Jan
21

Queens Market Overview Q4 2009

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Today we are released fourth quarter sales  for the Queens residential market.  The Queens Market Overview Q4 2009 reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.

“The fourth quarter 2009 Queens market experienced a surge in sales activity, with 55.6% more sales than during the same period a year ago. Consumers took advantage of the federal tax credit, low mortgage rates and more affordable prices. As a result of the increase in sales, listing inventory has fallen 10.6% and is at its lowest level in three years.”

  • There were 4,260 sales in the fourth quarter, 55.6% more than the 2,737 sales of the prior year quarter and 52.7% more than the 2,789 sales in the prior quarter.
  • Listing inventory is at its lowest level in three years. There were 8,778 properties listed for sale at the end of the fourth quarter, 10.6% below the 9,822 units listed for sale in the prior year quarter and 10.4% below the 9,797 units listed in the prior quarter.
  • Prices continue to slip. Median sale price was $350,000, 7.9% below the $380,000 median sales price of the prior year quarter and 3.3% below the $362,000 median sales price of the prior quarter.
  • The average days on market was 104 days, or two weeks longer than the 90 days on market in the prior year quarter.
  • Listing discount, the spread between the last list price and contract price, fell to 6.1% in the fourth quarter, down from 8.7% in the prior year quarter and unchanged from the prior quarter.

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