- Bidding wars may be rare. With more homes coming on the market, buyers have more to choose from.
- Buyers may offer list price or less. Fewer buyers are able to afford over-ask offers as today’s mortgage interest rates are approximately double from the rates available last year, adding an extra $500-$800 per month in borrowing costs along with the increased prices of housing.
- Homes are taking longer to sell. Sellers should be realistic about pricing their home and those overpriced will sit on the market.
- Homes need to show well. During the pandemic buying frenzy many were willing to overlook the home’s condition as the goal was to win a bidding war and be able to move into a home of their own. Today with more homes to choose from buyers are carefully weighing cost to renovate along with other factors. Showability is very important to capture today’s buyers’ attention.
Now Let’s Dig into the Numbers
QUEENS/LONG ISLAND RESIDENTIAL MARKET UPDATE JULY 2022
Across the region there were 5,641 closed residential sales reported in July 2022, which is 9% fewer
closed transactions than the 6,202 reported the month before. The number of closed and pending sales
are down double digits from the pandemic buying activity that was still continuing in July of 2021.
Queens has reached an average of six months of inventory indicating a balance of homes for sale with
buyer demand. However certain locations do have 7 and 8 months supply of homes for sale and more
for buyers to choose from. Nassau and Suffolk Counties still have under 3 months supply of homes for
sale and a balance continuing in favor of sellers. ( Six months inventory for sale indicates a balanced
market while under six months reflects a sellers’ market and over six months is leading to a buyers’
Market.)