Queens Real Estate Sales Dip 26.9% in Q-1

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According to a new report just released this week by Prudential Douglas Elliman Real Estate of New York, the number of home sales in Queens in Q-1, 2010 dipped from prior Q-4, 2009 sales numbers as price indicators began to stabilize

Here are the highlights of that report:

Listing inventory declined as number of sales rose sharply

There were 3,113 sales in the first quarter, 72.8% more than the 1,801 sales of the prior year quarter, but 26.9% below the prior quarter total of 4,260. There were 12,170 listings at the end of the first quarter, down 15.4% from 14,381 in the same period last year and up nominally from 12,087 listings in the prior quarter. The monthly absorption rate--the number of months to sell all existing listing inventory at the current pace of sales--is 11.7 months, higher than the 9.7 month 5-year average, but down sharply from the 24 month absorption rate of the same period last year.

Price indicators below prior year quarter, but stabilized in new year

The average sales price was $391,444 in the first quarter, down 7.2% from $421,818 in the same period a year ago and down nominally from $394,730 in the prior quarter. Median sales price followed the same pattern falling 12.2% to $345,000 and down 1.4% from $350,000 in the prior quarter. The re-sale market, which represented 94.4% of all sales in Queens in the first quarter saw its median sales price decline 10.5% to $340,000 from $380,000 in the same period last year and down nominally from $343,000 in the prior quarter. New development sales, which represented only 5.6% of all sales in Queens in the first quarter saw more volatility in price indicators. The median sales price of new development sales fell 35.2% to $396,728 from $612,497 in the prior year quarter, but a large portion of this decline was a shift in the mix toward smaller unit sales rather than significant downward re-pricing of new development listings. The average square footage of a new development sale was 961 square feet, down 4.8% from the same period last year while re-sale property, a large portion includes 1-3 family properties was 2,039 square feet, up 6.1% over the same period.

Listing discount and days on market declined

Consistent with falling inventory levels and rising sales activity, both days on market and listing discount slipped over the past year. The days on market was 100 days, down one week from 107 days in the prior year quarter and down from 104 days in the prior quarter. The listing discount fell to 6.2% from 8.4% in the same period a year ago and was essentially the same as the prior quarter listing discount of 6.1%.

 

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Condo Market - After sharp decline, price indicators began to stabilize

Number of sales jumped from prior year quarter

There were 490 sales in the first quarter, up 160.6% from 188 sales in the prior year quarter, but down 19.9% from 612 sales in the prior quarter. The surge in sales resulted in an increase in market share with condos comprising 15.7% of all borough sales, up from 10.4% market share during the same period a year ago. All price indicators posted consistent declines from the prior year quarter, but showed some stability since the beginning of the new year. The median sales price was $304,627, down 33% from $454,860 in the prior year quarter and unchanged from the prior quarter. Price per square foot fell 31% to$372 from $540 in the prior year quarter, but up 3.7% from $359 in the prior quarter.

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Co-Op Market - Number of sales rose

Price indicators slipped

The median sales price of a Queens co-op was $195,000 down 4.3% from $203,854 during the same period last year and down 2.5% from $200,000 in the prior quarter. The top quintile had a median sales price of $318,000 and was 1.2% higher than the prior year quarter. It was the only segment of the market to show a gain over the same period last year. There were 740 sales in the first quarter comprising 23.8% of all sales in the borough. The first quarter total was 55.5% more than 476 sales in the prior year quarter, but 30.1% less than the 1,058 sales in the prior quarter.

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1-3 Family Market - Number of sales above prior year quarter

All price indicators posted modest declines

There were 1,883 1-3 family sales in the first quarter, 65.6% more than the same period last year, but 27.3% below the prior quarter total of 2,590 sales. This market represents 60.5% of all sales in the borough. All price indicators showed declines from both the prior year and prior quarters. Median sales price fell 4.3% to $440,000 from $460,000 in the prior year quarter and down a nominal 0.7% from $442,950 in the prior quarter. Price per square foot was $257, down 3.4% from $266 in the same period a year ago and down 1.3% from $260 in the prior quarter.

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Luxury Market - All price indicators rose

Price indicators above prior year quarter

While the luxury market is defined as the top ten percent of all sales in a given period, it accounted for 22.5% of total sales dollars, the highest share in more than two years and higher than the 20.6% market share in the same period a year ago. Median sales price was $820,000 up nominally from $814,600 in the prior year quarter and up 2.5% from $800,000 in the prior quarter. Average sales price followed a similar pattern rising 1.4% to $881,280 from $869,027 in the same period a year ago and up 1.7% from $866,152 in the prior quarter.

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Central Market - Number of sales rose

Price indicators slid

The median sales price was $280,000 in the first quarter, down 12.5% from $320,000 in the prior year quarter and down 8.9% from $307,500 in the prior quarter. Average sales price showed a similar trend. The number of sales jumped 81.1% to 643 sales in the first quarter from 355 sales in the prior year quarter, but down 35.5% from 997 in the prior quarter.

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South Market - Number of sales rose sharply

Price indicators posted declines

There were 838 sales in the first quarter, up 81.4% from 462 sales in the prior year quarter, but down 17.4% from the prior quarter. While both price indicators posted double digit declines from the prior year quarter, both showed only modest declines compared to the prior quarter. Median sales price was $328,496 down 12.3% from $374,500 in the same period a year ago and down 1.1% from $332,000 in the prior quarter.

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West Market - Price indicators showed recent stabilization

Number of sales up sharply from prior year quarter

There were 544 sales in the first quarter, up 83.8% from 296 sales in the prior year quarter, but down 12.1% from 619 sales in the prior quarter. Both price indicators posted nominal declines from the prior year quarter and modest gains from the prior quarter. Median sales price was $410,000, down 0.5% from $412,110 in the prior year quarter, but 3.8% above $395,000 in the prior quarter.

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Northeast Market - Price indicators were mixed

Number of sales up sharply

There were 783 sales in the first quarter, 85.1% more than 423 sales during the same period a year ago, but 27.5% below the prior quarter total of 1,080. Median sales price was $400,000, 2% below $408,000 in the prior year quarter, yet 1.3% higher than $395,000 in the prior quarter. Average sales price reached $451,321 in the first quarter, unchanged from the prior year quarter and 1.8% above the prior quarter.

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Northwest Market - Number of sales rose, price indicators fell

Number of sales rose, market share for resales rose

There were 199 sales in the first quarter representing 6.4% of all sales in the borough. The number of sales increased 22.8% from 162 in the prior year quarter, but fell 36.8% below the 315 sales of the prior quarter. Market share for re-sale properties represented 69.3% of the region's sales, up from 53.1% in the same period last year, while new development market share fell to 30.7% in the first quarter from 46.9% in the same period last year.

Price indicators showed decline

Median sales price in the first quarter was $428,162, down 22.1% from $549,428 in the prior year quarter and down 2.7% from $440,000 in the prior quarter. Average sales price in the first quarter was $471,908, down 13% from $542,343 in the prior year quarter and down 3.8% from $490,556 in the prior quarter. Price per square foot for condo new development sale averaged $590 in the first quarter down from $685 in the prior year quarter. This result is not due to a skew in size since the average sale was 1,002 square feet, up modestly from the 984 square foot average size of the prior quarter.

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Rockaway Market - Price indicators declined

Number of sales rose modestly

There were 106 sales in the first quarter, up 2.9% from 103 sales in the prior year quarter, but down 54.7% from 234 sales in the prior quarter. The segment represented 3.4% of sales in the entire borough and therefore all metrics in this market segment tend to show volatility. The median sales price was $310,000 in the first quarter, down 22.5% from $400,000, but 6.4% above the $291,316 of the prior quarter.

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