Oct
20

Third Quarter 2011 Queens Residential Sales Market Overview

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Today we released third quarter sales for the Queens residential market.  The Queens Market Overview Q3 2011 reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.

“The market continued to find its way to stability, as price indicators higher and both listings and sales levels declined”

  • There were 2,743 residential sales in the borough, 11.8% less than 3,110 sales in the same period last year. The decline in sales was attributable to re-sale, as new development sales nearly doubled.
  • For the fourth consecutive quarter, the year-over-year median sales price increased.
  • The median sales price was $385,000, 8.5% above $355,000 in the prior year quarter.
  • Listing inventory fell 15.9% to 10,305 from 12,255 in the prior quarter. Coupled with the decline in sales, the monthly absorption rate–the number of months to sell all listing inventory at the current pace of sales–was at 11.3 months, 4.2% faster from 11.8 months at this time last year.
  • The listing discount–the percent difference between the list price and time of sale and the sales price–was essentially unchanged at 6.6% as compared to the prior year quarter result of 6.7%.
  • It took 8 days longer on average to sell a property as compared to last year, resulting in a total of 108 days in the third quarter.

 

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