As the Queens housing market recovers we are seeing considerable increases in demand, resulting in a strong seller’s market in certain areas across the county. Currently, there is more demand than there is supply available in many neighborhoods, but the good news is home construction is rising and low mortgage rates are continuing to keep affordability conditions at historically favorable levels.
Homes are selling much faster, and multiple bidding is becoming more common, and more homes are selling above the asking prices, so buyers need to move quickly. With historically low interest rates and rising demand, there is an urgency to buy now during one of the most favorable times in history to buy or sell a Queens home.
Queens NY Interest Rates
Interest rates this month are slightly lower from last month, at 3.41% for a 30-year mortgage. Low mortgage rates continue to keep affordability conditions at historically favorable levels.
Queens NY Home Sales
Home sales in April were parallel to last month’s figures at 600 units. Sales are up 3.6% from year-ago levels, making this month the 2nd month of year-over-year sales unit increases this year. Queens Residential Home Sales increased 2% from last year, while Queens Condo home sales decreased 11.3% from last year, and Queens Coop home sales rose 13% from year ago levels.
Queens NY Home Prices
The current median home price increased 5.8% in April to a seasonally adjusted $376,000, which is up 7.4% year over year. April marks the 3rd consecutive month of year-over-year price increases, and the strongest year-over-year increase since January. Residential home prices are up 6.6% compare to this time last year. Condo home prices are up 3.2% from year ago levels. And Coop home prices are up 4.9% from this time last year. This is a result of the substantial decrease in inventory which has put pressure on home prices to rise because it has led to a rise in demand among Queens home buyers.
Queens NY Housing Inventory
Inventory levels in April decreased slightly by 1.5% to 6,280 existing homes for sale. The number of homes on the market represents a 10.1-month supply, indicating that the County as a whole is still in a buyer’s market. Inventory is down 26.8% below a year ago when there was 8,577 homes for sale. This decrease in inventory has led to rising demand, however, there is still an over-supply of Coops on the market. Residential homes are in high demand right now but there isn’t enough inventory for the buyers out there, hopefully this will get some seller’s off the fence soon as they see prices start to rise. Condos remain a popular choice for home buyers, however, they are few and far between. Condo inventory is scarce so Condo house hunters are limited in their choices. Coops remain a popular choice among first time home buyers and though there is less inventory than last year, there is still plenty of inventory out there.
Blog & Content Courtesy of George & Abigail Herrera @ Keller Williams Realty landmark II.