It's probably a good thing that Prudential Douglas Elliman waited a while to release its first-quarter market report for Queens and Long Island. Given the controversy and reaction to the brokerage's Manhattan report, poor little Queens would have been completely ignored! But now, we can focus on Prince Akeem's favorite borough. So, is the news good and bad, like big brother Manhattan? Sort of. In Queens, the median sales price in Q1 was $498,500, up 1.1% from the first quarter of 2007. The average sales price was $535,308, up from the prior-year quarter average of $490,637. Looking specifically at condos, Queens saw a jump from $246,350 to $342,367 in average sales price over the last year, something that can be described as the "Long Island City effect." The "luxury submarket" average (the top 10% of sales) was $1,068,474, up from $903,805 last year (again, thanks LIC). And now, the less encouraging news: inventory increased a whopping 20.9%, to 11,206 units, which should set off some sort of air-raid siren for fans of the glut theory. And apartments are spending an average of 101 days on the market, up from 93 last year. We can only imagine what will happen to these numbers once the Jesuscondo hits the market, but for now, who cares to analyze?
· Market Reports [Elliman; Q1 Queens/LI to be uploaded soon]
· First Quarter Market Reports: Prices Up, Sales Down [Curbed]