|November 11, 2013||This Month in Queens Real Estate: November 2013||4 comments|
|October 15, 2013||Queens Home Team Introduces another One Bedroom Coop for Sale @ the Eden Rock in Briarwood NY!||no comments|
|October 11, 2013||This Month in Queens Real Estate: October 2013||no comments|
|September 18, 2013||This Month in Queens Real Estate: September 2013||no comments|
|August 18, 2013||This Month in Queens Real Estate: August 2013||no comments|
|July 19, 2013||SOLD! George & Abigail Herrera Help Another Home Owner Sell their Coop for ABOVE Asking Price!||no comments|
|July 12, 2013||This Month in Queens Real Estate: July 2013||no comments|
|June 18, 2013||JUST LISTED: 1 BR Coop for Sale @ The Birchwood House in Jackson Heights NY!!!||no comments|
|June 17, 2013||1 BR Coop for Sale @ Station Square in Forest Hills Gardens!!!||no comments|
|June 10, 2013||This Month in Queens Real Estate: June 2013||no comments|
The seasonally adjusted rate of Queens home sales increased again in October and continued to increase when compared to year-ago levels, with October marking the 7th month of year-over-year increases. Median price declined month to month, which was expected given seasonal patterns; year-over-year, October marked only the 4th month this year of price decreases. This should have many potential Queens home sellers better positioned than they were this time last year and Queens home buyers should look to take advantage of the recent dip in mortgage rates thanks to a continuation of Federal Reserve policy. Next month’s report on November sales will likely reflect the transactional delays created by the government shutdown and the drop in consumer sentiment. However, with government workers back in their offices, the transaction process should return to normal.
Privacy and convenience are featured in this lovely Briarwood for sale. Offered for sale by George & Abigail Herrera of the Queens Home Team @ KW Landmark II. This one bedroom coop is located in the sought-after neighborhood of Briarwood, Queens.
Full listing details at: http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2618735/. Located in prestigious Briarwood, Queens NY and close to all of the best that Queens NYC has to offer, this lovely Coop is a spacious Coop near Main St in Briarwood. This Briarwood Coop Features 1 Bedroom W/Raised Dining Area. Doorman Building W/Laundry Facilities. Approx 5 Blocks To E & F Train @ Queens Blvd. & Van Wyck Expy., Few Blocks To Grand Central Pkwy. & Van Wyck Expy., Union Tpke. Forest Park In Close Proximity.
The annual rate of home sales rose for the fifth month in a row in August, the jump likely boosted by formerly reluctant buyers being pushed off the sidelines by the anticipation of rising mortgage rates. As speculation continues on the date and extent of the Federal Reserve’s reduction in its purchases of unconventional assets, mortgage rates have already begun to rise and are unlikely to return to the historic lows witnessed early in the year. With rates on the move, prospective buyers would do well to take advantage of low rates while home affordability remains at historically high levels. Prices rose again in August, maintaining the high year-over-year growth rates of the last twelve months. Sellers are still well-positioned in the Queens’ real estate market with inventory still relatively tight in many neighborhoods.
Interest rates for 30-year fixed-rate mortgages are currently 4.37% with 15-year rates at 3.41% and 5-year adjustable rates at 3.17%.
Queens NY Home Sales
Queens experienced another month-to-month gain in total existing-home sales for the month of July amounting to a 9% increase from the previous month. The seasonally adjusted annual rate rose to 803 for July, up from 737 in June. This is 17.1% higher than transactions in June 2012. We still believe there is a strong outlook in the Queens housing market despite the rise in interest rates. This is evident by the four consecutive months of year over year double digit home sale increases. Residential One, Two, and Three Family home sales are down 2.4%, Condo home sales are up 16%, and Coop Sales are up 61.6% from July 2012.
Queens NY Home Prices
The median existing-home price for Queens reached $365,000 in July, which was 5.1% higher than the previous year. On a month-by-month basis, July’s median price is .8% lower than the price of $368,000 in June. This is the ninth consecutive month of year-over-year price increases. Residential One, Two, and Three Family home prices are down 8.7%, Condo home prices are up 8.7%, and Coop prices are up .5% from July 2012.
Queens NY Housing Inventory
Inventory in July represented 9 months supply, down slightly from 9.3 months in June. Total housing inventory rose by .3% in July from 6,123 homes to an end total of 6,144 homes available for sale. Dealing with low inventory can be a struggle for buyers but with prices recovering it is still possible to find good deals on Queens NY homes.
The recovery of the Queens housing market now appears to be well under way. While demand is still high, even with credit conditions constraining buyers, the low level of inventory is having a significant effect in most neighborhoods. This is likely to persist through the year due to the rapid sales velocity and only modest additions to inventory levels. May & June saw a modest jump in sales velocity where existing home sales were at the highest point since August 2012. Prices continued to rise in June, marking the eighth consecutive month of price growth. Current absorption rate is 9.3 months, which is down from last month’s supply of 9.5 months. With affordability still at historically high levels and the market continuing to improve, it could be an opportune time for a well-informed buyer or seller to enter the market.
Queens NY Interest Rates
Long-term U.S. mortgage rates jumped half a point in May, reflecting consumer confidence in the economy and the very active housing market. The 30-year fixed rate mortgage averaged 3.81% in May, which was a high not seen in over a year. The 15-year fixed rate mortgage had an average rate of 2.98%, while the 1-year adjustable rate mortgage slipped to 2.54% in May. Rates have stayed fairly close to April levels for most of the month until the growing economy and increasing momentum caused the leap in interest rates at the end of May. It will be interesting to see if this gain carries over into the next month.
Queens NY Home Sales
Home sales decreased in June with total existing home sales dropping 3.3% from May, but still up 5.6% year-over-year. The positive housing numbers are indicative of the New York & U.S. economy strengthening. Existing home sales are at the highest level since August 2012. June marked the eighth month that sales have recorded year-over-year gains. The most significant jump in year-over-year home sales are in the Condo market. Residential & Coop sales are still fairly similar to the sales seen at this time last year.
Queens NY Home Prices
Median home prices continued to rise from a year earlier with an increase of 10.1% from last June. This marks eight straight months of increases, with the exception of February which was affected by Super Storm Sandy. The Queens median existing home price for all housing types was $380,000 in June, which is a 4.1% increase from the median home price in May ($365,000). The median price level has been gaining year-over-year for eight consecutive months as of June, a strong sign of the market recovery in Queens.
Queens NY Housing Inventory
Total housing inventory at the end of June dropped 1.3% to 6,123 existing homes, which represents a 9.3-month supply of homes. This is down from the 9.5-month supply in May. Inventory is down 28% below year-ago levels, but this is indicative of the current recovery. The housing numbers are overwhelmingly positive. However, the number of available homes is unlikely to grow, unless new home construction ramps up quickly by an additional 50%.
Courtesy of George & Abigail Herrera with the Queens Home Team @ Keller Williams Realty Landmark II.
Privacy and Manhattan skyline views are featured in this lovely Jackson Heights Coop for sale. Offered for sale by George & Abigail Herrera of the Queens Home Team @ KW Landmark II. This 1 BR Coop is located in the sought-after neighborhood of Jackson Heights, Queens.
Full listing details at: http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2591634/. Located in prestigious Jackson Heights, Queens NY and close to all of the best that Queens NYC has to offer, The Birchwood House is a premier cooperative. Pull up to the Birchwood House and you see an array of restaurants, shops, stores, and entertainment nearby. As you step foot into the building you’re greeted by a doorman and an impeccably designed lobby area. Take the elevator up to your brand new one bedroom coop in this cast iron building in the fashionable Jackson Heights neighborhood. 1 bedroom, 1 bath, brand new stainless steel appliances, custom wood cabinets, granite countertops, refinished parquet wood floors, custom tiling in bathroom & kitchen, and city views throughout this 780 /- sqft coop. No expense spared. Designer finishes throughout including Custom earth tone paint perfect to move right in and decorate. Sixth floor unit features 10 ft /- ceilings, a Formal living room with three large windows that look right out at Manhattan. Need a breath if fresh air? Head up to your newly opened rooftop deck complete with sunbathing chairs and picnic tables. To top it off, enjoy a panoramic view of New York City!
This Jackson Heights Queens Coop is located at 37-31 73rd St #6B in Jackson Heights NY. The Birchwood House Cooperative in Jackson Heights NY offers something for everyone. While the average Jackson Heights apartment gives you four walls and nothing else, there is nothing average about the Birchwood House Coops. That’s because the Birchwood House Cooperative in Jackson Heights NY isn’t just another building hemmed in between other buildings. It’s a carefully-planned community, that makes Birchwood House Coops benchmarks for value and quality. Coops at the Birchwood House Cooperative in Jackson Heights NY are beautifully designed and crafted to provide a spacious layout with nice sized closets and quality materials throughout. When you live at the the Birchwood House you enjoy more than an apartment, you enjoy a complete lifestyle.
Privacy and convenience are featured in this lovely Forest Hills Gardens Coop for sale. Offered for sale by George & Abigail Herrera of the Queens Home Team @ Keller Williams Realty Landmark II. This 1 bedroom Coop is located in the sought-after community of Forest Hills, Queens. Full listing details at: http://www.exclusivequeenshomes.com/listing/mlsid/137/propertyid/2590404/
Located in prestigious Forest Hills Gardens, Queens NY and close to all of the best that Queens NYC has to offer, The Station Square Cooperative is a premier cooperative. This Forest Hills Queens Coop is located at 2 Dartmouth St in Forest Hills NY. The Station Square Cooperative in Forest Hills NY offers something for everyone. While the average Forest Hills apartment gives you four walls and nothing else, there is nothing average about the Station Square Coops. That's because the Station Square Cooperative in Forest Hills NY isn't just another building hemmed in between other buildings. It's a carefully-planned community, that's why Station Square Coops are benchmarks for value and quality. Coops at the Station Square Cooperative in Forest Hills NY are spacious, many have terraces, storage, and nice sized closets. When you live at the Station Square, you enjoy more than an apartment, you enjoy a complete lifestyle.
The recovery of the Queens housing market now appears to be well under way. While demand is still high even with credit conditions constraining buyers, the low level of inventory is having a significant effect in most neighborhoods. Due to current market conditions, May saw a significant jump in sales velocity. April & May typically see the most significant gain in inventory in any given year, meaning low levels of inventory are likely to persist throughout the year. Prices continued to rise in April, marking the sixth consecutive month of gains in median price. With affordability still at historically high levels, the market continuing to improve, and inventory lending advantage to sellers, it could be an opportune time for a well-informed buyer or seller to enter the market.
Interest rates ticked up to 4.125% this month. With yields on treasuries rising due to overall economic recovery and anticipation of the Federal Reserve cutting back on monetary easing, we could see mortgage rates slowly trend up in the future.
Home sales in May reached a seasonally adjusted annual rate of 698, an 11.1% increase from April and a 10.8% increase from May of 2012. This is the fastest annual sales pace the market has seen since the 2009 tax credit. May would have been the sixth consecutive month of year-over-year gains, however, super storm Sandy caused sales to dip in February & March. Even with these gains, the market is still being constrained by tight credit and inventory. The robust housing market recovery is occurring in spite of tight access to credit and limited inventory. Without these frictions, existing-home sales easily would be well above the current pace.
Queens NY Home Prices
Median home price was $360,000 in May, no change from April but a 4.3% increase from the same month last year. This makes May the seventh consecutive month of year-over-year price gains. The last time the Queens saw this many consecutive gains in median house price was in the lead up to the housing crisis from April 2005 to May 2006.
Queens NY Housing Inventory
Inventory saw a moderate decrease in May, dropping 1.2% from April levels to a supply of 9.57 months. There are currently 6,204 homes for sale in Queens County, that’s 27% lower than what we saw in May of 2012 and is still representative of a firm seller’s market in many neighborhoods of Queens. Residential Homes and Condos are in high demand among buyers, however, we are experiencing the biggest shortage with these types of properties. There is still a large supply of Coops on the market and Buyers typically have more leverage at the negotiating table when it comes to Coops due to the large amount of competition. In any case, there are still less Coops on the market than there were last year.