It’s time for market reports! A few firms released stats on third quarter activity for the sales and rental market in Queens. Douglas Elliman’s market report tells us that sales in Queens rose to a three-year high, with inventory falling to an eight-year low. Compared to the third quarter of last year, median sales price increased .5 percent to $372,000, the average sales price remained essentially unchanged at $417,838, and the total number of sales surged 29.6 percent to 3,251. For the quarter, the average condo sale was $329,487, average co-op sale $219,479, and average one- to three-family home sale $553,465. The average price in a new condo development came in at $650,163. Also compared to last year, listing inventory fell 32.3 percent to 6,124 units, listings spent an average of 101 days on the market, up 27.8 percent, and listing discount came in at 5.4 percent, up from 3.9 percent. The luxury median sales price increased 4.3 percent to $889,000.
Modern Spaces released its own report for the third quarter, examining condo and rental activity in Long Island City and Astoria. In LIC, despite dwindling inventory, condo sales are strong. According to Modern Spaces, “Apartments have been selling at $1000 per square foot which has become a norm for the area and we continue to see this number increase with sales reaching over the $1000 mark at the luxury condominium, The Bindery.” On a related note, land value is on the rise with sites trading around $200 per square foot. The LIC rental market has a growing inventory with steady pricing. New developments are renting at an average of 20 units a week per building. In Astoria, condo demand is up and inventory is down, pushing the average price per square foot to $703. (That’s a 12 percent increase from the beginning of the year.) Astoria rental prices are rising as well, with a studio averaging around $2,000 a month.
Image via Modern Spaces