Queens Housing Market Sets New Price Records As Inventory Climbs
Report covers inventory, contracts, and sales across the entire borough
QUEENS, N.Y., Oct. 11, 2018 /PRNewswire/ -- Stribling & Associates, a leading New York residential brokerage, today releases the third quarter Queens Market Report. The report is the only to cover inventory, reported contracts and sales across the entire borough. Overall, the borough saw a decline in the number of sales as supply increased. Still, record average and median prices were achieved borough-wide as contract activity increased.
"Like Brooklyn, it is the outer markets in Queens that are driving overall price increases," said Garrett Derderian, Director of Data & Reporting at Stribling. "The greatest gains were in the more affordable markets." Indeed, Southeastern Queens recorded a median price increase of 13%, and average increase of 8%. The markets average price per square foot also increased, up 6%, the most of any submarket in the report. Still, the area remained the least expensive based on median and average prices.
Notably, condos were the only property type to see price declines, as the number of listings continued to climb. "Concerns over the increasing level of condo inventory is plaguing much of the city now, not just Queens," Derderian stated. "As the construction boom continues, especially in the Long Island City area, it remains to be seen if the market can absorb the units as quickly as they are coming online, especially at the prices developers want to achieve."
The report showed a condo median sale price decline of 13% to $593,640, and an average price decline of 13% to $659,849. Condos also recorded an average price per foot decline of 1%, at $992. Not surprisingly, Northwestern Queens, where most of the condo inventory is located, also saw price drops. There, the median price dipped 11% to $736,661, while the average price was down 7% to $820,997.
"While the condo market has certainly not experienced a full correction, buyers' options are going to continue to grow," Derderian continued. "As a result, many buyers may not feel pressure to make a quick decision. Options are only increasing."
In a bright spot, the number of reported contracts was up 7% from this time last year, and experienced increased prices throughout much of the borough. The strongest increases were in the Rockaways, one of the smallest markets in Queens. Its median price increased 25% to $750,000 and its average price jumped 15% to $732,190. Derderian noted the limited inventory in the submarket can cause substantial shifts that may not reflect the area at-large.
Looking ahead, Derderian offered the following: "When you look at the current inventory levels, the number of properties in each price bracket is nearly equal. We expect prices to continue to climb in the long run, even if there is a slowdown in sales in the short term."
Highlights from Stribling & Associates Q3 Queens Market Report:
- Median sales price was $589,500, up 4% year-over-year (record)
- Average sales price was $646,875, up 1% year-over-year (record)
- Average price per square foot was $575, down 13% year-over-year
- Average days on market was 111
- There are 9.5 months of supply, up from 9.2 one year ago
Recorded Sales:
- There were 3,148 recorded sales to date, 6% less than one year ago
- Condo units saw an average PPSF of $992
- Houses and townhouses made up 66% of closings
- Co-op units had a median price of $315,000
- Properties sold between $500K-750K made up 28% of all closings
- 20% of closings were under $350K, the lowest 3Q-level-to-date
- Northwestern Queens was the most expensive market and had 6% of recorded sales
- Southeastern Queens saw the greatest overall price increases
Contracts Signed:
- There was a 7% increase in the number of reported contracts
- Houses and townhouses totaled 41% of contracts
- Condos recorded the highest average PPSF at $968
- Houses and townhouses had the highest median price at $849,000
- 22% of contracts were priced below $350K
- 18% of contracts were priced above $1M
- Central Queens had the most contracts, with 46%
- Northwestern Queens and Southeastern Queens were the only submarkets with an average PPSF decline
Inventory:
- There were 3,241 active units in the borough, a 5% increase year-over-year
- Condos made up 26% of inventory
- Condo units had the highest average PPSF at $1,008
- Co-op units were the most affordable, with an average PPSF of $472
- 29% of inventory was priced above $1M
- 14% of inventory was priced below $350K
- 42% of inventory was priced between $500K-1M
- Southeastern Queens had the highest median average price increase, up 15%
- Central and Northwestern Queens had the highest average PPSF increases, both up 9%
About Stribling & Associates
Stribling & Associates, Ltd. is a premier residential real estate firm with over 300 agents throughout five locations across 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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