Queens Home Sales Up 75 Percent Since 2012: Report
QUEENS — It might be winter, but real estate in Queens is red-hot.
The number of home sales in the borough skyrocketed by nearly 75 percent at the end of last year compared to the same period the year before, according to a report released by Douglas Elliman Thursday.
From October to December 2013, 3,344 homes were sold in the borough, while during the same period in 2012, 1,914 homes were sold.
But the increase is much smaller compared to the third quarter of 2013, with sales up just 2.9 percent from that time period.
The huge upswing in sales compared to 2012 was accompanied by a big drop in inventory, which fell by nearly 40 percent to 5,248 — the lowest number since mid-2005, when data was first tracked.
Homes also sold faster. In the fourth quarter, properties stayed on the market for an average of 103 days, six days less than during the third quarter.
Home prices in the borough rode the wave with the median value of a one- to three-family home seeing the largest gain, up 9.8 percent to $530,000 from the previous quarter.
Luxury properties also saw significant gains, with the median sales increasing by 7.1 percent to $910,000.
Average sales price, on the other hand, remained static around $430,000, the report said.
And the average price for condos decreased by 1.3 percent to $448,369. Co-op prices also declined by 3.7 percent to $216,303 from the previous quarter.