In Queens, Outer Submarkets Shine As Sales Soften Borough-Wide
Stribling & Associates Releases Q2 Queens Sales Activity Report
QUEENS, N.Y., July 12, 2018 /PRNewswire/ -- Stribling & Associates, a leading New York residential brokerage, today releases the second quarter Queens Market Report. The report, the only to cover inventory, reported contracts and sales across the borough, showcased a slowdown in sales, but an increase in contracts, as prices continued to climb.
"Like Manhattan and Brooklyn, Queens saw a downturn in the number of sales in the second quarter," said Garrett Derderian, Director of Data & Reporting at Stribling. "Despite the 6% drop in sales, we saw positive signs of growth for the outer submarkets in the borough, not dissimilar to Brooklyn. Additionally, in a healthy sign for the market, both the median and average prices increased 5% compared to one year ago."
The report highlights the first quarter median price of $550,000, average price of $626,362, and average PPSF of $648. While none of these prices were borough records, they pointed to promising gains of the market-at-large. Listings also entered contract in an average of 87 days, lower than Brooklyn at 90 days, and Manhattan's 105.
Strong price increases were not just reserved for markets in close proximity to Manhattan, either. As Derderian mentioned, "In terms of average and median sale prices, the Southwestern and Southeastern submarkets experienced the strongest gains. Both markets also had healthy average price per square foot increases. Central Queens saw similar increases, indicating buyers are looking borough-wide and not solely focused on the amenity-rich high-rise condos on the water."
The report also found the median price in Northwestern Queens, making up the greater Long Island City area, stumbled 8%, hitting $750,000. Derderian explained, "While the market did not experience a complete correction, there are currently many developments under construction, so buyers have an opportunity to wait for 'something perfect' before they decide to sign." Northwestern Queens remained the costliest submarket, with an average price per square foot of $1,047.
The number of reported contracts, that Derderian cited as up 7% from this time last year, saw increased prices throughout much of the borough. Like sales, the strongest gains were in Central, Southeastern, and Southwestern Queens. Notably, the only submarket to record an average PPSF decline was Northwestern Queens, where the average fell 2% to $1,075. Still, this was the only market with an average contract price above $1 million, at $1,044,127.
As to a look ahead, Derderian offered the following: "For the first time in Queens, we are seeing inventory split almost evenly between each price tranche. Just over half the inventory (54%) is priced below $750,000. If you compare that to 2Q09, 90% of inventory was priced below $750,000. The growth Queens has experienced over the past ten years has been tremendous. As Brooklyn continues to become cost-prohibitive, we should see more buyers looking to Queens not as a second or third choice option, but the first."
Highlights from Stribling & Associates 2Q Queens Market Report:
- Median sales price was $550,000, up 5% year-over-year
- Average sales price was $626,362, up 5% year-over-year
- Average price per square foot was $648, down 2% year-over-year
- Average days on market was 90
- There are 9.6 months of supply, up from 8.2 one year ago
Recorded Sales:
- There were 2,872 recorded sales to date, 6% less than one year ago
- Condo units saw an average PPSF of $1,006
- Houses made up 60% of closings
- Co-op units had a median price of $304,500
- Properties sold between $500K-1M made up 46% of all closings
- 23% of closings were under $350K, the lowest 2Q-level-to-date
- Northwestern Queens was the most expensive market and had 7% of recorded sales
- Southeastern Queens saw the greatest overall price increases
Contracts Signed:
- There was a 7% increase in the number of reported contracts
- Co-ops made up 47% of contracts
- Condos recorded the highest average PPSF at $1,072
- Townhouses/houses has the highest median price at $868,000
- 21% of contracts were priced below $350K
- 20% of contracts were priced above $1M
- Central Queens saw the greatest overall price appreciation and most contracts, with 41%
- Northwestern Queens was the only submarket with an average PPSF decline
Inventory:
- There were 3,040 active units in the borough, a 30% increase year-over-year
- Condos made up 25% of inventory
- Condo units had the highest average PPSF at $1,010
- Co-op units were the most affordable, with an average PPSF of $466
- 28% of inventory was priced above $1M
- 16% of inventory was priced below $350K
- 41% of inventory was priced between $500K-1M
- Central Queens had the highest median average price increase, up 6%
- Northwestern Queens had the highest average price increase, up 15%
About Stribling & Associates
Stribling & Associates, Ltd. is a premier residential real estate firm with over 300 agents throughout five locations in Manhattan, Brooklyn, and Long Island City. As one of the most renowned brokerages in New York, Stribling uses its respected expertise in the current market to provide individualized services to both buyer and sellers. Stribling agents specialize in the sale of luxury townhouses and cooperative and condominium apartments. The company's philosophy is based on professional, personalized services coupled with exceptional knowledge of key residential market trends. Stribling Private Brokerage specializes in the discreet marketing of properties over $5 million and commands a prominent market share in that sector of Manhattan residential real estate. Through strategic partnerships with Miami's Cervera and international estate services firm Savills, Stribling's global reach extends to more than 700 offices worldwide.
Press Contact:
Ashley Murphy, Director of Public Relations
[email protected]
646-675-5068
SOURCE Stribling & Associates
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