Queens County Residential Sales Update October 2019

Queens County Residential Sales Update October 2019

 

Sold Property Count:  746 properties were closed this October versus 816 closed last October – a change of -8.6%.  Most of the past 12 months showed negative sales numbers versus the previous years’ sales.

 

Pending Sales Counts:  791 properties went to contract this October versus 745 during last October – an increase of 6.2%  Single and multi-family home sales increased while co-op sales were flat and condo sales were down 20% from last year.  Interest rates almost a point lower than last year at this time are most likely enticing buyers to buy during a time of year that typically has slower sales.

 

Sold Property Median Price:   The median price for sold properties has increased 4.6% over last October – $596,500 for this year versus $570,000 as a median price last year.  

 

Pending Sales Median Price:  The median price for those properties going to contract this October were up +10.5% over last year.  Single and multifamily sales showed a median price increase to $770,000 from $730,000 last year.  

 

Inventory levels of homes for sale is up 10% over last year at this time – 5,681 units currently for sale versus 5,172 for sale last year at this time.

 

An increase in properties for sale plus record low interest rates are drawing buyers into the market to purchase their dream home.  Rates at this point are expected to remain low into 2020, so hopefully this rate of sales activity will continue.  

 

The record low interest rates are encouraging buyers to purchase at this time, which is typically a slower time for the market. Contracts are up 6.2% over last October and the median price for those going to contract is up 10.5%