This Month in Queens Real Estate: AUG 2014
by queenshometeam
 Queens Real Estate Talk
Aug 19, 2014 | 470 views | 0 0 comments | 13 13 recommendations | email to a friend | print | permalink
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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

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Dr. Leopold Hedbavny, Jr
Aug 19, 2014 | 155 views | 0 0 comments | 6 6 recommendations | email to a friend | print
Dr. Leopold Hedbavny, Jr. of Glendale, New York, Formerly of Manhattan, passed away on August 16, 2014 at the age of 86. He was the beloved husband of Marie L. Hedbavny, brother of Elizabeth Snell, uncle of Katherine Burn, Jeannie Grube, Carla Mancini and Todd Hegeman and great uncle of Ginger and Richard Grube and Kala and Kyle Mancini. Mr. Hedbavny spent his entire life in the educational field; he held various positions at Eastern Military Academy, Cold Spring Harbor, New York and was a lifelong educator in the Lutheran School system. He obtained his Doctor of Philosophy in History in 1991. He served in the United States Army during the Korean War and was a member of the Veterans of Foreign Wars and the American Legion. He was active in many civic activities as President of the Glendale Chamber of Commerce, Treasurer of the Glendale Library and President of the Melville Lions Club of Long Island. He earned the Melvin Jones Fellow Award, the highest award given to a member of the Melville Lions Club. Mr. Hedbavny was active in the Boy Scouts of America for over seventy years. He held many positions in the Scouts and sat on the Greater New York Council of the Boy Scouts of America. He also served as President and County Commissioner of the Queens Council of the Boy Scouts. Viewing will be at the Glascott Funeral Home, 102-03 Metropolitan Avenue, Forest Hills, New York on Thursday, August 21, from 2:00 to 4:00 PM and 7:00 to 9:00 PM; and on Friday, August 22, from 2:00 to 4:00 PM and 7:00 to 9:00 PM The Funeral Service will be held at Marble Collegiate Church, 1 West 29 Street, New York, New York on Saturday, August 23, at 9:30 AM. Interment will follow at All Faiths Cemetery, 67-29 Metropolitan Avenue, Middle Village, New York.
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Stephen Orlovsky
Aug 19, 2014 | 101 views | 0 0 comments | 6 6 recommendations | email to a friend | print
Stephen Orlovsky passed away August 15th, 2014 at the age of 83 years. Beloved Husband of Stella. Dear Brother-in-Law of Rosemary. Also survived by Nieces and Nephews: Paula & Paul Barthelemy, Laurie & Eric Soderman, Leslie Orlovsky, Billy & Sandi Lipnoski and Frank & June Warren and Grand-Nieces and Grand-Nephews . Funeral Mass at Transfiguration RC Church, Tuesday, August 19th, 9:30 A.M. Interment All Faiths Cemetery. Under the direction of The Kodis Funeral Home 63-06 Flushing Avenue Maspeth, New York
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Helen Kabasinskas
Aug 19, 2014 | 91 views | 0 0 comments | 6 6 recommendations | email to a friend | print
Helen Kabasinskas passed away August 7th, 2014 at the age of 90 years. Beloved Aunt of Thomas and Robert Sladowski. Funeral Mass at Transfiguration RC Church, Monday, August 11th, 9:30 A.M. Interment St. John’s Cemetery. Under the direction of The Kodis Funeral Home 63-06 Flushing Avenue Maspeth, New York
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Catherine F. Healey
Aug 19, 2014 | 98 views | 0 0 comments | 6 6 recommendations | email to a friend | print
Catherine F. Healey passed away on Tuesday, August 12, 2014 at the age of 92. Beloved Wife of the late Raymond J. Healey. Loving Mother of Eileen Schmidt (Frank), Margaret Browne (William) and Raymond Healey. Cherished Grandmother of Frank, John, Kathleen, Eileen, Catherine and Melissa and Great-Grandmother of Alexis, Gus, Katherine, Brandon, Padraic and Jake. Dear Sister of John Flynn and the late Owen Flynn. Also survived by numerous nieces, nephews and friends. Mass of Christian Burial was offered at St. Mary’s Church on Saturday August 16, 2014 at 9:45 AM Interment followed at Maple Grove Cemetery, Kew Gardens, NY under the direction of Papavero Funeral Home, 72-27 Grand Avenue, Maspeth, NY 11378 www.papaverofuneralhome.com
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