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Queens

[Help From Brooklyn] 2Q 2013 Queens Report

July 11, 2013 | 9:41 pm | delogo | Reports |

Douglas Elliman just published the market report on the Queens sales market that we author. This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

  • Inventory remained at 8-year low.
  • Sales increased causing fastest absorption rate in 5-years.
  • Upward price pressure from lack of supply is apparent.
  • Market benefiting from Manhattan and Brooklyn market tightness.

Here’s an excerpt from the report:

…Despite the continued trend of declining supply, the Queens housing market experienced an increase in sales resulting in the fastest pace seen in 5 years. Listing inventory fell 28.9% to 6,225 from the prior year quarter, the lowest quarterly inventory recorded in the 8 years of this report series. The number of sales expanded 8.1% to 2,493 sales from the prior year quarter. The combination of falling supply and rising demand resulted in an 6-year record low absorption rate or market pace of 7.5 months, measured by the number of months it took to sell all inventory at the current rate of sales. The lack of supply is beginning to reveal upward price pressure in the market…

Our data tables and market charts are now updated with 2Q13 data.

Press coverage




The Elliman Report: 2Q 2013 Queens Sales [Miller Samuel]
The Elliman Report: 2Q 2013 Queens Sales [Douglas Elliman]
Aggregated Custom Market Data Tables [Miller Samuel]
Queens Market Charts [Miller Samuel]

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[Stability With Less] 1Q 2013 Queens Report

April 11, 2013 | 3:10 pm | delogo | Reports |

Douglas Elliman just published the market report on the Queens sales market that we author. This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

  • Listing inventory fell to 8-year low.
  • Release of pent-up demand as number of sales increased despite low supply.
  • Prices showed modest gains.
  • Low mortgage rates continue to play important role in demand.



Here’s an excerpt from the report:

…The key market characteristic of the Queens housing market in the first quarter was the scarcity of supply. This condition kept housing prices stable and combined with record low mortgage rates, brought buyers and sellers close together when negotiating price. Price indicators showed across the board gains from the same period last year. Median sales price edged 1.1% higher to $350,000 from the same period last year and average sales price increased 1.5% to $389,420 over the same period. There were 6,496 listings at the end of the first quarter, an 8-year record and 26.6% less than in the same period last year…

Our Queens data tables are now updated for 1Q13 and charts will be available soon.




The Elliman Report: 1Q 2013 Queens Sales [Miller Samuel]
The Elliman Report: 1Q 2013 Queens Sales [Douglas Elliman]
Aggregated Custom Market Data Tables [Miller Samuel]


[7-Year List Low] 4Q 2012 Queens Report

January 21, 2013 | 10:21 pm | delogo | Reports |

We recently published our report on the Queens sales market for 4Q 2012. This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

  • Although year-over-year inventory slipped nominally, it was the lowest fourth quarter total in 7 years.
  • Price indicators up from same period last year year.
  • Number of sales declined from year ago levels restrained by limited inventory.
  • Luxury market prices rise but not at pace of overall market.
  • Mortgage underwriting remains “irrationally tight” but record low mortgage rates and improving employment continue to drive demand.

Here’s an excerpt from the report:

…In the final quarter of 2012, the Queens housing market saw a sharp year-over-year bump in prices, a modest slip in sales and listing inventory, shorter marketing times, and less negotiability between buyers and sellers. The historically tight mortgage underwriting standards continued to hold the impact of record low mortgage rates in check.

Both price indicators pressed above prior year levels. Median sales price was up 13.7% from the prior year quarter at $390,000, the highest level in nearly 4 years. Average sales price showed a similar result, rising 9.4% to $432,503 over the same period. All market quintiles generally saw gains in median sales price compared to the prior year period…

Our Queens data tables are now updated for 4Q12 and charts will be available soon.




The Elliman Report: 4Q 2012 Queens Sales [Miller Samuel]
The Elliman Report: 4Q 2012 Queens Sales [Douglas Elliman]
Aggregated Custom Market Data Tables [Miller Samuel]


Sandy Aftermath – 60 Minutes Story on Belle Harbor, Queens, New York

November 12, 2012 | 6:56 pm | Videos |

A few thousand people in Belle Harbor have endured so much – inspirational – community. This is one of many areas devastated by Hurricane Sandy in NYC region. And it’s why I feel so petty when asked about what happened to us in the storm – that I lost power for 5 days. They faced losses from 9/11, a jet crashing in their neighborhood in 2001 and now Sandy.

Good grief.

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[Falling Supply] 3Q 2012 Queens Report

October 20, 2012 | 8:00 am | delogo | Reports |

We published our report on the Queens sales market for 3Q 2012.   This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

  • Listing inventory declined, marketing time and listing discount fell sharply.
  • Sales below year ago levels.
  • Overall pricing indicators mixed, prices generally stable.
  • Luxury pricing edged above year ago levels.
  • Condo and 1-3 family sales down, co-op sales are up.
  • Northwest and West Queens showed most improvement.

Here’s an excerpt from the report:

…The third quarter Queens housing market was characterized by stable pricing, falling inventory, sliding sales, faster marketing times and less price negotiability between sellers and buyers. The slide in sales despite record-low mortgage rates was largely due to declining inventory levels and irrationally tight mortgage underwriting standards.

Listing inventory continued to fall. There were 9,052 listings at the end of the third quarter, 12.2% below the prior year total of 10,305. The number of sales followed a similar trend, as lower inventory began to temper sales activity. There were 2,509 sales in the third quarter, 8.5% fewer than 2,743 sales in the same period last year. The monthly absorption rate, the number of months to sell all active inventory at the current pace of sales, was 10.8 months, faster than 11.3 months a year ago but consistent with the 10.6-month 7-year average…

Updates to our Queens data NOW UPDATED FOR 3Q12 and charts will be available soon.




The Elliman Report: 3Q 2012 Queens Sales [Miller Samuel]
The Elliman Report: 3Q 2012 Queens Sales [Prudential Douglas Elliman]

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[Spring Punch] 2Q 2012 Queens Report

July 19, 2012 | 8:33 am | delogo | Reports |

We published our report on the Queens sales market for 2Q 2012 this morning.   This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

Queens

-Housing price indicators edged higher.
-Number of sales slipped but inventory fell sharply.
-Properties sold a week faster than last year and with less negotiating.
-Luxury market (starts at $685k) on par with the overall market.
-New dev market share has slowly been expanding but remains at modest levels.


-Mortgage underwriting still “irrationally tight” but mortgage rates continue to fall to record lows.
-Regional economy slowly improving.

Here’s an excerpt from the report:

…The Queens housing market saw an increase in price indicators, a modest decline in the number of sales, a sharp decline in listing inventory and a small reduction in marketing time. The overall results were somewhat better than, they have been over the past few years as the regional economy slowly improved despite unusually tight mortgage underwriting standards. Median sales increased 3.8% to $355,000 from $342,000 in the same period last year. Average sales price showed a gain of 2.2% to $399,154 from $390,589 over the same period…

You can build your own custom data tables on the market – now updated with 2Q 12 data. You can browse our chart library for the latest – updated for 2Q 2012.




The Elliman Report: 2Q 2012 Queens Sales [Miller Samuel]
The Elliman Report: 2Q 2012 Queens Sales [Prudential Douglas Elliman]
Market Chart Library [Miller Samuel]
Aggregated Custom Market Data Tables [Miller Samuel]


[The Housing Helix Podcast] 1Q 2010 Queens Market Overview

April 25, 2010 | 6:23 pm | Podcasts |

This is a belated podcast covering the Queens Market Overview.

Check out the podcast

The Housing Helix Podcast Interview List

You can subscribe on iTunes or simply listen to the podcast on my other blog The Housing Helix.



[Starting To] 1Q 2010 Queens Market Overview Available For Download

April 15, 2010 | 8:45 am | delogo | Reports |


[click to open report]

The 1Q 2010 Queens Market Overview that I author for Prudential Douglas Elliman was released today.

Other reports we prepare can be found here.

The 1Q 2010 data (shortly) and a series of charts (and a podcast) will be available soon.

Press coverage can be found here.

Since the neighborhood data is too thin to build a reliable trend line, we have grouped neighborhoods by logical regions based on housing stock.

An excerpt

…The average sales price was $391,444 in the first quarter, down 7.2% from $421,818 in the same period a year ago and down nominally from $394,730 in the prior quarter. Median sales price followed the same pattern falling 12.2% to $345,000 and down 1.4% from $350,000 in the prior quarter. The re-sale market, which represented 94.4% of all sales in Queens in the first quarter saw its median sales price decline 10.5% to $340,000 from $380,000 in the same period last year and down nominally from $343,000 in the prior quarter. New development sales, which represented only 5.6% of all sales in Queens in the first quarter saw more volatility in price indicators. The median sales price of new development sales fell 35.2% to $396,728 from $612,497 in the prior year quarter, but a large portion of this decline was a shift in the mix toward smaller unit sales rather than significant downward re-pricing of new development listings. The average square footage of a new development sale was 961 square feet, down 4.8% from the same period last year while re-sale property, a large portion includes 1-3 family properties was 2,039 square feet, up 6.1% over the same period…

1Q 2010 Queens Market Overview [Miller Samuel]



[The Housing Helix Podcast] Queens Market Overview 4Q 2009

January 21, 2010 | 3:11 pm | Podcasts |


Here’s a an over view of the just released Queens Market Overview for the 4th quarter of 2009. Its a quick, one-take recap of the last quarter of a roller-coaster year in Queens.

Get a copy of the report, charts and other data here.

Check out the podcast

The Housing Helix Podcast Interview List

You can subscribe on iTunes or simply listen to the podcast on my other blog The Housing Helix.



[Heavy Year End] 4Q 2009 Queens Market Overview Available For Download

January 21, 2010 | 11:13 am | delogo | Reports |


[click to open report]

The 4Q 2009 Queens Market Overview that I author for Prudential Douglas Elliman was released today.

Other reports we prepare can be found here.

The 4Q 2009 data (shortly) and a series of charts are available.

Press coverage can be found here.

Since the neighborhood data is too thin to build a reliable trend line, we have grouped neighborhoods by logical regions based on housing stock.

An excerpt

…After below trend sales activity in the first two quarters of 2009, there was a release of pent-up demand as buyers who had been “sitting on the fence” began to make purchase decisions en masse in the third quarter. This was prompted by a rapidly rising stock market that improved consumer confidence, low mortgage rates and newly found affordability as a result of falling housing prices. There were 2,789 sales in the current quarter, down 13.9% from 3,240 units in the prior year quarter, but jumped 31% from 2,129 units in the prior quarter. The surge in the number of sales resulted in a decline in listing inventory. There were 9,797 listings on the market in the third quarter, down 13.9% from 11,377 in the prior year quarter and down 3% from the 10,100 listings available at the end of the prior quarter. A portion of the decline from the prior year quarter was attributable to sellers pulling their listings from the market with the strategy of relisting when market conditions improve…

4Q 2009 Queens Market Overview [Miller Samuel]
4Q 2009 Queens Market Recap Podcast [The Housing Helix Podcast]