Posted by Jonathan J. Miller -Friday, October 15, 2010, 11:29 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.
…Low mortgage rates, favorable exchange rates for international purchasers and prices well below peak levels are driving demand, while high unemployment, shadow inventory and tight credit continue to temper improvement in the housing market. The median sales price of a Queens residential property was $355,000, down 1.9% from $362,000 in the same period last year, but 6% above $335,000 in the prior quarter. Average sales price followed the same pattern, falling 1.7% to $396,681 in the third quarter from $403,429 in the same period last year, but increased 3.7% from $382,518 in the prior quarter. Both price indicators were at the highest levels in the third quarter, since the prior year quarter levels. The median sales price parsed into quintiles showed consistency across all segments of the market by price. The change in median sales price as compared to the same period last year showed a change of 0% to 4% declines while all segments compared to the prior quarter showed 0% to 6% gains…
3Q 2010 Queens Market Overview [Miller Samuel]