Here’s what you need to know about the Queens and Long Island markets.
If you’ve been paying attention to the news, you know that everyone is talking about rising interest rates. Today I want to take a look at the latest statistics to see what affect our new rates are having on our market.
From April to the middle of May in 2021, 376 new listings hit the market. During that same time in 2022, we had 389 new listings. Meanwhile, we had 296 pending sales in 2021, and the average days on market was 63. In 2022, we had 212 pending sales, but our average days on market fell to 39. **This means that there are fewer transactions happening this year. **
In 2021, we had 196 closed sales, and the average sales price was $960,000. In 2022, there were 151 closed sales, and the average sales price was $1.13 million. Overall, we’re seeing fewer transactions, but sales prices have increased an average of 18% year over year. As you can see, our market hasn’t been hurt by interest rates yet.
If you have any questions about today’s topic, please call or email me. I am always willing to help!