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Your Morning Credit Crunch: Queens Slowing Down?

Our chart man Jonathan Miller unleashed his Q3 Long Island/Queens market report on an unsuspecting public today, and we're scared. No, we're reassured. Wait, we're scared again. Eh, it's kind of a mixed bag, but here's Miller's summary: "The Long Island/Queens housing market showed mixed results this quarter with overall prices indicating some stabilization but results varying widely by individual markets. Higher priced housing units saw price gains which was unexpected. However, inventory levels continued to rise and number of sales fell." 'Tis the truth.

The numbers get inflated a little by numerous high-priced Long Island buys, but when Miller isolated just the Queens data, some interesting stats popped up:

1) The Average sales price was $484,847, down 2.9% from the prior year quarter amount of $499,388.
2) Listing Inventory increased 13.4% to 11,255 units from the prior year quarter amount of 9,925 units.

Overall (with Long Island included), the "days on market" average was 103 days, an increase by 20 days over the prior year quarter, but down eight days from the prior quarter. So what about Long Island City? Not surprisingly, big purchases at 5SL and Arris Lofts meant a huge increase in Queens condo prices. Miller reports that the average condo sales price increased 22.9% this quarter, to $364,202. "The jump was due to a larger concentration of higher priced closings in Long Island City, Queens," he wrote. Damn straight!
· Home prices flat in Queens, Nassau and Suffolk [Real Deal]
· Miller Samuel Reports [millersamuel.com; report online this week]