This Month in Queens Real Estate: February 2014
by queenshometeam
 Queens Real Estate Talk
Feb 13, 2014 | 7282 views | 3 3 comments | 371 371 recommendations | email to a friend | print | permalink
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February 2014 Market Update

Homes sales were down in January from the previous month, likely a result of the severely cold weather which affected many markets more than in typical years. Inventory levels remained tight but did increase slightly. The weather may have affected the number of listings coming onto the market, but we still ended the month with 149 more homes on the market. The decrease in sales pace and tightening of inventory is reflected in the moderate price decrease in January, however, prices are still up year-over-year. Low inventory and sustained price gains throughout 2013 has left individuals looking to sell in a great position heading into the New Year. New mortgage regulations that took effect in early January may slow the buying process in the beginning of 2014, but those looking to buy this year will want to take advantage of rates and prices as early in the year as possible as both continue to follow an upward trend into 2014.

Month’s Supply: 6.6 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

 
Rates

On January 29 the Federal Reserve announced it would continue to curtail its nontraditional asset purchases in February, as the strength of the economy continues to improve. As the Federal Reserve draws back its level of asset purchases, mortgage rates will likely continue to slowly increase. Recent turbulence in emerging markets may be having a dampening effect on mortgage rates as investors move heavily into U.S. treasuries, driving down yields which will have the effect of lowering other interest rates. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 4.39%; 15-year fixed rate, 3.44%; 5/1-year adjustable rate, 3.15%.



Queens NY Home Sales

Queens_NY_Real_Estate_Market_Home_Sales_FEB_2014

The year-over-year sales pace in December was down. The annual pace of sales in January was 657 homes, down 4.5% from last year and down 18% from last month. Surprisingly, Coop sales were up year-over-year in January, while Condos and residential single/multi-family home sales were actually down.



Queens NY Home Prices

 

Queens_NY_Real_Estate_Market_Home_Prices_FEB_2014

The median home price increased 4.6% year over year in January, according to the Long Island Board of Realtors, to $375,000. From December, prices were down 2.6%, which is usual for this time of year and consistent with the tight inventory levels reported. The price gains of 2013 have returned thousands of homes to positive equity and positioned their owners to participate in the market for the first time in years. Residential & Condo home prices continued to increase, while Coop home prices decreased slightly year-over-year.



Queens NY Housing Inventory

January marked a slight increase in inventory month to month with the overall number of houses available for sale rising from 5,190 to 5,338. Months of supply, which reflects both the number of houses available and the current pace of sales, rose from 6.3 to 6.6 months. Year over year, however, inventory is still down. The colder-than-usual January weather likely has had an impact on inventory levels in Queens.

Courtesy of…

Siege Prints Profile

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JIMTURANOBROKER
|
February 24, 2014
HIGHLY RECOMMENDED BY 35 YEAR VETERAN REAL ESTATE BROKER, JIM TURANO.

LANDLORDS-READ ALL ABOUT IT.

ADELE SCALFANI-APARTMENT SPECIALIST

http://glendaleregister.com/pages/full_story/push?blog-entry--HIGHLY RECOMMENDED- APARTMENT SPECIALIST-ADELE SCALFANI &id=24632765
hankmackman
|
February 21, 2014
Know jim for 20 years. Always heard good things about him, even from other agents, from other Real Estates.

A 'Gem' of a guy. A real Professional. Straight forward and knows prices of homes like no other. How no other Real estate Broker ever made an offer to attain this unique individual to be a part of their staff is amazing. Hear Tscherne,Crifasi, and a few others had brief talks with Jim, but nobody successfully reached out and made any fantastic offers that Jim couldn't pass up.

Self motivating, well known individual in the Community with decades of experience and a reputation worth his weight in Gold.

Brokers become content with making their $200k per year as an average, but to have an ICON on their staff would only enhance, or embellish the total persona of a Real estate in the Community.

He is one of the best in Middle Village, New York and warrants this mention.

Keep it up Jim Turano/Broker*Diverse Real Estate*
JIMTURANO/BROKER
|
February 14, 2014
Feb.14th*Happy Valentine Day! Re:MIDDLE VILLAGE, & SURROUNDING AREAS.... Sales were up in our areas not down.

The opposite is True. Sales were up in January 2014. *GOOD NEWS*

With 35 years in the Business, Middle Village is 'HOT'. With buyers coming from Greenpoint, Williamsburg, and areas affected by last years Hurricane(SANDY) along with buyers who grew up in Middle Village, and now wanting to move back, yes thats' right move back for the following reasons. A case in point.

A Woman who grew up in St.Margrets Parish, then moved 25 years ago to Glen Cove, enjoyed Glen Cove, but now must move back.

Why? $18,000 per year taxes, flood insurance, and the elimination of LILLCO which in turn will raise her property taxes once again, is eating her pension, monthly income to live on, believe it or not!

HER EXACT WORDS, I CAN SELL MY HOME FOR $800K, BUY A TOWNHOUSE-3BEDS. FOR $600K, HAVE $200K LEFTOVER, THEN ONLY HAVE TO PAY $3,600 DOLLARS PER YEAR TAXES, AND NO FLOOD INSURANCE COSTS. SHE SAID ALSO I CAN WALK TO ALL THE SOTRES ONCE AGAIN, SAVE ON GAS, & TRAVELING TIME TO.

GOOD NEWS FOR MIDDLE VILLAGE. AND TO HAVE A WAITING LISTING WITH OVER ONE DOZEN 1 FAMILY CUSTOMERS RIGHT NOW WHO ARE PRE-QUALIFIED MEANS A 'BOOM' MARKET LIKE I CALLED FOR IN DECEMBER 2013 COME THIS SPRING!

Jim Turano/Broker*Diverse Real Estate* 1-347-837-9206

(sold two homes in Jan. in less than one week) HOT MARKET!