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[Spring Punch] 2Q 2012 Queens Report

[1]

We published our report on the Queens sales market for 2Q 2012 [2] this morning.   This is part of an evolving market report series I’ve been writing for Douglas Elliman [3] since 1994.

Key Points

Queens

-Housing price indicators edged higher.
-Number of sales slipped but inventory fell sharply.
-Properties sold a week faster than last year and with less negotiating.
-Luxury market (starts at $685k) on par with the overall market.
-New dev market share has slowly been expanding but remains at modest levels.


-Mortgage underwriting still “irrationally tight” but mortgage rates continue to fall to record lows.
-Regional economy slowly improving.

Here’s an excerpt from the report:

…The Queens housing market saw an increase in price indicators, a modest decline in the number of sales, a sharp decline in listing inventory and a small reduction in marketing time. The overall results were somewhat better than, they have been over the past few years as the regional economy slowly improved despite unusually tight mortgage underwriting standards. Median sales increased 3.8% to $355,000 from $342,000 in the same period last year. Average sales price showed a gain of 2.2% to $399,154 from $390,589 over the same period…

You can build your own custom data tables [4] on the market – now updated with 2Q 12 data. You can browse our chart library [5] for the latest – updated for 2Q 2012.




The Elliman Report: 2Q 2012 Queens Sales [Miller Samuel [2]]
The Elliman Report: 2Q 2012 Queens Sales [Prudential Douglas Elliman [6]]
Market Chart Library [Miller Samuel [7]]
Aggregated Custom Market Data Tables [Miller Samuel [4]]