Queens home prices increase

New York /
Apr.April 16, 2008 05:02 PM

 
The median sales price of Queens homes increased 1.1 percent year-over-year to $498,500 in the first quarter, driven by high-end sales, according to a market report by Miller Samuel.

Jonathan Miller, president and CEO of Miller Samuel, said Queens tends to have a stronger market than Long Island due to its location, but that the increase was probably more of a blip.

“We’ve actually seen sales over the last 18 months trend downwards,” Miller said. “This particular quarter happened to show some stability… it’s more of a market that’s moving sideways.”

The average price of a luxury home in Queens increased 18.2 percent from last year to $1.06 million.

Overall median sales prices in Long Island and Queens dropped 0.6 percent.

Listing inventory increased by 10.2 percent to 35,209 units. The number of sales decreased 14.1 percent.

The median sales prices for condos in Long Island and Queens increased 13.5 percent to $272,500, driven by high-priced sales in Long Island City.

In Nassau County, the median sales price fell 2.3 percent to $449,500 from $460,000 last year, while inventory increased 6.5 percent to 9,862 units.

In Suffolk County, the median sales price dropped 6.5 percent to $360,000, while inventory increased 5.3 percent to 14,141 units.

In the North Shore area, the median sales price fell 6.4 percent to $705,000 and sales decreased 14.4 percent.


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