A MARKET IN FLUX
If you have been following the headlines regarding the Manhattan real estate market, you’ve probably noticed the news that the market has “weakened” and shifted to a buyer’s market. Sales are down substantially, prices have dropped — as much as 15% in some cases — and it’s taking much longer for sellers to get their property under contract. Many more sellers are not able to sell their property at all because they’re unwilling to price where they need to in order to meet the market where it is.
Until now, Queens has been largely sheltered from those trends, but that is starting to change. Throughout 2019, we’ve been seeing signs of a slowing market in Queens, and that the market here may have crested and is now headed towards the inevitable market correction. The second and third quarters of 2019 saw a record amount of inventory on the market in Queens, and more inventory means more competition for sellers, more choice for buyers, and more difficulty in keeping prices up.
Here are the key takeaways:
- County-wide, single family homes saw prices drop over 5% from the same time last year (page 3), and the number of sales drop about 6% from the same time in 2018 (page 4).
- 2-family homes, typically a very strong market segment in Queens, have seen decreases all year long compared to the same months in 2018 (pages 5 and 6).
- Condo sales – after peaking around February of 2019 and then plummeting in the 2nd quarter, condo sales have seen a bit of a resurgence, though they are still below their previous peak from June of 2018. Although the number of sales ticked upwards in August and September, the overall trend is down significantly from 2018 (pages 7 and 8).
- Although the long-term trend line for number of sales of co-ops is headed downward, co-ops are the only property type to maintain steady price appreciation across the borough in 2019. Demand for co-ops remains strong, likely driven by the typically lower price point compared to other property types in the borough.
Queens is highly neighborhood-specific, and county-wide info can only tell you so much about your particular area. Astoria is not the same as Jamaica.
To get the full report complete with data charts sent to you as a downloadable PDF