- 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.