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 | 11935 views | 0 0 comments | 34 34 recommendations | email to a friend | print | permalink

view as list
Queens Home Team Awarded Top Team at Keller Williams Realty Landmark II for Most Units Sold in 2014!
by queenshometeam
Jan 29, 2015 | 330 views | 0 0 comments | 13 13 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

comments (0)
view/post comments
no comments yet

This Month in Queens Real Estate: JANUARY 2015
by queenshometeam
Jan 14, 2015 | 3143 views | 0 0 comments | 54 54 recommendations | email to a friend | print | permalink
TMIQRE Header

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

comments (0)
view/post comments
no comments yet

This Month in Queens Real Estate: DEC 2014
by queenshometeam
Dec 17, 2014 | 6609 views | 1 1 comments | 197 197 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

comments (1)
view/post comments
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 | 9771 views | 0 0 comments | 508 508 recommendations | email to a friend | print | permalink
TMIQRE Header

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

comments (0)
view/post comments
no comments yet

This Month in Queens Real Estate: OCT 2014
by queenshometeam
Oct 22, 2014 | 9222 views | 2 2 comments | 299 299 recommendations | email to a friend | print | permalink
TMIQRE Header



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

comments (2)
view/post comments
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 | 9510 views | 0 0 comments | 326 326 recommendations | email to a friend | print | permalink
TMIQRE Header



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

comments (0)
view/post comments
no comments yet

This Month in Queens Real Estate: AUG 2014
by queenshometeam
Aug 19, 2014 | 10469 views | 0 0 comments | 316 316 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

comments (0)
view/post comments
no comments yet

This Month in Queens Real Estate: JULY 2014
by queenshometeam
Jul 24, 2014 | 11048 views | 0 0 comments | 361 361 recommendations | email to a friend | print | permalink

TMIQRE Header



June 2014 Queens NY Market Update 

 

The pace of home sales rose sharply in June but was still below the pace of sales in June 2013. Prices posted moderate gains in June as well, remaining on pace with the year-over-year growth seen last month and keeping home prices growing at a sustainable pace. The rise in inventory slowed from the previous month, leading months of supply to tighten slightly due to the pickup in sales. Rates have continued to remain flat for the first half of this year, and buyers should be looking to take advantage. With home prices posting slower but solid year-over-year gains, those looking to sell should also be well positioned with recent equity gains in most markets of Queens.

Month’s Supply: 8.75 Months (Last Month: 8.7 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_Rates30-year rates rose a mere 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, 4.17%; 15-year fixed rate, 3.30%; 5/1-year adjustable rate, 3.00%.

 

Queens NY Home Sales

 

Queens_NY_Real_Estate_Market_Home_Coop_Condo_Sales_JULY_2014

The seasonally adjusted annual pace of home sales increased 10% from May to June, to 722 homes. This is still 8.8% below the pace at this time last year, which in combination with higher levels of inventory has helped keep prices rising at a more sustainable pace than we saw the previous year. The pickup in home sales in June is further evidence that the market is recovering after the slow first quarter of 2014. Residential and Condo home sales are down year-over-year, while Coop sales are up from this time last year.

 

Queens NY Home Prices

 

Queens_NY_Real_Estate_Market_Home_Coop_Condo_Prices_JULY_2014

According to the Long Island Board of Realtors, the median home price was $372,900 in June. This is an increase of .8% from the previous month and a decrease of 3.1% from the previous year, when prices were $385,000. Year-over-year price gains have slowed in recent months due to higher levels of inventory and a slower pace of home sales than those in the previous year. This moderation in price should help keep affordability more stable in the near term. Average Home price in Queens was $422,756. Median price for residential homes, condos, and coops are all up year-over-year. Average sale prices for residential homes and coops are up, while condo average is the same as last year.

 

Queens NY Housing Inventory

 

The number of homes available for sale decreased by .9% in June to 5,760 homes, which translates to 8.75 months of supply. Despite the decrease in availability, the months of supply increased from the previous month, as the increase in available homes did not keep pace with the rise in the pace of home sales. In the same month of last year there was 9.3 months of supply, meaning that buyers will have less options available this summer compared to the same time last year.

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

 

BUYwww.exclusivequeenshomes.com | SELLwww.queenshomeselling.com

comments (0)
view/post comments
no comments yet

This Month in Queens Real Estate: JUNE 2014
by queenshometeam
Jun 19, 2014 | 18808 views | 3 3 comments | 613 613 recommendations | email to a friend | print | permalink
TMIQRE Header

June 2014 Queens NY Market Update

The pace of home sales rose in May after a slow start in the beginning of 2014. Inventory increased slightly again in May, meaning buyers should have a bit more choices moving into this year’s peak home buying season and may have less competition in certain neighborhoods. While the overall inventory in the county has increased, there is currently a great deal of variance in local neighborhoods, with inventory levels in some areas remaining substantially lower than the average Queens’ numbers and inventory levels varying by price point within many neighborhoods. Prices continue to increase this year, helping even more homeowners return to positive equity. Interest rates remained below expectations at the beginning of this year and have dipped even further in recent weeks. With buyers having more options available and sellers poised to take advantage of equity growth, the summer months should offer opportunities for all individuals looking to participate in the housing market.

Month’s Supply: 8.7 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

Rates

30-year rates dropped 20 basis points from April to May due to global market activity resulting from turmoil overseas. Rates have remained flat in the first quarter of this year but are still expected to rise in the future; volatility in several global markets has indirectly placed downward pressure on mortgage rates in the United States. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 4.14%; 15-year fixed rate, 3.25%; 5/1-year adjustable rate, 3.96%.



Queens NY Home Sales

Queens_NY_Real_Estate_Market_Home_Sales_JUNE_2014



According to the Long Island Board of Realtors, the seasonally adjusted annual pace of home sales increase 10% in May to 634 homes. This is down 17.8% from the same month last year, when the pace was 771 homes. While home sales are expected to remain below the previous year’s levels, May was the second month-to-month increase in sales this year. Sales should continue to pick up as we move into the summer and recover from the first quarter’s sluggish pace.



Queens NY Home Prices

Queens_NY_Real_Estate_Market_Home_Prices_JUNE_2014



Median home prices decreased .1% in May to $370,000.This is a .5% increase from the same month last year. Average home prices increased 3.4% in May to $428,383. This is a 3.7% increase from the same month last year. Year-over-year increases should remain slower than those we have seen in previous months, as more inventory is entering the market than last year.



Queens NY Housing Inventory

The number of homes available for sale increased 1.4% in May to a seasonally adjusted 5,812 homes. This translates into 8.7 months of supply, up from 8.4 months in April and 9.6 months last year. This places the market in fairly balanced territory, however, there is currently a great deal of variation among several Queens’ neighborhoods, with many areas still retaining highly competitive markets with low inventory levels.



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



BUY: www.exclusivequeenshomes.com | SELL: www.queenshomeselling.com

comments (3)
view/post comments
jimmyturano/broker
|
July 12, 2014
Looking for an apartment-updated July 12, 2014

Ideas to benefit you.

With plenty of competition out there looking for the same apartment that you are looking for, do you think it is a good idea to:

Have on hand three months rent(security,rent, and real estate fee) in case you find what your looking for?

Have on hand some copies of paychecks?

Have on hand your credit scores?

Since there are many looking for apartments today, it would be in your best interest to look like the perfect candidate for the apartment, in front of the landlord.

Landlords are looking for tenants who will live in the same house as them. There concern is to attain tenants that can afford to pay them. If you see an apartment you like, negotiate, and you tell the landlord you want the apartment, but you can't leave a deposit, or pay within 24 hours, you do not look good to the landlord in their eyes.

To many embarassing stories to tell lately.

Just shop for an apartment when you are ready with the money needed, and have your paperwork ready to show.


This Month in Queens Real Estate: May 2014
by queenshometeam
May 15, 2014 | 11253 views | 4 4 comments | 379 379 recommendations | email to a friend | print | permalink
TMIQRE Header


May 2014 Queens NY Market Update 

The pace of Queens home sales was pretty flat in April as the county began to transition out of one of its most severe winters in recent history. Now that we are getting warmer weather and in the peak selling season, we should see Queens home sales start to improve. Both prices and inventory rose in April as the weather improved, encouraging more people to get into the Queens housing market. Tight lending standards and lower affordability than was available at the same time last year have also dampened sales early in the year but their effects have been difficult to discern from those of the weather. Market conditions remain favorable for sellers to take advantage of newfound equity. Queens Home Buyers should begin to find more homes to choose from as inventory continues to loosen across Queens.

Month’s Supply: 8.4 Months (Last Month: 7.5 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

Interest_Rates

Rates dipped slightly from March to April as they continued to hover in the 4.3% to 4.4% range. Rates will likely follow a slow upward trend into the future; however, volatility in several global markets has led to some fluctuation in mortgage rates. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 4.33%; 15-year fixed rate, 3.39%; 5/1-year adjustable rate, 3.03%.

 

Queens NY Home Sales

 

Queens_NY_Real_Estate_Market_Home_Sales_MAY_2014

The seasonally adjusted annual pace of Queens home sales dropped to 559 homes in April. This is down 16.9% from the same month last year and down 18% from the previous month. Queens Home sales are generally expected to remain below last year’s levels; however, the pace of home sales has been slower than expected due to a combination of lower affordability, tighter lending standards, and weather conditions.

 

Queens NY Home Prices

 

Queens_NY_Real_Estate_Market_Home_Prices_MAY_2014

Median Queens home prices held steady from March to April at $370,000, according to the Long Island Board of Realtors. Year-over-year prices were up 2.8%. As inventory levels continue to loosen year over year, price growth will likely continue to slow but remain positive across Queens.

 

Queens NY Housing Inventory  

Inventory levels have continued to increase through the year with 5,731 homes on the market in April, up 3.6% from 5,534 in March. This is a 8.4 Months’ supply of inventory at the current sales pace, up from a 7.5 months’ supply in the previous month and a 9.7 months’ supply in the previous year. Inventory is expected to continue to ease as we get closer to the peak home-buying season and this should help slow down rises in Queens home prices.



Blog content courtesy of George Herrera w/the Queens Home Team at Keller Williams Realty Landmark II. 



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

comments (4)
view/post comments
jimturano/broker
|
July 22, 2014
update-I have offered my 36 years of experience to Zillow web site for almost 12 months already. I wish to improve the site for the Queens areas, especially the Middle Village, NY area. The Zillow Zestimates are antiquated and although I notify Zillow regarding this the problem still exists today.

My point for buyers is, if they go by Zestimates to bid on a home, they will never get an offer accepted. The Zestimates are 5-8% lower than current market.

Many people knock many sights, but I am offering my 36 years of experience, and having completed over 4,000 written appraisals to date, I believe when a background check on Google is completed, that you will see my creditability, reputation makes me qualified to correct the problem that currently exists.

Recent:July 21,2014 Zillow Zestimate on 61-37 79 street, was at $504k. Yet the home sold for $550k, almost 9.5% higher than the Zestimate.

Improve the Zillow site so that buyers bid accordingly.

page
2 3 .. 4