Queens Real Estate Market Update for the First Quarter of 2023.
Here is the Summary of All Statistics and Salient Facts:
1. Interest Rates Back Down to 6.3%, 30 YR Fixed, Good By Historical Standards
2. Energy prices lower, but Core Inflation Stubborn… Will Fed continue raising rates?
3. One, Two families and Apartments Prices Down YOY.
4. Three and Four Families prices UP YOY Because The Queens Rental Market is Very Strong
5. Transaction Numbers for All Residential Down By Double Digits YOY
6. Inventory Back to Low Levels, 4.6 Months at Seller Market Levels …
7. Negotiability is Back and Buyers are Cautious.
8. Average Days on Market Down to 31 Days! Priced Right Properties Sell Faster than in 2022!