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Queens’ real estate sales outshine rest of city for first quarter of ‘12

Queens had the highest number of real estate sales of all five boroughs in the first quarter of this year, according to the Real Estate Board of New York.
TimesLedger Newspapers

It’s a hot real estate market in Queens, with the borough leading the city in sales so far this year.

The Real Estate Board of New York reported that Queens had the most real estate sales of any borough in the first quarter of 2012, with 2,919 transactions compared to 2,592 last year, a 13 percent increase.

The Bronx was up there as well, with a 14 percent increase to 549 transactions in the first quarter compared to 482 last year.

“Sales activity in Queens and the Bronx show steady growth as well as the one- to three-family homes in Bedford-Stuyvesant, Bushwick and Brownsville,“ said Steven Spinola, president of the realty board. Based on the first-quarter results and an improving economy, we expect a pickup in pricing and activity going forward.”

Queens saw a 36 percent increase in condo sales, with Long Island City leading the neighborhoods with a 53 percent increase from the previous quarter. Queens neighborhoods with the most sales were Flushing with 301 transactions and Rego Park-Forest Hills-Kew Gardens with 265.

Total sales for all homes in Queens rose more than 10 percent since the last quarter of 2011.

In Brooklyn, Williamsburg and Bedford-Stuyvesant led the neighborhoods with 180 and 782 sales.

Manhattan neighborhoods with the most sales were the Upper East Side with 543 and the Upper West Side with 478 sales. Other strong neighborhoods were Midtown West with 214 sales and a 58 percent increase in average home price, while Gramercy-Kips Bay had 224 sales and a 16 percent increase in the average home price.

Bronx neighborhoods with the most residential home transactions were City Island-Pelham Bay-Pelham Strip-Country Club-Throgs Neck-Schuylerville with 89 and Riverdale-Fieldston with 78 sales.

Staten Island’s average prices were up 3 percent to $427,000.

Reach contributing writer Philip Newman by e-mail at timesledgernews@cnglocal.com or phone at 718-260-4536.

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