The booming Queens housing market stumbled slightly during the second quarter.
Yet, despite fewer sales, prices were up throughout the borough — extending well beyond the white-hot Long Island City (LIC) area, according to a report released yesterday by New York brokerage Stribling and Associates.
“The Queens housing market saw a downturn in the number of sales in the second quarter, not unlike Manhattan and Brooklyn,” Stribling’s Director of Data & Reporting Garrett Derderian tells Livabl.
Compared to the same period last year, sales dropped 6 percent in the Queens market during the second quarter.
Homes and townhomes made up 60 percent of the 2,872 total recorded sales in the second quarter. Stribling defines “homes” as any dwelling up to a three-family home, including single family structures, attached two-family homes and three-families, in any combination thereof.
“The borough’s housing stock is primarily one- to three-family homes, which draw in a different buyer pool than Manhattan and the northern markets in Brooklyn,” Derderian notes.
Condos accounted for 13 percent of all sales, although condos were the most expensive property type, averaging of $1,006 per square foot. (Compared to about $511 per square foot for homes and townhomes.)
Both the median and average price of a Queens home, including all property types, rose by 5 percent from last year in the second quarter.
The average price was $632,362 and the median price was $550,000 in the second quarter.
Since last year, average condo prices rose by 7 percent year-over-year to $713,587 in the second quarter. Home and townhome prices rose 8 percent to $728,990, the largest annual gains recorded across all property types.
Interestingly, price gains were not limited to areas easily accessed by Manhattan, like LIC.
In fact, the Southwestern and Southeastern submarkets recorded the strongest price gains boroughwide in the second quarter, with average prices rising 8 percent and 13 percent annually, respectively.
“These markets are more in line with South Brooklyn in terms of housing stock, where prices have also risen,” Derderian says.
However, the Northwestern submarket — which includes LIC — was still the costliest.
Average contract prices rose 16 percent year-over-year to $1 million in the Northwestern submarket — this was the only submarket in the borough with an average contract price above $1 million. (Contract prices reflect the last known asking price.)
“As the Downtown Brooklyn market continues to see prices rise, we see demand increasing for high-rise properties in Long Island City, which will push prices higher,” Derderian says.
LIC has seen a virtual blitz of new construction in recent years and remains the borough’s hottest market and as well as among the hottest in New York City.
Meantime, total Queens inventory was up 30 percent from last year in the second quarter.
Houses and townhouses accounted for nearly 50 percent of all inventory while condos made up 25 percent.
Click here to read the entire report.