< All Market Reports

Elliman Report: Queens Sales 1Q 2012

There was a 16.2% decline in the number of sales in the first quarter to 2,176, down from 2,598 in the prior year quarter despite the surge in co-op sale market share. Co-ops represented 28.7% of all sales in the first quarter compared to a 13.2% share of condo sales and a 58.1% share of 1-3 family homes. The increase in co- op market share was largely caused by the sharp drop in mortgage rates last fall. The entry- level market is more immediately responsive to changes in mortgage rates. Listing inventory fell faster, declining 35% to 8,851 from 13,609 in the prior year quarter. The result of declining sales and more rapidly declining inventory resulted in a sharp drop in the monthly absorption rate. In the first quarter, the number of months to absorb all active inventory at the current pace of sales was 12.2 months, more than 3 months more efficient than the 15.7 month rate in the prior year quarter…

Download Now

Get Weekly Insights and Research

Housing Notes by Jonathan Miller

Receive Jonathan Miller's 'Housing Notes' and get regular market insights, the market report series for Douglas Elliman Real Estate as well as interviews, columns, blog posts and other content.

Follow Jonathan on Twitter

#Housing analyst, #realestate, #appraiser, podcaster/blogger, non-economist, Miller Samuel CEO, family man, maker of snow and lobster fisherman (order varies)
NYC CT Hamptons DC Miami LA Aspen
millersamuel.com/housing-notes
Joined October 2007