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We published our report on the Queens sales market for 2Q 2012 this morning.   This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

Queens

-Housing price indicators edged higher.
-Number of sales slipped but inventory fell sharply.
-Properties sold a week faster than last year and with less negotiating.
-Luxury market (starts at $685k) on par with the overall market.
-New dev market share has slowly been expanding but remains at modest levels.


-Mortgage underwriting still “irrationally tight” but mortgage rates continue to fall to record lows.
-Regional economy slowly improving.

Here’s an excerpt from the report:

…The Queens housing market saw an increase in price indicators, a modest decline in the number of sales, a sharp decline in listing inventory and a small reduction in marketing time. The overall results were somewhat better than, they have been over the past few years as the regional economy slowly improved despite unusually tight mortgage underwriting standards. Median sales increased 3.8% to $355,000 from $342,000 in the same period last year. Average sales price showed a gain of 2.2% to $399,154 from $390,589 over the same period…

You can build your own custom data tables on the market – now updated with 2Q 12 data. You can browse our chart library for the latest – updated for 2Q 2012.

The Elliman Report: 2Q 2012 Queens Sales [Miller Samuel]
The Elliman Report: 2Q 2012 Queens Sales [Prudential Douglas Elliman]
Market Chart Library [Miller Samuel]
Aggregated Custom Market Data Tables [Miller Samuel]

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This is a belated podcast covering the Queens Market Overview.

Check out the podcast

The Housing Helix Podcast Interview List

You can subscribe on iTunes or simply listen to the podcast on my other blog The Housing Helix.

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[click to open report]

The 1Q 2010 Queens Market Overview that I author for Prudential Douglas Elliman was released today.

Other reports we prepare can be found here.

The 1Q 2010 data (shortly) and a series of charts (and a podcast) will be available soon.

Press coverage can be found here.

Since the neighborhood data is too thin to build a reliable trend line, we have grouped neighborhoods by logical regions based on housing stock.

An excerpt

…The average sales price was $391,444 in the first quarter, down 7.2% from $421,818 in the same period a year ago and down nominally from $394,730 in the prior quarter. Median sales price followed the same pattern falling 12.2% to $345,000 and down 1.4% from $350,000 in the prior quarter. The re-sale market, which represented 94.4% of all sales in Queens in the first quarter saw its median sales price decline 10.5% to $340,000 from $380,000 in the same period last year and down nominally from $343,000 in the prior quarter. New development sales, which represented only 5.6% of all sales in Queens in the first quarter saw more volatility in price indicators. The median sales price of new development sales fell 35.2% to $396,728 from $612,497 in the prior year quarter, but a large portion of this decline was a shift in the mix toward smaller unit sales rather than significant downward re-pricing of new development listings. The average square footage of a new development sale was 961 square feet, down 4.8% from the same period last year while re-sale property, a large portion includes 1-3 family properties was 2,039 square feet, up 6.1% over the same period…

1Q 2010 Queens Market Overview [Miller Samuel]

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Here’s a an over view of the just released Queens Market Overview for the 4th quarter of 2009. Its a quick, one-take recap of the last quarter of a roller-coaster year in Queens.

Get a copy of the report, charts and other data here.

Check out the podcast

The Housing Helix Podcast Interview List

You can subscribe on iTunes or simply listen to the podcast on my other blog The Housing Helix.

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[click to open report]

The 4Q 2009 Queens Market Overview that I author for Prudential Douglas Elliman was released today.

Other reports we prepare can be found here.

The 4Q 2009 data (shortly) and a series of charts are available.

Press coverage can be found here.

Since the neighborhood data is too thin to build a reliable trend line, we have grouped neighborhoods by logical regions based on housing stock.

An excerpt

…After below trend sales activity in the first two quarters of 2009, there was a release of pent-up demand as buyers who had been “sitting on the fence” began to make purchase decisions en masse in the third quarter. This was prompted by a rapidly rising stock market that improved consumer confidence, low mortgage rates and newly found affordability as a result of falling housing prices. There were 2,789 sales in the current quarter, down 13.9% from 3,240 units in the prior year quarter, but jumped 31% from 2,129 units in the prior quarter. The surge in the number of sales resulted in a decline in listing inventory. There were 9,797 listings on the market in the third quarter, down 13.9% from 11,377 in the prior year quarter and down 3% from the 10,100 listings available at the end of the prior quarter. A portion of the decline from the prior year quarter was attributable to sellers pulling their listings from the market with the strategy of relisting when market conditions improve…

4Q 2009 Queens Market Overview [Miller Samuel]
4Q 2009 Queens Market Recap Podcast [The Housing Helix Podcast]

1 Comment

Last week we released market reports for both Long Island and Hamptons/North Fork. The week before we released reports for Brooklyn and Queens. I meant to release short podcast recaps on all four reports (combined into pairs) when they were released but alas, was behind schedule.

But here they are.

Brooklyn & Queens Market Overview podcast

[click for podcast]

Long Island and Hamptons/North Fork podcast

[click for podcast]

The Housing Helix Podcast Archive

You can subscribe on iTunes or simply listen to the podcast on my other blog The Housing Helix.

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The 3Q 2009 Queens Market Overview that I author for Prudential Douglas Elliman was released today.

Other reports we prepare can be found here.

The 3Q 2009 data and a series of updated charts are available.

Press coverage can be found here.

An excerpt

…After below trend sales activity in the first two quarters of 2009, there was a release of pent-up demand as buyers who had been “sitting on the fence” began to make purchase decisions en masse in the third quarter. This was prompted by a rapidly rising stock market that improved consumer confidence, low mortgage rates and newly found affordability as a result of falling housing prices. There were 2,789 sales in the current quarter, down 13.9% from 3,240 units in the prior year quarter, but jumped 31% from 2,129 units in the prior quarter. The surge in the number of sales resulted in a decline in listing inventory. There were 9,797 listings on the market in the third quarter, down 13.9% from 11,377 in the prior year quarter and down 3% from the 10,100 listings available at the end of the prior quarter. A portion of the decline from the prior year quarter was attributable to sellers pulling their listings from the market with the strategy of relisting when market conditions improve…

Download 3Q 2009 Queens Market Overview

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Today we released two market reports of a series that I author – I provide a quick overview for each report in this podcast.

To download these reports and other reports, view charts and build custom data tables.

Prudential Douglas Elliman Brooklyn Market Overview 2Q 2009

Prudential Douglas Elliman Queens Market Overview 2Q 2009

Check out the podcast.

You can subscribe on iTunes or simply listen to the podcast on my other blog The Housing Helix.

1 Comment

The 2Q 2009 Queens Market Overview that I author for Prudential Douglas Elliman was released today.

Other reports we prepare can be found here.

The 2Q 2009 [data](https://www.millersamuel.com/data) and a series of updated [charts](https://www.millersamuel.com/charts/index.php?Node=1225671404FFPKy) are available.

Press coverage can be found here.

An excerpt

…The average sales price of a Queens property that closed during the quarter was $396,756, down 11.5% from the $448,397 average sales price during the same period last year. Following the same pattern, median sales price for the second quarter was $362,000, down 13.8% from the $420,000 median sales price during the same period last year. When breaking out the re-sale market from the new development market, the trend varies significantly. Re-sale properties reflected a 15.3% decline in median sales price to $350,000, from $413,400 during the same period in the prior year. In contrast, the median sales price for new development sales increased 19.4% to $507,447 from $424,866 in the prior year quarter. Since resale properties accounted for 95.3% of all sales in Queens in the quarter, the 4.7% market share of new development sales did not provide much upward skew to the overall price indicators. The average square footage of a new development was 945 square feet, compared to 1,747 square feet for re-sale properties….

Download 2Q 2009 Queens Market Overview

UPDATE: Listen to the podcast

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I briefly (those of you who know me, know what I mean by that – it’s a relative term) recapped the 1Q 2009 Brooklyn and Queens Market Overviews published today.

Here’s whats new on The Housing Helix Podcast

[Special Reports] Brooklyn + Queens Market Overviews 1Q 2009

You can subscribe in iTunes or simply listen to the podcast on my new blog The Housing Helix.

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The 1Q 2009 Queens Market Overview that I author for Prudential Douglas Elliman was released today.

Other reports we prepare can be found here.

The 1Q 2009 [data](https://www.millersamuel.com/data) and a series of updated [charts](https://www.millersamuel.com/charts/index.php?Node=1225671404FFPKy) are also available.

Press coverage can be found here.

An excerpt

…Although the number of properties available for sale declined 7% to 10,421 from 11,206 listings in the same period last year, inventory expanded 6.1% from the prior quarter total of 9,822. The rise in inventory levels from the prior quarter was the result of the sharp decline in the number of sales over the same period. There were 1,801 sales in the first quarter, down 52.2% from 3,771 sales in the same period last year and down 34.2% from 2,737 sales in the prior quarter. The number of sales tends to decline from the fourth quarter to the first quarter of any given year, however, the decline during this period of the year was more than twice the five year average of 12.6% and outside of the five year range of -9.3% to -16.4%. The weakening regional economy and credit crunch as restricted the level of sales activity in the Queens housing market. Sellers continue to price property “behind” the market. As a result, the absorption rate – the number of months it would take to sell off existing inventory at the current pace of sales – has more than doubled over the past year. The absorption rate was 17.4 months in the first quarter, up from 8.9 months in the same period last year, both well above the 6.8 monthly average of the past five years…

Download 1Q 2009 Queens Market Overview

Tags: Absorption

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The Real Deal Magazine is relentless in its coverage of the New York City real estate economy (and other markets), warts and all – one of those areas is getting a lot of attention lately is the new development market. We are seeing new types of selling techniques.

One of the significant issues is shadow inventory and the change in plans that many developers are forced to initiate/accept with the fall off in demand and increased difficulty in obtaining mortgages.

Here are a series of maps which shows the status of a number of new developments in New York City.

The federal government might be a good suitor – apparently they have no qualms about overpaying for assets.

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