As we finish the first half of 2019 our Queens market continues to normalize after years of steady increases in prices and the number of properties sold. Affordability has been a problem as well as a lack of homes for buyers to choose from over the past several years. Today’s steadying price increases in combination with more homes coming on the market and attractive, lower interest rates will start to convince buyers now is the time to “get off the fence” and buy their first home or trade up to their dream home.
Sold Property Counts – The number of properties closed this June were down -23.9% from last June’s sales numbers. Since August 2018 we have seen monthly numbers down reflecting affordability issues as well as a drop in dollar volume of homes purchased by foreigners from April 2018 through March 2019. There was a 36% drop nationally in foreign purchases as reported by the National Association of Realtors.
Sold Property Median Price – The current year’s median price is $600,000, a 4.3% increase from $575,000 last year. For nine of the past 12 months price increases have been single-digit rather than double digit of past years. This represents a more healthy, sustainable market.
Pending Property Sales Counts (contracts) – 783 properties went into contract this June compared to 857 last year at this time, a -8.6 decrease.
Pending Sales Median Price – Prices were fairly level for new contracts – $580,000 the median sales price this year compared to $589,050 last year. This represents a -1.5% change.
Inventory of Homes for Sale – There are currently 5,627 homes for sale compared to 4,564 for sale last year at this time. This is a 23.3% increase in inventory over last year.
There are currently 6.6 months of homes for sale based on the rate of sale – or number of contracts per month. This indicates a buyer’s market as six months is a balanced market with equal number of buyers and sellers. Last year at this time there was 5.2 months of inventory and market conditions favored sellers.
More homes to choose from and lower interest rates make this a very good time to buy! The Federal Reserve indicated rates will be lowered again at their next meeting.