Sales down, prices flat in Queens, LI

By Jovana Rizzo | July 17, 2008 02:13PM

Sales were down compared to last year while prices remained flat in Queens and Long Island, according to Miller Samuel’s second quarter report for brokerage Prudential Douglas Elliman.

Long Island, excluding the East End, and Queens saw sales drop by 5.3 percent than last year’s second quarter, the report said. But sales did jump 36.9 percent from this year’s first quarter.

Prices on Long Island and Queens only saw marginal changes. The median sale price increased 0.1 percent over last year to $445,450.

Sales in Queens fell by 23.7 percent to 2,363 compared to last year. The median price was up 0.2 percent to $470,000.

Sales in Nassau increased by 5.3 percent compared to last year to 2,875 properties, while in Suffolk they increased by 4.6 percent to 2,999 homes.

Nassau’s second quarter median price was $485,000, the same as last year. Suffolk’s median price decreased 0.6 percent to $396,550.

The luxury market remained healthy. Luxury median prices, taken from the top 10 percent of sales, increased by 7.4 percent from last year to $1.02 million, while the number of those sales fell 11 percent.