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This Month in Queens Real Estate: APRIL 2015
Apr 20, 2015 | 0 0 comments | 13 13 recommendations | email to a friend
April 2015 Queens Real Estate Market Update Homes sales increased in March while inventory levels remained tight. Inventory typically reaches its low point during the winter months, but the current...
Food for Thought
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"God has cared for these trees, saved them from drought, disease, avalanches, and a thousand tempests and floods. But he cannot save them from fools." ~John Muir  Please think twice before you dest...
Just Listed: 1 Bedroom Coop at The New Hampshire House in Forest Hills, NY 11375
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George & Abigail Herrera Introduce another 1br Coop for Sale at The New Hampshire House in Forest Hills, NY!!! Privacy, great views, and convenience are featured in this lovely Forest Hills Coop fo...
Just Listed: 2 Bedroom Coop at the Acropolis Gardens in Astoria, NY 11105
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George & Abigail Herrera Introduce another 2br Coop for Sale at Acropolis Gardens in Astoria, NY!!! Privacy, great views, and convenience are featured in this lovely Astoria Coop for Sale. Offered ...
Just Listed: 2 Bedroom Coop at Bay Terrace Garden in Bayside, NY 11360
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George & Abigail Herrera Introduce another 2br Coop for Sale at Bay Terrace Garden in Bayside NY!!! Privacy, great views, and convenience are featured in this lovely Bayside Coop for Sale. Offered ...
What Is Parental Alienation and How Can It Affect Custody?
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A Legal Perspective for a Recent Tragic New York Accident
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The Launch of Stephen D. Hans & Associates’ New Website
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Author: Stephen D. Hans Stephen D. Hans & Associates, P.C. wants to welcome you to the launch of our new employment litigation website.  We hope you can easily find the information you are searchin...
STARS Act of 2015 Addresses ACA Confusion over Season Employee/Season Worker
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Author: Stephen D. Hans The restaurant industry and other fields of work, such as farming, often have seasonal workers that pick up heavier work loads during more productive times of the year. The ...
Just Listed: 2 Family Home in Far Rockaway Queens at 15-21 New Haven Avenue!
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George & Abigail Herrera Introduce another 2 Family Home for Sale in Far Rockaway, NY!!! Privacy, great views, and convenience are featured in this lovely Far Rockaway 2 Family Home for Sale. Offer...

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This Month in Queens Real Estate: APRIL 2015
by queenshometeam
 Queens Real Estate Talk
Apr 20, 2015 | 778 views | 0 0 comments | 13 13 recommendations | email to a friend | print | permalink
TMIQRE QHT Header

April 2015 Queens Real Estate Market Update

Homes sales increased in March while inventory levels remained tight. Inventory typically reaches its low point during the winter months, but the current level is well below that of last year. This led to higher than expected home price increases. While home price gains are good for homeowners, it will be important for inventory to loosen in the coming months to avoid constraining home sales and driving down affordability ahead of the potential for rising interest rates.

Month’s Supply: 6.1 Months

Last Month: 5.7 Months

Last year: 7.5 Months

 

Interest Rates

30-year rates remain below 4% but have begun to trend back upward after dropping in the second half of last year amid concerns around the global economy. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 3.78%; 15-year fixed rate, 3.06%; 5/1-year adjustable rate, 2.97%.

 

Queens Home Sales

The seasonally adjusted annualized rate of Queens home sales increased 9.8% from February to March to a pace of 641 homes. Queens home sales decreased year-on-year in March and were 2.3% lower than the same month of the previous year. Specifically, Queens Residential single and multi family home sales are down .6%, Queens Condo sales are up 18.8%, and Queens Coop sales are down 10.4% from the same month last year.

Queens_Real_Estate_Market_Home_Coop_Condo_Prices_April_2015



Queens Home Prices

The median Queens home price reported by the Long Island Board of Realtors increased 1.3% in March to $405,000. Prices remain 9.5% higher than the same month of the previous year. The recent uptick in year-over-year price growth is probably due to low inventory levels across the county in recent months. Specifically, Queens Residential single and multi family home prices are up 6.3%, Queens Condo prices are up 16.7%, and Queens Coop prices are up 3.4% from the same month last year.

Queens_Real_Estate_Market_Home_Coop_Condo_Prices_April_2015



Queens Housing Inventory

The number of homes available decreased 26.2% compared to the same month of the previous year, with 4,084 Queens homes available for sale in March. This translated to 6.1 months of supply. Historically, inventory typically remains low during March due to the cool weather and then loosens as the weather warms in April. Specifically, there are currently 2,574 Residential single and multi family homes, 1,300 Coops, and 405 Condos available for sale in Queens County.



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

www.queenshomeselling.com

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