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Elliman Report: Queens Sales 3Q 2011

…The number of sales for the quarter was 2,743, 11.8% below the prior year quarter total of 3,110 sales, but 16.2% higher than 2,361 sales in the second quarter. Listing inventory fell 15.9% to 10,305 from 12,255 in the prior year quarter. The lower number of sales closely matched the decline in listings resulting in a nominal decline in the monthly absorption rate, which is the number of months to sell all existing inventory at the current pace of sales. The monthly absorption rate was at was at 11.3 months, 4.2% faster from 11.8 months at this time last year…

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