Jackson Heights Real Estate Heats Up With Double-Digit Sale Increase

By Katie Honan on July 12, 2013 9:53am 

 A Jackson Heights real estate agent said home prices are going up because of limited supply.
A Jackson Heights real estate agent said home prices are going up because of limited supply.
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Queens — Just in time for summer, real estate is getting hot in Jackson Heights.

Prices and demand in the neighborhood, as well as Corona and Elmhurst, experienced a boom in the second quarter, with 435 sales, an increase of nearly 15 percent.

The average price of a home was $470,761, which was also a 15 percent jump over the same period last year, according to the report.

A real estate broker in Jackson Heights said the scarcity of single-family homes was driving up the price.

"There are so many co-ops on the market right now, so many, and there are very few houses," said Katherine Pappas, a broker with Rock Realty. "The price of houses are going up considerably, and they're selling because of the limited supply."

But co-ops, Pappas said, aren't moving as quickly because there are so many on the market.

"People are looking at everything before they decide to buy," she said, adding that prices are higher in the historic garden district, where apartments tend to be more spacious.

Sales of co-ops across the borough were up 4.3 percent with a median cost of $195,000.

The quarterly report, released by Douglas Elliman, saw increases throughout most of Queens as number of listings fell nearly 30 percent, a record low in the eight years they've been keeping records in the borough.

Sales in the borough were up at a faster pace than it's seen in five years, according to the report. And the average sales price was up nearly 10 percent.

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