Posted by Jonathan J. Miller -Thursday, July 15, 2010, 11:22 AM
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Since the neighborhood data is too thin to build a reliable trend line, we have grouped neighborhoods by logical regions based on housing stock.
…There were 13,254 listings in Queens at the end of the second quarter, down 4.9% from 13,938 listings during the same period last year, but up 8.9% from 12,170 listings in the prior quarter. Listing inventory totals were consistent with the 5-year quarterly average of 12,931. Consistent with the decline in listing inventory was the sharp increase in the number of sales. There were 3,972 sales in the second quarter, 86.6% more than the 2,129 sales in the prior year quarter and 27.6% more than the 3,113 sales in the prior quarter. The surge in activity was expected as consumers took advantage of the federal tax credit for first-time buyers and existing homeowners, as well as improved affordability from lower prices and record-low mortgage rates. As a result of the decline in listing inventory and the increase in the number of sales, the monthly absorption rate—the number of months to sell existing listing inventory at the current pace of sales—fell by nearly half to 10 months, from 19.6 months in the second quarter of 2009. This is consistent with the 10.2 month average of the past five years…
2Q 2010 Queens Market Overview [Miller Samuel]