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Queens Market Report: This Elevator is Now Going Down

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Queens, welcome to the slowdown. Prudential Douglas Elliman has released its third-quarter market report for the borough (prepared by Miller Samuel's Jonathan Miller, 'natch), and the numbers show a decline in median sales price, average sales price and number of sales over the prior-year quarter. The report will soon be up on Elliman's website right here, but until then, some teaser numbers: The median price from July-September was $400,000, down 11.4% from last year and 4.8% from last quarter. Average sales price was $436,575, down 8.8% from last year and 2.6% from last quarter. The number of sales, 3,240 units, represented a whopping 35.2% drop from last year, and a 16.4% fall from Q2. The "discount" from asking price to closing price was 6.4%, up from 4.8% last year. Pretty similar to Brooklyn's slip in the third quarter, but remember, this is all of Queens. Can we get a little Long Island City action, please?

For this report, Miller lumped Long Island City and Astoria into its own region, "Northwest Queens." In that region, median sales price of all property types declined 3.3% this quarter compared to the same period last year. Number of sales dropped 25% to 171 units from the prior-year quarter. Interestingly, the average square footage of sold property dropped 35.6% to 905 square feet, from 1,406 square feet in the prior-year quarter. You swingin' LIC singles and your small apartments!

When you break it down specifically to new condo developments in NW Queens, the news is mixed. The median sales price was $644,216, down 13.2% from last year but up 27.3% from the previous quarter, which really sucked from some reason. Similarly, the average sales price, $690,865, was down 11.9% from last year but up 15.3% from last quarter. Price-per-square-foot on new condos is holding up well. The average, $763, was up 36.9% over last year and up 13.8% over last quarter. So the sizes of the apartments sold are getting smaller, but the cost of each precious square foot is going up. Cra. Zy. Ness.
· Market Reports [Elliman]
· Market Reports: Prices Up, Sales Down, Worry Prevalent! [Curbed]
· Market Reports: Brooklyn Suckage Could be Worse [Curbed]