[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.
…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]