NY Houses 4 Sale

Third Quarter Foreclosure Stats...

Today PropertySharks sent me the stats for 3rd quarter.  I am mostly looking at the stats for Queens and clearly you can see from this graph  that the 3rd quarter almost doubled in the amount of foreclosures from the third quarter last year(2006).  But, looking at the graph - While it is still scarey in comparison from last year, Queens has been holding steady with little increase. 

   

           

Yes, it is true that Queens has had the most foreclosures on record, but take into consideration that Queens is bunched together and contains alot of zip codes.  So, it is easy to think Queens as in; Bayside, Whitestone, Beechhurst, Flushing and Flushing North but it is not.  You will see the top foreclosure areas by Zip code in my next graph. 

Take a look at the top twenty areas by zip code graph, I hope that the graph can put things into a bit more perspective.   

                                 

Tina Mattow from PropertySharks sent me this quote:

" New York City Boroughs: Staten Island had the largest percentage jump in foreclosures (64.81%)
since last quarter, but Queens and Brooklyn again comprised the highest number of new foreclosure auctions in New York City".

The next graph shows the actual acutions that were scheduled:

   

                                 

                                              

                                      That my friends, is what I find disturbing! 

(Click on graphs to enlarge)

11357 1St Quarter Stats..

Field	Count	Mean (Average)	Median	Mode	Low	High
Listing Price	128	$1,052,537	$889,000	$799,000	$499,000	$3,600,000
Original Price	128	$1,089,809	$898,500	$799,000	$519,900	$3,995,000
Sold Price	0	n / a	n / a	n / a	n / a	n / a
% Difference	128	0	0	0	0	0
Taxes	116	$3,824	$3,796	$6,000	$10	$10,700
Bedrooms	128	4	4	3	2	8
Baths	128	2.6	2.5	2	0.5	5.5
Days On Market	0	n / a	n / a	n / a	n / a	n / a

Above is a chart of the AVAILABLE RESIDENTIAL homes in Whitestone, Beechhurst and Malba 11357 area only!

In the month of March there were 28 new house listings in the 11357 Zip code bringing the total available inventory count up to - 128 residential homes for sale (1/2/3 family homes). 

Currently the Highest Priced Home in 11357 - $3.600,000.00 (Beechhurst) (Lower than January)

Lowest Priced Home in 11357 - $499,000.00 (Beechhurst) (up from January)

Since I posted in January, there has been a decline in the total available inventory from 164 down to 128.

As for the sales this past quarter was very strong, currently I am showing that the total for past CLOSED sales since January is rounding off at 50 residential homes.  With that said there are still a total of 38 sales still pending (In contract). 

What does this mean?  More and more sellers are coming to terms of pricing the home correctly.  I notice that the buyers, er - the serious buyers are making offers and they are making strong offers.  Sellers have come down on the asking prices and the market is still showing some strong sales in fact, I have even seen multiple offers on some great homes.

 

January started off strong -

Field	Count	Mean (Average)	Median	Mode	Low	High
Listing Price	154	$986,464	$849,000	$559,000	$489,000	$3,700,000
Original Price	154	$1,020,496	$881,944	$899,000	$519,000	$3,995,000
Sold Price	0	n / a	n / a	n / a	n / a	n / a
% Difference	154	0	0	0	0	0
Taxes	139	$3,608	$3,374	$3,000	$10	$10,700
Bedrooms	154	3.8	4	3	2	8
Baths	154	2.6	2.5	2	0.5	5.5
Days On Market	0	n / a	n / a	n / a	n / a	n / a

As the end of January approaches and we begin a new month, I have to say I was pleasantly surprised of my findings.  On my past post regarding the 11357 market, I stated the lowest priced home ($450,000) and the highest priced home($4.900,000), by my surprise - both have been sold. 

Today, the lowest priced home is ($489,000) and the highest which was reduced to ($3.700,000).  The days on the market has been reduced from an average of  82 days to 57 days, with the selling price within 8.2% of the asking price. 

Even though the inventory is higher today than it was last year, I feel that this gives the buyers a good edge.  Now, some buyers are under the impression that low offers will get them a great deal and that is not so - not where I am selling.  Most of my sellers have lowered their prices, they have begun to negotiate but they are not "giving their home away".  So, I do see that buyers as well as sellers are beginning to meet in the middle and find a common ground where both can be happy. 

11357 Housing market -

 

Field	Count	Mean (Average)	Median	Mode	Low	High
Listing Price	140	$980,875	$849,000	$599,000	$450,000	$4,900,000
Original Price	140	$1,018,474	$867,000	$899,000	$450,000	$4,900,000
Sold Price	0	n / a	n / a	n / a	n / a	n / a
% Difference	140	0	0	0	0	0
Taxes	129	$3,650	$3,400	$2,600	$10	$15,000
Bedrooms	140	3.8	4	3	2	7
Baths	140	2.6	2.5	2	0.5	5.5

The chart above shows what is currently available for resale in the Beechhurst, Whitestone and Malba area, 11357 as of December 31, 2006.

From the available inventory there have been 63 price reductions, with most of the reductions taking place in October.  The lowest priced home that is currently available is $450,000 and the highest is $4.900,000.00.

When going through the stats from 1/1/2005-12/31/2005, I noticed that the lowest priced home that sold in 2005 was at that time $430,000 and the highest was $1.575,000. 

This year 1/1/2006-12/31/2006 the lowest recorded sale in 11357 was $400,000.00 and the highest to date is $2.990,000 - (*There is a home currently under contract in Malba for 4 Million+). 

My Predictions for 2007 - The Prices will maintain at the level they are now, with maybe a slight decrease.  The inventory will still take some months to sell but the homes that are properly advertised and priced right, will sell with ease.    People who will be buying this year will be buying for their own personal use.  Secondary homes and Investment properties will continue at the slow rate that they are today.  Rents will continue rise which will make the renters contemplate pay rent or to own.      

November Stats

Field	Count	Mean (Average)	Median	Mode	Low	High
Listing Price	29	$879,444	$885,000	$519,000	$450,000	$1,226,000
Original Price	29	$879,617	$885,000	$519,000	$450,000	$1,226,000
Sold Price	0	n / a	n / a	n / a	n / a	n / a
% Difference	29	0	0	0	0	0
Taxes	25	$3,574	$4,000	$100	$100	$6,500
Bedrooms	29	4.1	4	3	2	6
Baths	29	2.8	2.55	4.5	1	4.5
Days On Market	0	n / a	n / a	n / a	n / a	n / a

(Chart of  NEW availables in 11357)

Within the month of November the Whitestone, Malba and Beechhurst area has 29 NEW listings.  Within this past month out of the 29 New listings, only two have lowered their prices.  The available inventory for the 11357 area is a GRAND total of 182.  (Out of 182, almost half have lowered their price since the original listing date).

**Since November 1st, the total homes that have CLOSED in sales in the Whitestone, Malba and Beechhurst area is 12, with the average days on the market ranking at 83.  The lowest sales price within the 11357 zip is $400,000 and the high coming in at 1.050 Million.

The expireds come in with a grand total of 15 and the homes that are currently under contract is 16, let me also make note that there were 6 withdrawn sellers.

Please take note: this is only on residential homes in the 11357 zip.  Bayside and Flushings numbers are a bit higher. 

Bayside total homes available - 241. 

CLOSED - 26

EXPIREDS - 27

UNDER CONTRACT -  32

WITHDRAWN -  12

AVERAGE days on the market 101.

Flushing total homes available - 394.

CLOSED - 43

EXPIREDS - 50

UNDER CONTRACT -  44

WITHDRAWN -  9

AVERAGE days on the market 87

As you can see the high availability is outweighing the homes sold.  The inventory is high and it is growing at a steady and quick rate. 

October Stats...

October Stats for the 11357 zip code shows some sign of life.  Since October 1, there were a total of 66 NEW listings, making the total available homes creep up to a significantly high number of 187 single family homes.  Within the 187 available homes almost half (90) homes have already lowered their price. 

Field	Value	Count
Town	Beechhurst	21
	Malba	4
	Whitestone	162
Zip	11357	187
Zone	12	187
County	Q	187
Last Status Change	EXT	15
	NEW	66
	New	16
	PC	90
Style	2 Story	17
	Cape	15
	Colonial	94
	Contemporary	11
	Duplex	2
	Hi Ranch	16
	Other	9
	Ranch	12
	Splanch	1
	Split Ranch	1
	Store+Dwell	1
	Townhouse	1
	Tudor	7

With the numbers looking the way they do - significantly high, It is so important to price your home right, from the beginning - don't play the game of "let's start it out at x amount and see what we get".  Those days are gone - and all you will get is no one looking at your home and loss of time. 

September Stat's Scary - but TRUE.

Statistics

Field	Count	Mean (Average)	Median	Mode	Low	High
Listing Price	142	$865,498	$789,000	$599,000	$459,000	$2,800,000
Original Price	142	$869,562	$793,944	$799,000	$478,000	$2,800,000
Sold Price	0	n / a	n / a	n / a	n / a	n / a
% Difference	142	0	0	0	0	0
Taxes	139	$3,582	$3,400	$3,500	$1500	$7,110
Bedrooms	141	4	4	3	1	9
Baths	141	2.5	2.5	2	0.5	5.5
Days On Market	0	n / a	n / a	n / a	n / a	n / a

For the month of September there have been 142 NEW listings for the towns of Bayside, Beechhurst, Flushing,  Malba and Whitestone.  With the 142 NEW listings - there were price reductions within the first week of the listing.  The original LOWEST priced home was $478,000 and has dropped to the new low of $459,000.   

Here is the scary part.  I can  not do a chart for the towns listed above - there are too many homes listed and CURRENTLY AVAILABLE.  So I am breaking the stats down into specific towns.

Bayside only Total available: 294

Field	Value	Count
Town	Bayside	294
Zip	11360	44
	11361	145
	11364	105
Zone	12	294
County	Q	294
Last Status Change	EXT	16
	NEW	132
	New	19
	PC	127

For the towns of Beechhurst, Malba and Whitestone Total available: 203

Field	Value	Count
Town	Beechhurst	25
	Malba	3
	Whitestone	175
Zip	11357	203
Zone	12	203
County	Q	203
Last Status Change	CC	1
	EXT	10
	NEW	89
	New	16
	PC	87

For the town of Flushing Total available: 435

Field	Value	Count
Town	Flushing	435
Zip	11352	3
	11353	1
	11354	83
	11355	115
	11358	164
	11365	19
	11367	49
	11380	1
Zone	12	435
County	Q	435
Last Status Change	EXT	24
	NEW	210
	New	37
	PC	164

This is remarkable that in total the available homes that are on the MLS is 932. 

August Stats..

Statistics

Field	Count	Mean (Average)	Median	Mode	Low	High
Listing Price	228	$806,699	$749,000	$799,000	$430,000	$2,199,000
Original Price	228	$806,830	$754,000	$699,000	$479,900	$2,199,000
Sold Price	0	n / a	n / a	n / a	n / a	n / a
% Difference	228	0	0	0	0	0
Taxes	205	$3,321	$3,141	$2,500	$1,044	$9,647
Bedrooms	228	4.2	4	3	2	13
Baths	227	2.7	2.5	2	1	8
Days On Market	0	n / a	n / a	n / a	n / a	n / a

(Calculations are done excluding zero-values except for %Difference)

Counts

Field	Value	Count
Town	Bayside	65
	Beechhurst	3
	College Point	26
	Flushing	105
	Whitestone	29
Zip	11352	1
	11354	17
	11355	29
	11356	26
	11357	32
	11358	36
	11360	8
	11361	28
	11364	29
	11365	10
	11367	12
Zone	12	228
County	Q	228
Last Status Change	EXT	1
	NEW	166
	New	30
	PC	31
Style	2 Story	27
	Bungalow	1
	Cape	15
	Colonial	119
	Contemporary	19
	Duplex	4
	Hi Ranch	3
	Other	7
	Raised Ranch	2
	Ranch	14
	Townhouse	10
	Tudor	7

Coming right of the MLS – ending in August here are the month end numbers.  There are currently in the Towns of Bayside, Beechhurst, College Point,

Flushing

and Whitestone a total of 228 homes LISTED in the month of August alone.  31 of those homes have already had a price change.

CLOSED SALES FOR AUGUST

Statistics

Field

Count

Mean (Average)

Median

Mode

Low