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…The average sales price of a Queens property that closed during the quarter was $396,756, down 11.5% from the $448,397 average sales price during the same period last year. Following the same pattern, median sales price for the second quarter was $362,000, down 13.8% from the $420,000 median sales price during the same period last year. When breaking out the re-sale market from the new development market, the trend varies significantly. Re-sale properties reflected a 15.3% decline in median sales price to $350,000, from $413,400 during the same period in the prior year. In contrast, the median sales price for new development sales increased 19.4% to $507,447 from $424,866 in the prior year quarter. Since resale properties accounted for 95.3% of all sales in Queens in the quarter, the 4.7% market share of new development sales did not provide much upward skew to the overall price indicators. The average square footage of a new development was 945 square feet, compared to 1,747 square feet for re-sale properties….
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