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Posted

  Here is a quick update on Queens Home Sales for August 2019.  Units Sold are down 12.2% over this time last year.  The Median Sales Price is down 4.2% but pending contracts are up 8.5% which bodes well for the market.  The market is self-correcting and becoming a… Read More

Posted

Sold Property Count - 674 properties were closed this July versus 786 last year at this time - a -14.2% change. Pending Sales Count - 835 properties went into contract versus 744 last July - a 12.2% increase. Sold Median Sales Price is down -2% with the current median price $577,500 versus $589,500 for last year. Pending Median Sales Price is down -3.3% with $580,000 the median for this year and $600,000 the median pending sales price for last year at this time. Inventory of homes for sale is up 1% over last month and 18.9% over the number of homes for sale last year at this time. Read More

Posted

As we finish the first half of 2019 our Queens market continues to normalize after years of steady increases in prices and the number of properties sold. Affordability has been a problem as well as a lack of homes for buyers to choose from over the past several years. Today's steadying price increases in combination with more homes coming on the market and attractive, lower interest rates will start to convince buyers now is the time to "get off the fence" and buy their first home or trade up to their dream home. Read More

Posted

As we finish the first half of 2019 our Queens market continues to normalize after years of steady increases in prices and the number of properties sold.  Affordability has been a problem as well as a lack of homes for buyers to choose from over the past several years.  Today’s… Read More

Posted

We have been appreciating in the double digits for the last couple of years and those prices kept going up so we are becoming more level. Inventory levels at this point in time are 6.3 months versus 4.8 months last year at this time. Last year we had a shortage of homes for sale and a 6 month supply of inventory signals a more balanced market with an equal amount of homes for sales as buyers looking to buy. Read More

Posted

Similar to trends reported for the national housing market for April (NAR), Queens inventory of homes for sale has increased and price appreciation is continuing to stabilize. This shift is helping to normalize the housing market here in Queens which has seen double-digit appreciation in some areas over the past several years. Read More

Posted

There are also more homes to choose from and in Queens, there was a 26% increase in the inventory of homes for sale compared to what was available last year at this time - 4,012 for sale last year and 5,063 properties for sale at this time. Months supply of homes for sale has risen to 6 months from a 4.9 month supply in 2018 at this time. We now have what's considered more of a balanced market with an equal number of buyers and sellers. Read More

Posted

As interest rates dropped closer to 4.5% from the 5% mortgage rates that prevailed through the fall of 2018, buyers began to take advantage of this 1/2 point difference and a real savings in monthly payments. The Federal Reserve has indicated rates should remain fairly stable throughout the year. This in combination with an increase in the number of homes for sale, should help create an active spring housing market. Read More