The Effects of the Financial and Economic Crisis on Cambria Heights NY Real Estate

The Effects of the Financial and Economic Crisis on Cambria Heights NY Real Estate

Cambria Heights NY Real Estate Trends Third Quarter 2006-2012

Cambria Heights NY Homes for Sale

Cambria Heights NY Real Estate 

The Cambria Heights NY Real Estate market has experienced a series of challenges over the period 2006-2012.  Located in southeast Queens, this relatively small and vibrant community has felt the effects cased by the United States Financial and Economic Crisis.

A Federal Reserve Bank of New York timeline of the lead up to and government responses to the crisis is provided here . Another excellent timeline is provided by the Federal Reserve Bank of St. Louis here.

The following is an analysis of Cambria Heights NY Real Estate for the third quarter periods 2006-2012. It will take a look at changes in residential homes sold, median sales price and days on market over the seven year period. Particular attention is paid to the twists and turns caused by Cambria Heights NY Foreclosures and Cambria Heights NY short sales.

For the years indicated the periods covered are as follows

 Cambria Heights, New York Real Estate Number of Homes Sold

The total number of Cambria Heights, New York Real Estate homes sold for the seven year period ended September 30, 2012 decreased from 115 in 2006 to 57 in 2012, a decrease of 50.4 %. The volume of Cambria Heights New York Real Estate sales realized its biggest year to year decrease from 2006 when it was 115, to 2007 when it was 89, a decrease of 22.6 %. The lowest number of Cambria Heights NY homes sold was 52 in 2011. 2010 sales were spurred by the ending of the First Time Homebuyer Credit .

A closer look at the type of sales over the seven year period reveals an increase in the number of Cambria Heights, NY Real Estate foreclosures and increase in Cambria Heights, NY Real Estate short sales. The number of Cambria Heights, NY foreclosures increased from 1 in 2006 to a high of 19 in 2010. Foreclosures showed a consistent decline in following years. The number of Cambria Heights, NY short sales increased from 0 in 2006 to a high of 8 in 2009. There has been a consistent decline in the following years.

The effect of the financial crisis on Cambria Heights, NY Real Estate is manifested in the number of foreclosures and short sales as a percentage of total sales for the period 2006 to 2012.

For the purpose of the calculation the number of foreclodures and short sales are being added together into a distressed sale figure..

Distressed sale is being defined as " the sale of real property creating urgency on the part of the seller such as an impending foreclosure or short sale" .

The impact of distressed properties on the Cambria Heights NY Real Estate market has increased from 1 % of total sales in 2006 to a high of 34 % in 2009. Foreclosure and short sales remained a signicant sold type in 2012 with a percentage of 16 %.

Cambria Heights, New York Real Estate Median Sales Price Overview

The median sales price of Cambria Heights, New York Homes over the 7 year period ended September 30, 2012 decreased from $430,000 in 2006 to $350,000 in 2012. This represented an overall decrease of 18.6 %. Cambria Heights NY median sales price reached its lowest value in 2009 at $345,000.

The decrease in median sales price of conventional, foreclosure and short sales and the Financial and Economic Crisis are primary elements in decreasing overall median sales prices. The median sales price of Cambria Heights, New York Real Estate foreclosures decreased from $361,101 in 2006 to $210,000 in 2012. The Cambria Heights, New York Real Estate short sale median sales price decreased from $307,250 in 2009 to $260,500 in 2012.

Cambria Heights, New York Real Estate Days on Market Overview

The Cambria Heights, New York Real Estate days on market increased from 49 days in 2006 to 93 days in 2012.

Riding the Trillion-Dollar Real Estate Recovery Roller Coaster.