August 2016 Market Update
Home sales in July dropped again for the fifth consecutive month. Despite the drop in transactions, home price increases have 2016 on track to be the best year for home prices since the recession. Near rock-bottom mortgage rates continue to lure more and more buyers into the market despite steadily rising prices and low inventory levels, however, the consistent decrease in year over year sales could be a sign. We may be seeing more people escape Queens as a result of the high prices, or we may be seeing a sign of consumer uncertainty as a result of the political elections. Either way, it will be interesting to see what happens through the third and fourth quarters of this year.
Absorption Rate: 647 sales/per mo.
Current Available Inventory: 3,763 (Last month: 3,812)
Month’s Supply: 5.8 Months
Last Month: 5.7 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. Keep in mind that month’s supply can vary by neighborhood and property type.
Interest rates decreased slightly from the month prior and remain near all-time lows. Mortgage rates have declined recently due to the drop in U.S. Treasury rates created by the uncertainty surrounding the U.K.’s vote to leave the European Union.
Queens Home Sales
The Long island Board of REALTORS® reported Queens home sales at a seasonally adjusted annual rate of 607 homes during the month of July. This was a decrease of 12.8 percent from June, and a decrease of 18.3 percent from July of last year.
Specifically, Residential 1-3 family Queens home sales were down 16.8%, Queens Condo sales were down 15%, and Queens Coop sales were down 19.2% compared to this time last year. Over the last 12 months, Queens home sales are down .2%.
Queens Home Prices
The median home price reached a record $478,000 in July, which was up 2.7 percent from June and up 13.3 percent from July of last year.
Specifically, Residential 1-3 family Queens home prices were up 11.9%, Queens Condo prices were up 4.3%, and Queens Coop prices were up 16.7% compared to this time last year. Over the last 12 months, Queens home prices are up 7.3%.
Queens Housing Inventory
There was a 5.8-month supply of housing inventory in July, which increased slightly from June. The total number of homes for sale decreased by 16 percent compared to August of last year. Strong demand spurred by dropping interest rates will likely keep inventory levels suppressed, particularly in the Queens starter home market.
Specifically, there are currently 2,395 residential 1-3 family homes for sale, 385 Condos for sale, and 982 Coops for sale in Queens county.
Blog Courtesy of George & Abigail Herrera w/the Queens Home Team at Keller Williams Realty Landmark II.
There’s no question that designating a driver reduces drunken driving accidents and saves lives.
Designated Driver Statistics
As time goes along, more and more people have gotten on board with the idea of designating drivers. A Mothers Against Drunk Drivers (MADD) survey done in 2014 showed:
Who Is Most at Risk for Drunk Driving Fatalities?
Drunk driving takes the lives of young drivers more than any other age group:
Always preparing ahead for a designated driver shows more than good character; you’re looking out for yourself, your friends, and others on the road. Being the designated driver shows just as much good character. But what happens when your designated driver plans fail? There are other options, and you should know about these options should this ever occur.
Other Options When Designated Driving Plans Fail
If everyone in your group wants to party and drink, and no one wants to be a designated driver, there are other ways to designate a driver, such as:
Designate Your Driver Ahead of Time
Don’t wait until you’ve already started drinking to designate a driver. By then, your thinking is impaired, and you probably won’t realize you need one.
Designated drivers are on the rise. However, according to MADD, a person is injured in a drunk driving crash every two minutes. Also, on the average, 2 in 3 people will be involved in a drunk driving accident during their lifetime. To repeat, 2 in 3 people will be injured in a drunk driving accident – whether they’re the at-fault driver or not. This prediction is staggering. We all must make very precaution we can and learn not to be so complacent about our driving habits. Even one drink could impair your driving – especially if you’re on medication that enhances alcohol’s effect on the brain. Buzzed driving is drunk driving.
Be safe. Always designate a driver ahead of time. Your safety isn’t always in your hands, but in this case, it is. Never drink and drive, and never get in the car with someone you even suspect has had a drink or taken drugs. And know that there are ALWAYS available options for you (and your friends) to get home safe and sound.