24 Sep Queens 2016 Real Estate Market
Queens 2016 Real Estate Market – Up or Down?
It’s 2017 and it’s time to take a look back at the incredible Queens Real Estate market in 2016. Let’s take a look at some data provided to us from MLSLI (Multiple Listing Services of Long Island), the platform through which 2,300 cooperating real estate office located across Queens, Nassau and Suffolk Counties, list and sell their properties.
According to MLSLI, the median price for single/multi-family residential properties in Queens has gone from a humble $575,000 in November 2014, to $600,000 in November 201. That’s a pretty impressive increase however, in 2016, the median price jumped to a staggering $700,000 – which is a dramatic increase of almost 15%!
If you or your family members own a co-op or condo, those markets have also increased quite a bit as well. The condo market saw a 10% increase. From a $450,000 median sales price in 2015, it jumped to a $505,000 median sales price in 2016. The co-op market also increased steadily in 2016. From $217,000 in 2015, the median sales price increased to $250,000 in 2016 – a whopping 13.2%! (See graph below)
Interestingly enough, though the median sales price of the residential and co-op markets have increased over the past few years, the number of MLS sales has decreased since 2014. From 404 single and multi-family units sold in 2015, 2016 saw a 10% decrease in the number of homes sold with 366 total units sold. 251 co-op units sold in November 2015, while 229 sold in 2016 – that’s a 8.5% decrease in the number of sales. Condo units, on the other hand, have increased a whopping 52% in number of sales, which is indicative of the sprawling construction and development of new condo buildings in Queens.
How will the market be in 2017? No one can predict the future of the real estate market. As of now, the market is stable, however, the Federal Reserve instituted its first rate hike in December 2016 – which raised the interest rate by .25%. Talks of future increases are also in the works so now may be the best time for homeowners to sell their home as future increases can affect a buyer’s purchasing power.
In the event you want to take advantage of this great real estate market, contact the office of Imran Khan of the IK Realty Team at Realty Executives Today!