Sales Price of Queens Homes Jumps 10 Percent, Study Says
QUEENS — The housing market in Queens is heating up as temperatures begin to rise — with the highest first quarter average home price and number of sales in six years, according to a report released Thursday.
The average sales price of a home in the borough jumped more than 10 percent in the first quarter of 2014 compared to the same quarter last year, according to a new survey from real estate company Douglas Elliman and appraisal firm Miller Samuel.
The quarterly survey found the average price of a Queens home was $429,544, up from $389,420 the year before — the highest first quarter result since 2008.
The total number of sales in the borough was 3,156, an increase of 32.8 percent compared to the same quarter last year and the highest first quarter total in six years, the report says.
But the price and number of sales are both down slightly from the last quarter of 2013 — less than 1 percent, according to the survey.
"After several years of stability, we are beginning to see the Queens housing market heat up," the report says.
Inventory in the borough is also down, at its second lowest level in the past nine years, according to the report.
There were 5,617 listings in the first quarter of 2014 compared to 6,496 the same quarter last year, a 13.5 percent dip.
"With rising sales and tight supply, the market continues to move quickly and we expect more of the same in the coming quarter," the survey summary says.