…Consistent with the prior several quarters, the
Queens market continued to see brisk market
conditions in the last quarter of 2013. Listing
inventory fell to an 8.5 year record low of 5,248,
down 39.6% from the same period last year. With
the surge in sales the absorption rate, the number
of months to sell all inventory at the current pace
of sales, fell to 4.7 months, the fastest pace
since 2005 when the metric was first tracked.
After falling to a recent low in the prior year
quarter, sales activity continued to climb over
the next 4 quarters, but remained 44.5% below
the level seen in the same period a decade ago…