



Queens NY Home Prices

Median home price was $360,000 in May, no change from April but a 4.3% increase from the same month last year. This makes May the seventh consecutive month of year-over-year price gains. The last time the Queens saw this many consecutive gains in median house price was in the lead up to the housing crisis from April 2005 to May 2006.

Queens_NY_Home_Prices



Queens NY Housing Inventory

Inventory saw a moderate decrease in May, dropping 1.2% from April levels to a supply of 9.57 months. There are currently 6,204 homes for sale in Queens County, that’s 27% lower than what we saw in May of 2012 and is still representative of a firm seller’s market in many neighborhoods of Queens. Residential Homes and Condos are in high demand among buyers, however, we are experiencing the biggest shortage with these types of properties. There is still a large supply of Coops on the market and Buyers typically have more leverage at the negotiating table when it comes to Coops due to the large amount of competition. In any case, there are still less Coops on the market than there were last year.



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



BUY
www.ExclusiveQueensHomes.com | SELLwww.QueensHomeSelling.com

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This Month in Queens Real Estate: May 2013
by queenshometeam
May 10, 2013 | 5812 views | 0 0 comments | 198 198 recommendations | email to a friend | print | permalink
TMIQHRE Header


Queens NY Real Estate Market Update

As the Queens housing market recovers we are seeing considerable increases in demand, resulting in a strong seller’s market in certain areas across the county. Currently, there is more demand than there is supply available in many neighborhoods, but the good news is home construction is rising and low mortgage rates are continuing to keep affordability conditions at historically favorable levels. 

Homes are selling much faster, and multiple bidding is becoming more common, and more homes are selling above the asking prices, so buyers need to move quickly. With historically low interest rates and rising demand, there is an urgency to buy now during one of the most favorable times in history to buy or sell a Queens home.



Queens NY Interest Rates

Rates

Interest rates this month are slightly lower from last month, at 3.41% for a 30-year mortgage. Low mortgage rates continue to keep affordability conditions at historically favorable levels. 



Queens NY Home Sales

Queens_NY_Real_Estate_Market_Home_Sales_May_2013_Queens_Home_Team_George_and_Abigail_Herrera_KW

Home sales in April were parallel to last month’s figures at 600 units. Sales are up 3.6% from year-ago levels, making this month the 2nd month of year-over-year sales unit increases this year. Queens Residential Home Sales increased 2% from last year, while Queens Condo home sales decreased 11.3% from last year, and Queens Coop home sales rose 13% from year ago levels.



Queens NY Home Prices

Queens_NY_Real_Estate_Market_Home_Prices_May_2013_Queens_Home_Team_George_and_Abigail_Herrera_KW

The current median home price increased 5.8% in April to a seasonally adjusted $376,000, which is up 7.4% year over year. April marks the 3rd consecutive month of year-over-year price increases, and the strongest year-over-year increase since January. Residential home prices are up 6.6% compare to this time last year. Condo home prices are up 3.2% from year ago levels. And Coop home prices are up 4.9% from this time last year. This is a result of the substantial decrease in inventory which has put pressure on home prices to rise because it has led to a rise in demand among Queens home buyers.



Queens NY Housing Inventory

Inventory levels in April decreased slightly by 1.5% to 6,280 existing homes for sale. The number of homes on the market represents a 10.1-month supply, indicating that the County as a whole is still in a buyer’s market. Inventory is down 26.8% below a year ago when there was 8,577 homes for sale. This decrease in inventory has led to rising demand, however, there is still an over-supply of Coops on the market. Residential homes are in high demand right now but there isn’t enough inventory for the buyers out there, hopefully this will get some seller’s off the fence soon as they see prices start to rise. Condos remain a popular choice for home buyers, however, they are few and far between. Condo inventory is scarce so Condo house hunters are limited in their choices. Coops remain a popular choice among first time home buyers and though there is less inventory than last year, there is still plenty of inventory out there.

Blog & Content Courtesy of George & Abigail Herrera @ Keller Williams Realty landmark II.



BUY
www.ExclusiveQueensHomes.com | SELL: www.QueensHomeSelling.com

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