The good news from Queens, at least strictly in terms of Second Quarter sales figures, is that it's not Brooklyn. On the heels of the Q2 Manhattan reports and last week's Q2 Brooklyn report, we have the numbers from Queens, where sales fell 23.7 percent in the last quarter compared to 2007 per the new Q2 report out today from Jonathan Miller of Miller Samuel and Prudential Douglas Elliman, but the real headline is that the plunge was only slightly more than the 21 percent drop in Manhattan and just half the 43.6 percent crash-and-burn numbers in Brooklyn. The decrease in sales from the first quarter was 5.6 percent. The report does note that the average Queens sales price dropped 8.8 percent from the first quarter whereas "prices stayed just about the same in 2008 in Brooklyn and Manhattan." (The average sale price in Manhattan is $1,669,729 versus $588,441 in Brooklyn and a mere $488,431 in Queens.) Unfortunately, there are no numbers to show the extent to which Long Island City is propping up the Queens market. Or not. The inventory of unsold homes on the market is increasing too but the number of days Queens properties stayed on the market declined slightly.
· Prudential Douglas Elliman LI & Queens Overview (WARNING PDF) [Elliman]
· Second Quarter Brooklyn Market Report: Sales Nosedive! [Curbed]