Even though the number of sold properties for Queens was down –14.5% in November from last year at this time, pending sales or those that went to contract were up +6.2%. There is also an increase in inventory of homes for sale of+6.5% from last year at this time –5,452 properties for sale now versus 5119 for sale last November. Most important interest rates are stable and predicted to remain so or even decrease slightly through 2020. This combination of low interest rates, more homes to choose from plus buyers feeling good about their incomes is helping create favorable outlooks for the housing market for 2020. A recent Transunion estimate released in late October indicated that conditions including low unemployment will send an estimated 8.31-9.2 million first-time buyers into the housing market over the next three years.
Sold Property Count – the number of properties closed in November was 607, down -14.5% from the 710 closed units for November 2018.
Sold Property Median Price – Even though the number of sales were down, the median price for closed properties was up 5.8% – $619,000 this November while last November’s median sales price was $585,000.
Pending Sales Count – The number of properties that went to contract – more recent sales activity – was up +6.2%. 672 units were pending this November versus 633 last year at this time.
Pending Sales Median Price – The median price for those going to contract was also up 7.5% – $589,944 currently versus $549,000 last November.
There is currently a 7.6 month supply of inventory for sale all Queens – definitely a buyers’ market with more homes for buyers to choose from. Six months of inventory based on supply and rate of sale equals a balanced market. Under six months supply is a sellers’ market and over six months represents a buyers’ market. Each neighborhood of course has it’s own dynamics so do call for an update on your home’s current value.
All data from Long Island Board of Realtors Multiple Listing Service, and RisMedia’s report on Transunion data,