[Falling Supply] 3Q 2012 Queens Report

Posted by Jonathan Miller - Saturday, October 20, 2012, 8:00 AM

We published our report on the Queens sales market for 3Q 2012.   This is part of an evolving market report series I’ve been writing for Douglas Elliman since 1994.

Key Points

Listing inventory declined, marketing time and listing discount fell sharply.
Sales below year ago levels.
Overall pricing indicators mixed, prices generally stable.
Luxury pricing edged above year ago levels.
Condo and 1-3 family sales down, co-op sales are up.
Northwest and West Queens showed most improvement.

Here’s an excerpt from the report:

…The third quarter Queens housing market was characterized by stable pricing, falling inventory, sliding sales, faster marketing times and less price negotiability between sellers and buyers. The slide in sales despite record-low mortgage rates was largely due to declining inventory levels and irrationally tight mortgage underwriting standards.

Listing inventory continued to fall. There were 9,052 listings at the end of the third quarter, 12.2% below the prior year total of 10,305. The number of sales followed a similar trend, as lower inventory began to temper sales activity. There were 2,509 sales in the third quarter, 8.5% fewer than 2,743 sales in the same period last year. The monthly absorption rate, the number of months to sell all active inventory at the current pace of sales, was 10.8 months, faster than 11.3 months a year ago but consistent with the 10.6-month 7-year average…

Updates to our Queens data NOW UPDATED FOR 3Q12 and charts will be available soon.

The Elliman Report: 3Q 2012 Queens Sales [Miller Samuel]
The Elliman Report: 3Q 2012 Queens Sales [Prudential Douglas Elliman]

View the original article here