The 3Q 2008 Queens Market Overview [pdf] that I author for Prudential Douglas Elliman [PDE] is available for download. Due to demand, I expanded the Long Island/Queens Market Overview into two separate reports.
To review the report methodology.
…Both price indicators have declined nearly every quarter since the first quarter of 2007. Median sales price in the current quarter is $400,000, down 11.4% from the $451,250 of the prior year quarter and down 20% from the $480,000 market peak in first quarter 2007. Average sales price reached $436,575 this quarter, down 8.8% from the prior year quarter average sales price of $478,752 and down 11.2% from the $485,455 average sales price for the first quarter of 2007. The market trends by quintiles showed a wide range of price trends. The entry level or first quintile was $175,000 and showed no change in median sales price from the prior year quarter. The weakest segment was the third or middle quintile, that saw a 25.8% decline in median sales price to $335,000 from $451,250 in the same period last year…
Download report: 3Q 2008 Queens Market Overview [pdf]