Home-buying market ‘leveling off’ in Queens: Report

Business legal document concept : Pen and glasses on a lease agreement form. Lease agreement is a contract between a lessor and a lessee that allow lessee rights to use of a property owned by lessor
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Home-buying activity has fluctuated during the almost two years of the COVID-19 pandemic, but sale prices and home stock appear to be leveling off, according to OneKey MLS’ new market report.

The report — which considers single- and multi-family residential homes, condos and co-ops — depicts the sold property median prices in November ($685,000) remain relatively similar to those in October ($690,000). However, the November sold median price has increased by 5.4% in comparison to the same period in 2020 ($650,000).

November’s median pending sales, which is when a property goes under contract, is again similar to the month prior ($685,000), and the highest it’s been since July ($701,000).

“As we look at it, it’s still a very good market,” said Jim Speer, OneKey MLS’ CEO. “Buying activity is still very strong.”

Median prices, though, aren’t declining. Speer noted that’s because the amount of inventory is going down, with 7% less available property in Queens than the month prior. 

There’s about 4.6 months’ worth of supply, compared to five months’ worth last month and 6 the month before. This, Speer said, contributes to prices remaining similar in the last few months.

Yet, the buying activity in Queens remains hot.

Speer noted the pandemic shifted the housing market — when the real estate market was totally shut down, it caused the demand to go up. As people went out to buy more, there was a large year-over-year increase in prices.

“Everything was still going up until we hit June and July, then it started leveling off,” Speer said. “We’re not at pre-pandemic pricing, I don’t think we will be, but we stopped seeing the price increases in the middle of the year.”

While the pandemic isn’t over yet, Speer believes the housing market will stay where it’s at, “nice and level.”

“Historic lows in interest rates still makes it a good buying time,” Speer said.