…The key market characteristic of the Queens
housing market in the first quarter was the
scarcity of supply. This condition kept housing
prices stable and combined with record low
mortgage rates, brought buyers and sellers
close together when negotiating price. Price
indicators showed across the board gains
from the same period last year. Median sales
price edged 1.1% higher to $350,000 from
the same period last year and average sales
price increased 1.5% to $389,420 over the
same period. There were 6,496 listings at the
end of the first quarter, an 8-year record and
26.6% less than in the same period last year…