Queens Market Update: April 2012
The Queens real estate market experienced a 2.1% decrease in March. This is a slight decrease which means that the market overall is relatively stable. Around this time last year, the median home sale price overall was $350,000 and in March, the median home sale price overall dropped to $342,750 so the difference is very minimal. There are currently 8,577 homes for sale in Queens county. This is up from February’s inventory, a sign that the Spring home buying season is upon us! Of the current available inventory, the median list price is $365,000 which is about $23,000 more than the actual median sale prices. This is very common and not that far off so it may be a sign that home owners are pricing their homes more competitively in today’s market.
The Residential median home sale price for Queens in March was $455,000. This is up $5,000 from February’s $450,000. 2 years ago, the median home sale price was also $450,000 which means that overall, the Queens residential (single/multi-family) home values are remaining fairly stable.
The median home sale price for Queens Condos in March was $344,500. This is down from the 2011 and 2010 median sale price of $355,000. Based on this information, it looks like the values of Queens condos may still be depreciating.
The median home sale price for Queens Coops in March was $185,000, that’s down from $195,000 in 2011 and $199,000 in 2010. What that says is that the Coop home values are still depreciating, however, based on the positive economic outlook, it is likely that we are at the bottom and should see a rise this year.
All in all, the Queens real estate market has remained relatively stable over the past 2 years. Going from a low median home sale price of $340,000 to a high of $353,000. However, certain neighborhoods of Queens are doing better than others so if you are thinking of selling your Queens home you should request a comparative market analysis for your home and see exactly where your home stands in today’s market.
For more Queens real estate market information, visit: www.abigailSELLS.com – Call:718-475-2742 – or Text: 718-968-5538
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Lic. RE Salesperson | Internet Marketing Specialist | Certified Buyer Representative
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