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Elliman Report: Queens Sales 3Q 2015

Queens housing prices set records as declining inventory met with a surge in sales activity and a robust city economy. Median sales price jumped 14.1% from the prior year quarter to a new high of $450,865. This was the fifth year-over-year quarterly increase for this price trend indicator. Average sales price followed the same pattern, rising 12.8% to a new record of $522,378 and the first time this metric had exceeded the $500,000 threshold. The luxury market, measured as the top 10% of all sales during the quarter, had a record high entry threshold of $925,000 and price gains consistent with the overall market…

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