Holding true yet again to all our predictions, 2017 proved to be a phenomenal year for Jackson Heights Real Estate. We witnessed several price point spikes and yet the new market averages showed an approximate 4% average climb from 2016, which averaged a more aggressive 8% climb. We can visually see the average price change in each category:
2017
3 Bedroom 2 Bath: $940,000
2 Bedroom 2 Bath: $760,000
2 Bedroom 1 Bath: $640,000
1 Bedroom 1 Bath: $400,000
Studio 1 Bath: $225,000
2016
3 Bedroom 2 Bath: $900,000
2 Bedroom 2 Bath: $725,000
2 Bedroom 1 Bath: $600,000
1 Bedroom 1 Bath: $385,000
Studio 1 Bath: $200,000
What should we expect to see in 2018? Once again, while many make speculations based on factors like political climate, national unemployment rate, interest rate increase predictions, national housing stock figures etc., we like to draw conclusions from the practical observations of buyer demand and existing housing supply in Jackson Heights.
We have witnessed sight increase in the amount of days a property remains on the market. Not applicable to all of course. For example, a one bedroom at Hampton Court got snagged in a massive bidding war at a record $510,000 within a week. Since properties are still getting scooped up at the new pricing averages, while inventory continues to stay low, we anticipate that this momentum will carry over into 2018. We certainly anticipate an increase in prices and the new record breakers will certainly lead the way.
We are also seeing sight increase in the amount of days a property remains on the market. Not applicable to all of course. For example, our recent one bedroom exclusive at Hampton Court got snagged in a massive bidding war at a record $510,000 within a week. Since properties are still getting contracts at the new pricing averages, while inventory continues to stay low, this momentum will carry over into 2018. We can see most averages increase by a other 2% aa early as the summer and we also anticipate emergence of new type of inventory by the way of conversions, combinations and floor plan alterations. We have seen emergence of new businesses which cater to the life demands of the new influx into Jackson Heights. We anticipate more such openings and continued growth in local small business sector as well.