While the Queens housing market showed record price trends, the level of sales activity drifted lower. One of the critical characteristics of the borough’s housing market has the proliferation of streaks and records across many metrics.
On the Sales Front Fewer sales and mixed price trends characterized the housing market in the northwest region of Queens, defined as the neighborhoods of LIC, Astoria, Sunnyside and Woodside. The median sales price declined 4.1% to $730,000 and there were 238 sales to close in the quarter, down 14.7% from the same period last year. Days on market, the number of days from the date of the last price change to the contract date, fell 25.7% to 55 days from 74 days in the year-ago quarter. Listing discount, the percent change from the list price at time of contract to the contract price, expanded to 2.6% from 1.3% over the same period.
On the Rental Front It was the fifth consecutive month in Northwest Queens with a year over year gain in new leases. The large influx of new rental developments, most skewed towards luxury, have continued to press market wide rental price trends higher. However, the recent decision by Amazon to locate their “HQ2” in Long Island City has not had any apparent impact on the local rental market yet.
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