Stribling & Associates Releases Fourth Quarter 2017 Long Island City Sales Report
QUEENS, N.Y., Jan. 18, 2018 /PRNewswire/ -- Stribling & Associates, a premier New York residential brokerage, today releases the fourth quarter Long Island City Market Report. The report focuses on the Northwest Queens neighborhoods of Astoria, Hunters Point, and Sunnyside and is the only report to cover inventory levels, contracts signed, and closed sales for all three areas. Increased demand in the more affordable Sunnyside neighborhood pushed sale prices higher, while Astoria and Hunters Point saw substantial increases in inventory pricing.
"Northwest Queens continued to see areas of strong growth in the fourth quarter," said Garrett Derderian, Director of Data & Reporting at Stribling. "However, this growth was unevenly spread across the market. When looking at property types, co-ops and houses performed strongly, while condos saw a slight pullback for both median and average price year-over-year. By area, Sunnyside saw the greatest gains, but still remained the most affordable neighborhood."
The report highlighted that while overall sale prices were slightly down from this time last year, inventory prices increased dramatically across all property types and submarkets. Houses saw the greatest median and average inventory price increases, up 18% to $1,295,000, and 32% to $1,439,385, respectively. When looking by area, Astoria saw the greatest improvements among active listings, with the median price up 43% to $859,000 and average price up 35% to $964,740.
"While there has been stronger growth in the emerging markets, Hunters Point, where almost all the new construction is occurring, remained the most expensive area for inventory, contracts, and sales," Derderian reminded. "We also saw broader issues impact the market, including the tax policy, which only became finalized at the end of the quarter. Despite this, there was still an uptick in total number of closings, setting a market-wide PPSF record."
Highlights from Stribling & Associates 4Q Long Island City Market Report:
Median sales price was $798,250, down 1.9% year-over-year
Average sales price was $831,288, down 0.4% year-over-year
Average price per square foot was $1,089 (record)
Average days on market was 82
47% of active inventory was listed above $1M
30% of recorded sales were above $1M
Recorded Sales:
There were 269 sales, an increase of 8% year-over-year
Condos made up 49% of all sales, 27% were co-ops, 24% were houses and townhomes
Condo units saw an average PPSF of $1,160 (record)
Townhouses/houses had the highest median price at $1,107,500
Co-ops had a 20% increase in PPSF to $715
Hunters Point had the highest average PPSF at $1,228 (record)
Sunnyside had the largest properties averaging 895 square feet
Astoria saw all price metrics decline, fueled by a 17% drop in average size to 832 square feet
Contracts Signed:
Condos made up 69% of all contracts
Condos recorded the highest average PPSF at $1,121
Co-ops had the highest median price increase, up 22% to $425,000
Townhouses/houses were the only property type with a median and average price above $1M
Hunters Point captured 50% of all contracts with the highest average PPSF at $1,171
Astoria had an average price increase of 11% to $728,928
Sunnyside had the highest average price increase, up 24% to $480,421
Inventory:
Condos made up 67% of active inventory
Condo units had the highest average PPSF at $1,118
Condos had the highest median price increase, up 21% to $1,080,000
Co-op units were the most affordable, with an average PPSF of $585
Townhouses/houses saw the highest average price increase, up 32% to $1,439,385
Astoria had the highest median price increase, up 43% to $859,000
Hunters Point recorded the highest average price, up 12% to $1,394,494
Sunnyside saw all price metrics increase, with the average PPSF up 5% to $595
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
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