Le Lézard
Classified in: Business
Subjects: SVY, RLE

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. 

 (PRNewsfoto/Stribling & Associates)

"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:

Recorded Sales:

Contracts Signed:

Inventory:

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


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