Jul
03

Second Quarter 2011 Queens Residential Sales Market Overview

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Today we are released second quarter sales for the Queens residential market.  The Queens Market Overview Q2 2011 reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.

The second quarter Queens market showed price and inventory stability compared to the past year.”

  • For the third consecutive quarter, the year-over-year median sales price of a Queens residential property edged higher. Median sales price increased 2.1% from $335,000 in the same period last year to $342,000.
  • There were 2,361 sales in the second quarter, 40.6% below the same period last year, largely due to the federal homebuyer tax credit expiration in April 2010 that had stimulated sales activity.
  • Although second quarter listing inventory slipped 1% below the same period a year ago, the monthly absorption rate—the number of months to sell all listings at the current pace of sales—jumped to 16.7 months, up from 10 months, as sales activity fell short of last year’s levels.
  • Buyers and sellers grew somewhat further apart in their negotiations as measured by the listing discount that expanded to 7.1% from 6.4% in the same period a year ago, above the 6.1% average of the past 5 years.
  • With the lower level of sales activity and stable inventory, the time to market a property expanded by 18 days to 115 days in the second quarter.

Categories : Market Reports

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