[Weaker] 4Q 2011 Queens Sales Report
Posted by Jonathan J. Miller -Thursday, January 19, 2012, 9:26 AM
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We released our report on the Queens sales market for 4Q 2011 this morning. I’ve been authoring this series for Douglas Elliman since 1994.
Queens saw significant price skew from the 127.7% increase in year-over-year sales of lower priced co-ops in response to the drop in mortgage rates during the fall. Even with the surge in co-op sales, overall sales declined 19.3% over the same period. New development posted it’s second highest market share since the credit crunch began. However it would be fair to characterize the entire borough as weaker than last year at this time.
Here’s an excerpt from the report:
Median sales price for the fourth quarter declined 7% to $343,000 from $369,000 in the prior year quarter. Average sales price showed the same pattern, sliding 2.5% to $395,264 from $405,489 in the same period last year. The decline in the overall price indicators was primarily due to the large shift in the mix toward co-op sales, the lowest priced property type. As buyers took advantage of record-low mortgage rates during the quarter, the lower priced market quintiles saw larger year-over-year declines in median sales prices.
The custom data tables are updated and ready for you to play with. The chart section on the new site remains a work in progress.
The Elliman Report: 4Q 2011 Queens Sales [Prudential Douglas Elliman]
The Elliman Report: 4Q 2011 Queens Sales [Miller Samuel]
