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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…
