Queens home prices heat up in first quarter

Apr.April 13, 2014 04:00 PM

The average sales price of a home in Queens jumped more than 10% in the first quarter of 2014 compared to the same quarter last year, according to a new report from Douglas Elliman and Miller Samuel.

The average price of a Queens home was $429,544, up from $389,420 the year before, according to the quarterly report. This marks the highest first quarter result since 2008.

During the first quarter, the total number of home sales in the borough was 3,156, up 32.8% from the same quarter a year ago.

“The first quarter Queens housing market was a period of rising prices after an extended period of stability, declining inventory and rising sales,” the report stated.

The price and number of sales, however, are both down somewhat — less than 1% — from the fourth quarter of 2013.

Inventory in the borough is also down, at its second lowest level in the past nine years. There were 5,617 listings in the first quarter of 2014 compared to 6,496 the same quarter a year ago, representing a decline of 13.5%. [DNA] —TRD

Related Articles

John Giannone and Jac Credaroli (Credit: iStock)

Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans

Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)

Douglas Elliman is coming to Texas

Douglas Elliman chairman Howard Lorber (Credit: Getty Images and iStock)

Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax

From left: Douglas Elliman's Howard Lorber, Halstead's Diane Ramirez, Corcoran's Pam Liebman and Warburg Realty's Frederick Peters (Illustration by The Real Deal)

Layoffs and furloughs hit NYC’s biggest resi firms

TRD Talks Live

Watch tonight: Turning to tech on TRD Talks Live

(Credit: iStock)

Strong quarter for Manhattan home sales belies current struggle

Manhattan resi listings continue nosedive: report

Manhattan resi listings continue nosedive: report

252 East 57th Street and 196 Orchard Street with Samantha Sheeber and Tal Alexander

Closing in the time of Covid-19: “We’re pulling out all the stops”