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This Month in Queens Real Estate: DEC 2014
by queenshometeam
 Queens Real Estate Talk
Dec 17, 2014 | 505 views | 1 1 comments | 18 18 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

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Turano
|
1 Hour Ago
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
NYC Employment Law — Pre-tax Transit Benefits
by cjleclaire
 Stephen Hans Blog
Dec 17, 2014 | 471 views | 0 0 comments | 17 17 recommendations | email to a friend | print | permalink

As employers, sometimes it is difficult to keep with the employment law changes, which is why you should consult periodically with an employment defense lawyer and stay apprised of new laws.

At the end of October 2014, New York City Mayor Bill de Blasio signed the Affordable Transit Act  into law. Under the new law, NYC companies with 20 or more full-time employees must offer their employees pre-tax transit benefits. The new act follows the limits already established by the IRS , which allows a $130 pre-tax benefit that can be deducted from salaries for mass transit expenses. Advantages the new law offer for employers and employees are:

  • Employees can opt into the new program and save over $400 a year on Metro Card expenses
  • Employers save more than $100 a year per employee in tax liability
  • An estimated 450,000 New Yorkers not currently offered pre-tax transit benefits now have access to them

The new law goes into effect on January 1, 2016. Employers violating the law are subject to civil penalties but have 90 days to correct a violation before having the penalty imposed. Also businesses have a grace period until July 1, 2016 to adjust to the law and are not subject to penalties occurring prior to that date.

The intent of the new law is to make mass transit more affordable for New Yorkers, and it is also an initiative aligned with deal with climate changes.

Stay on top of legal changes by consulting with skilled lawyers. Our employment defense attorneys at Stephen Hans & Associates offer employers decades of legal experience that helps protect their rights along with their bottom lines.

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Head Coach Ben Chobhaphand and assistant coach  
Anthony Dulin with Charles Williams.
Head Coach Ben Chobhaphand and assistant coach Anthony Dulin with Charles Williams.
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