Stribling & Associates Releases First Quarter 2018 Queens Sales Report

QUEENS, N.Y., April 12, 2018 /PRNewswire/ -- Stribling & Associates, a leading New York residential brokerage, today releases the first quarter 2018 Queens Market Report. This report, the only to cover inventory, reported contracts and sales across the borough, showcased strong activity and significant price increases.

"Just looking at the numbers, it is clear that Queens is on an upswing" said Garrett Derderian, Director of Data & Reporting at Stribling. "We saw the both the median and average prices rise by 11%, and the average price-per-square-foot rise 8%. Neither Manhattan nor Brooklyn experienced this percentage of growth in the first quarter."

The report highlights the first quarter median price of $530,000, average price of $606,347, and average PPSF of $626. While none of these prices were borough records, they pointed to promising gains of the market-at-large. Listings also entered contract quicker than one year ago. The average days spent on market was 91, down from 109 in the first quarter of last year.

Strong price increases were not just reserved for markets with new development, either. As Patrick Smith, Stribling's Long Island City Specialist, mentioned, "The lowest price tranche, those properties priced under $350K, experienced the largest gain in year-over-year median and average price growth. These properties also had the largest market share, at 27%."

While nearly all submarkets recorded sale price increases, Northwestern Queens continued to stand out with higher prices than the rest of the borough. As Derderian observed, "Long Island City has seen a vast amount of new development over the past several years. This particular market, rich with condo inventory, is more in line with parts of Brooklyn and Manhattan than the other submarkets in Queens, which are primarily single and attached homes."

 "Northwest Queens saw the highest median sales price, average sales price and price per square foot in the borough because the submarket includes the highly valued area of Hunters Point," added Smith.

The number of reported contracts, up 5% from this time last year, saw increased prices throughout much of the borough. Central Queens, where 44% of stated deals were signed, saw a median price increase of 16% to $438,000 and an average price gain of 21% to $574,617. They also saw an 11% increase in average PPSF.

When looking at inventory levels, condo pricing saw the biggest declines. The median price dropped 17% and the average price slumped 5%. As Derderian noted, condo price adjustments are part of a trend we are experiencing city-wide. A vast amount of new development has been built, with more to come. However, the condo market in Queens is still relatively small, and there is demand for these spaces as they are often less expensive than across the river, and can offer incredible views of the city."

Highlights from Stribling & Associates 1Q Queens Market Report:

• Median sales price was $530,000, up 11% year-over-year
• Average sales price was $606,347, up 11% year-over-year
• Average price per square foot was $626, up 8% year-over-year
• Average days on market was 91, down from 109 one year ago
• There are 7.8 months of supply, up from 5.6 one year ago

Recorded Sales:

• There were 2,992 recorded sales to date, 10% more than one year ago
• Condo units saw an average PPSF of $1,040
• Houses made up 58% of closings
• Co-op units had a median price of $285,000
• Properties sold between $500K-1M made up 47% of all closings
• 27% of closings were under $350K, the lowest 1Q-level-to-date
• Northwestern Queens was the most expensive market and had 8% of recorded sales

Contracts Signed:

• There was a 5% increase in the number of reported contracts
• Co-ops made up 41% of contracts
• Condos recorded the highest average PPSF at $1,007
• Townhouses/houses has the highest median price at $829,000
• 24% of contracts were priced below $350K
• 17% of contracts were priced above $1M
• Northeastern Queens saw all metrics decline
• Southeastern Queens saw the greatest price appreciation

Inventory:

• There were 2,460 active units in the borough, a 41% increase year-over-year
• Condos made up 18% of inventory
• Condo units had the highest average PPSF at $969
• Co-op units were the most affordable, with an average PPSF of $417
• 23% of inventory was priced above $1M
• 23% of inventory was priced below $350K
• 38% of inventory was priced between $500K-1M
• Central Queens had the highest median average price increase, up 11%
• Northwestern Queens had the highest average price increase, up 16%

About Stribling & Associates

Stribling & Associates, Ltd. is a premier residential real estate firm with over 300 agents throughout three locations in Manhattan and one in Brooklyn. As one of the most renowned brokerages in New York, Stribling uses its respected expertise in the current market to provide individualized services to both buyer and sellers. Stribling agents specialize in the sale of luxury townhouses and cooperative and condominium apartments. The company's philosophy is based on professional, personalized services coupled with exceptional knowledge of key residential market trends. Stribling Private Brokerage specializes in the discreet marketing of properties over $5 million and commands a prominent market share in that sector of Manhattan residential real estate. Through strategic partnerships with Miami's Cervera and international estate services firm Savills, Stribling's global reach extends to more than 700 offices worldwide.

Press Contact:
Ashley Murphy, Director of Public Relations
[email protected] 
646-675-5068  

SOURCE Stribling & Associates