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Queens' housing rut
Photo credit: Urbanite
Housing sales in Queens are down 23.7 percent. (photo by hamishmaccunn on Flickr)
Queens real estate experienced a sharp decline in sales in the second quarter, dropping 23.7 percent from the second quarter 2007.
Long Island, however, is showing surprising signs of housing strength, according to the latest report from Jonathan Miller of Miller Samuel Real Estate Appraisers.
There was a 5.3 percent jump in home sales in Nassau in the second quarter compared to a year before. Suffolk saw a 4.7 percent increase in sales, according to the report released yesterday, which was compiled by Miller and Prudential Douglas Elliman Real Estate.
The jump in sales activity was the first one reported on Long Island in six quarters, Miller said. The worst quarter in Nassau County was last quarter with a 23.1 percent drop in sales from the year before. Suffolk’s worst quarter was also the last, when sales were down 30.9 percent.
Miller was not prepared to say the numbers show housing troubles are leaving the burbs.
“The trend is your friend and one quarter does not make a trend,” he said. “I don’t know if this is an anomaly or the beginning of the bottom.”
The average sales price in Suffolk was $445,256, up 10 percent from last year. In Nassau, the average was up one percent at $595,015.
The report on Queens was less robust. Like in Manhattan and Brooklyn, fewer sales are being reported.
“Queens is showing a commonality between the boroughs, which is essentially modest price increases … inventory creeps higher and a lower level of activity.”
The average sales price in Queens in the second quarter was $488,431, up 1.1 percent from last year when the average was $482,971. (Garett Sloane)
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