Queens home sales prices have increased slightly overall despite sharp declines in sales prices in many parts of the borough, including southeast Queens, a new report shows.
The most recent Prudential Douglas Elliman report, which tracked the real estate figures for the borough in the third quarter of 2011, indicated that the average sales price for homes went up by 0.5 percent to to $398,710 from $396,680 during the third quarter in 2010. Median sales prices in Queens also went up 8.5 percent from $355,000 in 2010 to $385,000 in the latest third quarter, according to the report.
“Despite no significant improvement in the regional economy, the market indicators currently reflect a market that continues to show stability, as measured in price and absorption rates,” the study indicated.
The small overall gains, however, overshadowed the dip in sales and average home prices within several neighborhoods in Queens, the report showed.
The Rockaways had the greatest decline over the 12-month period, with average sales prices going from $421,298 in the third quarter of 2010 to $382,348 during the same period last year for a 9.2 percent decline, according to the report. Median sales prices in the area shrank 6.7 percent from $380,000 during the third quarter of 2010 to $354,696 during the third quarter of 2011, Douglas Elliman said.
Northeast Queens average sales prices decreased 2.8 percent from $459,393 in the third quarter of 2010 to $446,589 in the third quarter of 2011, the report said. Median sales prices went down 1.5 percent from $420,000 in the third quarter of 2010 to $413,500 during the same period last year.
In western Queens, the average sales price also went down from $414,842 in the third quarter of 2010 to $405,209 during the same period last year, a drop of 2.3 percent, Douglas Elliman said. The area’s median sales price saw a slight decrease during the 12-month period as it went from $405,000 to $402,800, according to the report.
Average sales prices in southern Queens declined from $327,096 in the third quarter of 2010 to $321,831 in the third quarter of 2011, a 1.6 percent drop. Median sales prices in the neighborhood also declined 2.2 percent from $322,000 in the third quarter of 2010 to $315,000 last year, Douglas Elliman said.
The area leads the state in the number of foreclosures and experts have said that many of those homes have remained abandoned. The number of sales in southern Queens declined from 951 in 2010 to 698 last year, according to the report.
Central and northwest Queens were the only areas that saw an increase in both median and average sales prices during the time period, the report said.
Average sales prices in central Queens increased 1.9 percent from $373,252 in the third quarter of 2010 to $380,400 during the same period in 2011 while median sales prices went from $315,000 in 2010 to $330,000 in 2011, an increase of 4.8 percent, according to Douglas Elliman.
In northwest Queens, average sales prices went from $515,408 in the third quarter of 2010 to $524,152 in the third quarter of 2011, a 1.7 percent increase, the report said. Median sales prices in the area also increased 0.7 percent from $489,000 in 2010 to $492,214 in 2011, according to the report.
Reach reporter Ivan Pereira by e-mail at email@example.com or by phone at 718-260-4546.
©2012 Community News Group
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