- 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.