Health & Fitness
This Month in Forest Hills Real Estate: May 2013
February 2013 Forest Hills Market Update
As the Forest Hills housing market recovers we are seeing considerable increases in demand, resulting in a stronger market. Currently, there is still more supply than there is demand, but the good news is that home sales are rising, we are moving closer to a balanced market, and low mortgage rates are continuing to keep affordability conditions at historically favorable levels.Homes are selling much faster then they were last year, and multiple bidding is becoming more common. The best homes (Price + Condition) are selling much closer to asking price if not full asking, so buyers need to move quickly. With historically low interest rates, decreasing inventory, and the rising demand, there is an urgency to buy now during one of the most favorable times in history to buy or sell a home in Forest Hills NY.Absorption Rate/Month’s SupplyTime it would take to sell the current inventory at the current rate of sales:
- This Month - 8.8 months
- Last Month - 8.7 months
- Last Year – 18.2 months
Forest Hills NY Interest Rates
Interest rates this month are slightly lower from last month, at 3.41% for a 30-year mortgage. Low mortgage rates continue to keep affordability conditions at historically favorable levels.
Forest Hills NY Home Sales
Home sales in April were down from last month’s figures at 36 units. Sales are up 24.1% from year-ago levels, making this month the 3rd month of year-over-year sales unit increases this year. Forest Hills Residential Home Sales increased from last year to 5 units, while Forest Hills Condo home sales remained the same as last year at 2 units, and most significantly Forest Hills Coop home sales rose 26% from year ago levels to 29 units.
Total Number of Homes Sold: 36
- Residential Homes Sold: 5
- Condo Homes Sold: 2
- Co-Op Homes Sold: 29
Median Home Sale Price: $247,500
- Residential Median Sale Price: $690,000
- Condo Median Sale Price: $448,000
- Co-Op Median Sale Price: $223,000
- 97 New Co-Ops hit the Market
- 5 New Condos hit the Market
- 8 New Residential Homes hit the Market
For more information about what’s going on in your neighborhood, contact George & Abigail Herrera @ Keller Williams Realty Landmark II.
BUY: www.ExclusiveQueensHomes.com | SELL: www.QueensHomeSelling.com