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Elliman Report: Queens Sales 4Q 2013
…Consistent with the prior several quarters, the Queens market continued to see brisk market conditions in the last quarter of 2013. Listing inventory fell to an 8.5 year record low of 5,248, down 39.6% from the same period last year. With the surge in sales the absorption rate, the number of months to sell all inventory at the current pace of sales, fell to 4.7 months, the fastest pace since 2005 when the metric was first tracked. After falling to a recent low in the prior year quarter, sales activity continued to climb over the next 4 quarters, but remained 44.5% below the level seen in the same period a decade ago…
