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[Help From Brooklyn] 2Q 2013 Queens Report

Posted By Jonathan Miller On July 11, 2013 @ 9:41 pm In Brooklyn,Douglas Elliman,Elliman Reports,Queens | Comments Disabled

[1]

Douglas Elliman just published the market report on the Queens sales market [1] that we author. This is part of an evolving market report series I’ve been writing for Douglas Elliman [2] 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 [3] and market charts [4] are now updated with 2Q13 data.

Press coverage [5]




The Elliman Report: 2Q 2013 Queens Sales [Miller Samuel [1]]
The Elliman Report: 2Q 2013 Queens Sales [Douglas Elliman [6]]
Aggregated Custom Market Data Tables [Miller Samuel [3]]
Queens Market Charts [Miller Samuel [4]]


Article printed from Miller Samuel Real Estate Appraisers & Consultants: http://www.millersamuel.com

URL to article: http://www.millersamuel.com/help-from-brooklyn-2q-2013-queens-report/

URLs in this post:

[1] Image: http://www.millersamuel.com/reports/elliman-report-queens-sales-2q-2013

[2] Douglas Elliman: http://www.elliman.com/marketreports/

[3] data tables: http://aggregate-data.millersamuel.com/

[4] charts: http://www.millersamuel.com/charts-category/queens-market-charts

[5] Press coverage: http://news.search.yahoo.com/search/news?p=%22miller+samuel%22+manhattan&sm=Yahoo!+Search&toggle=1&ei=UTF-8&datesort=1

[6] Douglas Elliman: http://www.elliman.com/reports-and-guides/reports/new-york-city/2q-2013-queens-sales/4-434

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