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Elliman Report: Queens Sales 2Q 2016

After last quarter’s slow start to the year, Queens housing prices and sales moved higher in the spring market. The number of sales rose 2.8% over the prior year quarter and showed the fourth year-over-year increase in five quarters. Contract volume was more robust, up 6.8% over the same period. Listing inventory fell 14.5% to 4,403 over the same period. With more demand and less supply, the pace of the market moved faster. The absorption rate, the number of months to sell all inventory at the current rate of sales, fell to 5.1 months from 6.1 months in the year ago quarter. The second quarter pace of the market was 49% faster than the decade average of 10 months…

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