Queens NY Real Estate Market Update
According to the Long Island Board of Realtors, existing home sales declined 21% in November but are still well above last year’s pace by 16.9%. Some part of the drop in sales was likely due to delays caused by the government shutdown, which may affect December’s sales figures as well. Even with the modest decline in sales from October to November, we have still seen 8 consecutive months of year-over-year increases – thanks to a dip in the level of inventory available for sale across Queens county. For now, inventory levels have allowed a continued advantage to sellers even moving into the winter months, which typically see lower prices than the rest of the year. However, buyers should pay attention to mortgage rates, as they continue to creep upward and eat away at affordability.
Month’s Supply: 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 have once again turned upward after correcting for a speculative bump generated by uncertainty surrounding the Federal Reserve’s intentions on curtailing unconventional monetary policy. Consumers should note that rates may spike again leading up to Federal Open Market Committee meetings in December, but will likely continue a slow upward trend in the long run. Currently, Freddie Mac reports the following, figures: 30-year fixed-rate, 4.22%; 15 – year fixed-rate, 3.27%; 5/1- year adjustable rate, 2.75%.
Queens NY Home Sales
In November the seasonally adjusted annual pace of sales declined to 705 homes, which is down 21% from the previous month’s level of 896. Year-over-year sales are up 16.9% from last November’s pace of 603 homes, according to the Long Island Board of Realtors®. Persistently low levels of inventory all over Queens county is still a factor in constraining home sales, particularly as we move into the winter months, when inventory typically declines, as well as availability of credit to buyers.
Queens NY Home Prices
Home prices rose slightly in November due to the decline in the level of inventory. Median price for an existing home was $380,000, up 4.1% from last month. Compared to the same month last year, median home price is dead even with no increase or decrease. Within the last 12 months we have seen eight month’s of year-over-year home price increases and four months of year-over-year price decreases.
Queens NY Housing Inventory
According to LIBOR, the level of total housing inventory in Queens dropped in November to 5,721 homes for sale, down 4.1% from the previous month. Month’s supply of inventory is also down due to the low levels of inventory and consistent pace of sales this month. Supply in November represented 6.9 months, down 4% from the previous month.
Courtesy of George Herrera, Abigail Herrera, and Chris Tomeo w/the Queens Home Team @ Keller Williams Realty Landmark II.