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[Starting To] 1Q 2010 Queens Market Overview Available For Download

[1]
[click to open report]

The 1Q 2010 Queens Market Overview [1] that I author for Prudential Douglas Elliman [2] was released today.

Other reports we prepare can be found here [3].

The 1Q 2010 data [4] (shortly) and a series of charts [5] (and a podcast) will be available soon.

Press coverage can be found here [6].

Since the neighborhood data is too thin to build a reliable trend line, we have grouped neighborhoods by logical regions based on housing stock [7].

An excerpt

…The average sales price was $391,444 in the first quarter, down 7.2% from $421,818 in the same period a year ago and down nominally from $394,730 in the prior quarter. Median sales price followed the same pattern falling 12.2% to $345,000 and down 1.4% from $350,000 in the prior quarter. The re-sale market, which represented 94.4% of all sales in Queens in the first quarter saw its median sales price decline 10.5% to $340,000 from $380,000 in the same period last year and down nominally from $343,000 in the prior quarter. New development sales, which represented only 5.6% of all sales in Queens in the first quarter saw more volatility in price indicators. The median sales price of new development sales fell 35.2% to $396,728 from $612,497 in the prior year quarter, but a large portion of this decline was a shift in the mix toward smaller unit sales rather than significant downward re-pricing of new development listings. The average square footage of a new development sale was 961 square feet, down 4.8% from the same period last year while re-sale property, a large portion includes 1-3 family properties was 2,039 square feet, up 6.1% over the same period…

1Q 2010 Queens Market Overview [1] [Miller Samuel]