Queens Residential Real Estate Market Update for July 2020

 

The residential market in Queens is very active and 6% more properties went to contract this July versus last July – 894 for 2020 and 843 units for 2019. This of course has helped to make up for the several-month shut down in business we experienced as a result of the pandemic.

The median sales price for these new contracts has gone down slightly – -2.8% with our Queens median price now $603,000 versus $620,000 for July 2019.

The Queens inventory of homes for sale is currently 6.5 months of inventory, indicating more of a balanced market. Under six months of homes for sale represents a seller’s market – where we have been for a number of years. Over six months starts to move to a buyer’s market. Each location and category – homes, apartments, luxury – needs to be analyzed separately as some are seeing an oversupply and need more aggressive pricing strategies.

Nassau County has seen contract sales for July increase 60% over last year at this time and inventory of homes is only 2.5 months. This undersupply of homes for buyers to choose from is resulting in multiple bidding on many properties for sale and a seller’s market.

All Statistics from One Key Multiple Listing Service

Looking to purchase a home at the “best price”? Looking to sell your home for top dollar? Then What’s Your Strategy?

Most buyers and sellers need an experienced agent who is able to advise and guide them through the dynamics of changing markets. Discussions with agents who have been through different markets can reveal buyer and seller stories of what can happen without following good advice – a loss of not only dollars but a home of your dreams!

For each location or neighborhood and housing category – single-family homes, multi-family properties, co-ops/condos, or luxury homes – you need to know the growth projections for the future there as well as the inventory supply versus demand. These factors (plus other change issues) will be important in developing what offer to make if purchasing or what price to list at to net the top dollar if selling.

Highly experienced agents will be very glad to explain your different options and what may happen if you take the wrong strategy. You want to feel assured your offer has a high likelihood of being accepted. If selling in a highly competitive market, your strategy will change to a more aggressive pricing strategy, use of staging, and other high-end marketing techniques to accomplish your goal.