Sold Properties:  The number of properties sold were down -3.2% from last year at this time. Ten of the past twelve months showed a negative trend from the previous year’s sales counts while the other two months of the year were only +.04% and +2.2% this past April and May (height of the spring market). From that total number sold for September, it is interesting to note single and multifamily sales were up+2.89% while condo and co-op sales were down -14.7% and -11.2% respectively.

Sold Median Prices showed an increase of 5.6% over last year, with single and multifamily median prices remaining fairly even, but condo median sold prices up +6% and co-op median prices up +2.7%.

Pending Sales for September, those that went to contract and a most current market indicator, were up 10% over last year with 734 units sold versus 667 sold last year at this time. The Federal Reserve reduced the Federal Funds rate for the second time in 2019 bringing mortgage rates down almost 1 point to approximately 3.5% from close to 4.5% last fall. This mortgage affordability certainly contributed to an increase in sales. The biggest increase in sales was for single and multifamily homes – rising from 400 to 459 units sold. The number of co-op and condo sales remained similar to last year’s numbers – condos 56 sold 9/2018 vs 57 in 9/2019; and co-ops 211 in 9/2018 vs 218 in 9/2019.

The Pending Median Sales Price for September was $585,000 and the same recorded for September 2019. Residential Inventory Levels – properties for sale – increased +13.8% over last year at this time with 5,677 properties available currently versus 4,989 last year.

Most of Queens has over six months of inventory for sale, indicating more of a buyers’ market. Six months of inventory equals a balanced market (based on the number of properties for sale divided by the number of contracts per month) while over six months available indicates a buyers’ market. There has been a shift in the past year or so from a sellers’ market – under six months of inventory for sale – to a buyers’ market.

 

All statistics from Long Island Board Of Realtors Multiple Listing Service.