Queens Real Estate Market Update: NOVEMBER 2015
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 Queens Real Estate Market Blog
Nov 30, 2015 | 56 views | 0 0 comments | 0 0 recommendations | email to a friend | print | permalink


by George Herrera, Realtor and Co-Owner of the Queens Home Team at Keller Williams Realty.

November 2015 Queens Real Estate Market Update

The pace of existing home sales dipped in October, both month over month and year over year. As chatter about the eventual rise in interest rates becomes more pervasive in the media, a sense of urgency has helped push more buyers back into the market. Inventory has remained tight on a local level but for the first time this year, inventory levels are roughly the same as they were this time last year. In addition, month’s supply is also very similar to last year so this could be a sign that we are leveling out with year ago levels. For most of 2015 we were experiencing 25% year over year inventory shortages, however, September and October have shown inventory levels consistent with what we were seeing in the fall of last year. With that said, demand remains high across the county; however, the opportunity for large equity gains in many neighborhoods has kept sellers active and price increases remain at a sustainable level.

Month's Supply: 5.9 Months Last Month: 6.5 Months Last year: 6.3 Months

*Month’s supply over 6 months is said to favor buyers, month’s supply below 6 months is said to favor sellers, and month’s supply of 5-6 months is said to be a balanced market.

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Interest Rates


Interest rates continued to slide downward, prompting a surge in buyer activity as people looked to capitalize on low rates before they begin to rise again. Currently, Freddie Mac reports the following figures: 30-year fixed rate, 3.79%; 15-year fixed rate, 2.98%; 5/1-year adjustable rate, 2.89%.

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Queens Home Sales


Homes sold at a seasonally adjusted annual rate of 721 homes in October, a decrease of 8.6% from September, and down 6.7% from the same month last year. As people move to lock in low interest rates at the end of this year, we are seeing an increase in buyer activity but it has not shown up in the sales figures yet. With the anticipation of a rate increase looming, we may see a rise in sales despite the usual seasonal decline. Over the last 12 months, residential home sales are up 3.2%, Condo sales are down 12.1%, and Coop sales are down 7.6%. Overall, sales are down 2.3% in the last 12 months.

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Queens Home Prices


Home prices continued to hold steady in October despite the uptick in demand. The median home price was $425,000 according to the Long Island Board of Realtors; this was a decrease of 1.2% from September and a year-over-year increase of 2.2%. As we move into the fall months, we should begin to see some seasonal alleviation on prices; however, year-over-year gains will likely remain strong. Over the last 12 months, prices are up 8.5%.

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Queens Housing Inventory

The actual number of homes for sale in October was down 4.5% from last month and down 4.3% compared to the same month of the previous year. This led to the months supply of inventory, which measures the relationship between supply and demand, to fall to 5.9 months. This number remains tight as low interest rates spur buyers to enter the market. New home construction has recently shown signs of increasing; however, this recent uptick has not yet been enough to alleviate pressure on existing homes. Altogether, there are about 4,291 homes, coops, and condos for sale in Queens at the moment.

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Blog Courtesy of George & Abigail Herrera w/the Queens Home Team at Keller Williams Realty Landmark II. Queens Home Team is the Highest Rated Real Estate Team in Queens NYC!

George and Abigail Herrera_Queens Home Team at Keller Williams Realty 2_HEADSHOT_ROUND

BUY: www.exclusivequeenshomes.com | SELL: www.queenshomeselling.com

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November 27, 2015
Well, trucks from business not zoned for this block continue to be parked blocking residents private driveways, showing the total dis-regard these outlaw business owners have for the neighbors. Glad my councilwomen and 104 are on the job, I feel so much better ,(sic), already!
Tom Glennon
November 27, 2015
This is where I lived until age 16. It was a very friendly neighborhood. In 1968, the family moved to Albuquerque, New Mexico. Quite a change. Thanks for doing the movie.
Marianne Deifel
November 25, 2015
it is sad to think that the editor of this so called community minded newspaper did not see it fit to publish this article in the regular news paper and only placed it on line where it will not be seen.......I agree with Mr Messano that the council woman avoided addressing any of the issues brought to light..what does the 104th have to do with illegally placed buildings in full operation outside the zoning laws or buildings permits and or variances that appear to be obtained in a illegal manner...
Michael Messano
November 25, 2015
hat a letdown, The ledger, our,AHEM,comunity paper did not think these issues were important enough to print in their paper edition, so it will only be seen on line, however, They did manage to post a picture of our do nothing councilwomen right on our corner dedicating a street sign. You would think somebody could have grabbed her by the nose and pointed out what was going onright down the street, guess I know who this paper is in the tank for!eader