Summer may be a few months away but things are heating up FAST in the Queens residential (single and multi-family) housing market!
Coming out of the slower winter season, listing prices have resumed their traditional spring climb and are quickly gaining new highs, hitting an average listing price of $969,290 for residential (single and multi-family) homes — an almost 12 percent increase from a year ago.
Comparing February 2018 market statistics to a year ago (February 2017), you can expect to see an even higher peak this spring and summer across the Queens boroughs as we reach the prime season for buying and selling homes.
With buyers scrambling to get their hands on available homes, fueling the demand, homes (on average) sold at a higher price (12 percent higher compared to February 2017) and sold 13 days faster as compared to last year, spending an average of 76 days on the market.
A NOTE OF CAUTION
Although we see more homes coming on the market for sale (new listings), the pace of sales is still slower. This is indicative of homes not being priced or marketed competitively enough.
KEY ECONOMIC DRIVERS
"Rapid mortgage rate jumps, and confirmation of a brighter economic outlook have inflated the pool of home buyers early in the year, putting an extra squeeze on the mid- and entry-level market," Javier Vivas, director of economic research at realtor.com.
WHAT DO THE NUMBERS MEAN FOR QUEENS, NY BUYERS
Buyers should expect to face an increasingly competitive sales market as we gear up for the home-shopping season. Kick off your home search like a pro. Download our FREE step-by-step home buying checklist here.
WHAT DO THE NUMBERS MEAN FOR QUEENS, NY HOMEOWNERS LOOKING TO SELL
Selling your home is one of the biggest financial decisions you will make in your lifetime. While we are seeing favorable market conditions, it is imperative to have a solid pricing and marketing strategy when it comes to maximizing the outcome of your home's sale in today's market. We highly recommend working with a Realtor® in order to ensure the market conditions work in your favor.
SELL SMART | SELL WITH CONFIDENCE
Our Top 3 HOTTEST Neighbourhood Picks
We're seeing lots of buyer and seller activity in these local markets and are keeping a close watch.
Better economic outlook, news of mortgage rate hikes, highly motivated buyers looking to score great deals ahead of the spring market are heating things up in the Queens residential market. Listing prices are at ALL time highs! So, if you're a homeowner thinking about putting your home up for sale, take advantage of the favorable market conditions.
This analysis is brought to you by John Tayeb, Broker & Owner of TAYEB GROUP, a leading full-service real estate brokerage serving the Queens, Nassau, & Suffolk counties since 2004.