Douglas Elliman just published the market report on the Queens sales market that we author. This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.
Key Points
– Inventory remained at 8-year low.
– Sales increased causing fastest absorption rate in 5-years.
– Upward price pressure from lack of supply is apparent.
– Market benefiting from Manhattan and Brooklyn market tightness.
Here’s an excerpt from the report:
…Despite the continued trend of declining supply,
the Queens housing market experienced an
increase in sales resulting in the fastest pace seen
in 5 years. Listing inventory fell 28.9% to 6,225
from the prior year quarter, the lowest quarterly
inventory recorded in the 8 years of this report
series. The number of sales expanded 8.1%
to 2,493 sales from the prior year quarter. The
combination of falling supply and rising demand
resulted in an 6-year record low absorption rate
or market pace of 7.5 months, measured by the
number of months it took to sell all inventory at
the current rate of sales. The lack of supply is
beginning to reveal upward price pressure in the
market…
Our data tables and market charts are now updated with 2Q13 data.
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The Elliman Report: 2Q 2013 Queens Sales [Miller Samuel]
The Elliman Report: 2Q 2013 Queens Sales [Douglas Elliman]
Aggregated Custom Market Data Tables [Miller Samuel]
Queens Market Charts [Miller Samuel]
