The Elliman Report: Q1-2019 Queens Sales Prepared by Miller Samuel
Q1 2019 QUEENS SALES REPORT Quarterly Survey of Residential Sales
CO-OPS, CONDOS & 1-3 FAMILY This was the first quarter of the past eight DASHBOARD without a record average sales price. year-over-year Queens Market Matrix Q1–2019 %∆ (qtr) Q4–2018 %∆ (yr) Q1–2018 Average Sales Price $620,498 -2.6% $637,322 -0.6% $624,554 PRICES Median Sales Price $550,000 -3.2% $568,000 0.0% $550,000 Median Sales Price 0.0% Number of Sales 2,907 -10.5% 3,248 -12.0% 3,302 Days on Market (From Last List Date) 83 6.4% 78 -18.6% 102 PACE Listing Discount (From Last List Price) 1.2% 4.7% 1.4% Months of Supply 1.6 mos. Listing Inventory 5,271 2.2% 5,160 25.7% 4,193 Months of Supply 5.4 12.5% 4.8 42.1% 3.8
Year-to-Date Q1–2019 %∆ (qtr) Q4–2018 %∆ (yr) Q1–2018 SALES Average Sales Price (ytd) $620,498 N/A N/A -0.6% $624,554 Closed Sales 12.0% Median Sales Price (ytd) $550,000 N/A N/A 0.0% $550,000 Number of Sales (ytd) 2,907 N/A N/A -12.0% 3,302 INVENTORY Total Inventory 25.7% MEDIAN SALES PRICE QUEENS NUMBER OF SALES $600,000 5,000
MARKETING TIME $530,000 4,200 Days on Market 19 days $460,000 3,400 NEGOTIABILITY Listing Discount 0.2% $390,000 2,600
• The number of sales declined year 1,800 over year for the fifth consecutive $320,000 quarter • Listing inventory rose year over year $250,000 1,000 for the eighth consecutive quarter 09 10 11 12 13 14 15 16 17 18 19 • While the pace of the market was The Queens housing market has been reach the second highest price in the dataset. By brisk, it was the slowest pace in characterized by routine record price-setting property type, the median sales price for condos nearly four years but with cooling sales and rising inventory. The declined 3.5% year over year to $615,000 with an average sales price slipped 0.6% to $620,498 from 11.4% sales share. While the median sales price for The Douglas Elliman Report series is the prior-year quarter and was only the second new development condo fell 21.1% to $644,687, recognized as the industry standard for providing the state of the residential real estate quarterMEDIAN of theSALES past PRICE twelve that did not seeQUEENS a new theCONDO median sales price of a resaleNUMBER condo OF increased SALES market. The report includes an extensive suite record average sales price. The median sales 8.9% to a record $590,000 respectively from the of tools to help readers objectively identify price$7500,00 was unchanged at $550,000 as compared prior-year quarter. The median sales price1,000 of a co- and measure market trends, provide historical to the same period last year. The first quarter was op rose 5.4% to $295,000 over the same period $600,000 800 context to current information and provide only the third of the past eleven quarters without a with a 26.7% sales share. The median sales price comprehensive analysis of the results. new$450,000 record median sales price reached or at least of a 1-3 family sales rose 2.1% to $694,000600 over
$300,000 400 PREPARED BY MILLER SAMUEL REAL ESTATE APPRAISAL AND CONSULTING SERVICES Covering the New York City metropolitan area $150,000 200
$0 0 09 10 11 12 13 14 15 16 17 18 19
MEDIAN SALES PRICE QUEENS CO-OP NUMBER OF SALES $310,000 1,250
$280,000 1,000
$250,000 750
$220,000 500
$190,000 250
$160,000 0 09 10 11 12 13 14 15 16 17 18 19
MEDIAN SALES PRICE QUEENS 1-3 FAMILY NUMBER OF SALES $800,000 3,000
$700,000 2,400
$600,000 1,800
$500,000 1,200
$400,000 600
$300,000 0 09 10 11 12 13 14 15 16 17 18 19
AVERAGE PRICE PER SQ FT NEW DEVELOPMENT % OF ALL QUEENS SALES $1,500 10%
$1,200 8%
$900 6%
$600 4%
$300 2%
$0 0% 09 10 11 12 13 14 15 16 17 18 19 Q1-2019 The Elliman Report • Quarterly Survey of Queens Residential Sales the same period with a 61.9% sales share. In the supplyMEDIAN has SALES slowed PRICE the market to a less robustQUEENS decade. The market share of NUMBERbidding wars, OF SALES based luxury market, representing the top ten percent pace. The number of sales declined 12% to 2,907 on sales that closed above the list price was 12%, $600,000 5,000 of all sales, both median sales price and average from the prior-year quarter for the sixth straight up from 8% in the same period last year. Days sales price reached new records. Luxury median quarter. Listing inventory jumped 25.7% to 5,271 on market, the number of days between the date sales price rose 2.3% to $1,336,057, and luxury for$530,000 the eighth consecutive quarter of increases. of the previous list price change and the4,200 contract average sales price rose 1.9% to $1,436,239 Months of supply, the number of months to sell all date, was 83 days, 18.6% faster than 102 in the respectively to new records from the prior- inventory at the current rate of sales, slowed to 5.4 prior-year quarter. Listing discount, the percentage $460,000 3,400 year quarter. The marketwide number of sales months from 3.8 months in the year-ago quarter. difference between the list price at the time of sale continued to slide with listing inventory expanding. ForMEDIAN context, SALES 5.4 months PRICE of supply was nearly twiceQUEENS and the sales price tightened NUMBERto 1.2% from OF SALES 1.4% in The combination of weakening demand and more as$390,000 fast as the 8.2-month quarterly average for the the prior-year quarter. 2,600 $600,000 5,000
$320,000 1,800 $530,000 4,200 CONDO Condo Market Matrix Q1–2019 %∆ (qtr) Q4–2018 %∆ (yr) Q1–2018 $250,000 1,000 $460,000 09 10 11 12 13 14 15 16 17 18 19 3,400 • The most significant year over Average Sales Price $661,249 -1.5% $671,608 -9.2% $728,361 year sales decline occurred in the Average Price Per Sq Ft $773 -19.1% $955 -24.7% $1,026 condo market $390,000 2,600 Median Sales Price $615,000 1.7% $605,000 -3.5% $637,203 • All price trend indicators fell short of year-ago levels Number of Sales 331 -11.3% 373 -21.6% 422 $320,000 1,800 • Listing inventory rose annually for the sixth straight quarter $250,000MEDIAN SALES PRICE QUEENS CONDO NUMBER OF 1,000SALES 09 10 11 12 13 14 15 16 17 18 19 $7500,00 1,000
800 Quintiles Med. Sales Price %∆ (yr) $600,000
5/5 $1,088,408 -11.0% $450,000 600
4/5 $725,000 -11.7% $300,000 400 3/5 $615,000 -3.5% $150,000MEDIAN SALES PRICE QUEENS CONDO NUMBER OF SALES200 2/5 $470,000 -9.0% $7500,00 1,000 $0 0 1/5 $ 3 07,49 6 -14.6% 09 10 11 12 13 14 15 16 17 18 19 $600,000 800 CO-OPS $450,000 600 $300,000MEDIAN SALES PRICE QUEENS CO-OP NUMBER OF SALES400 Co-op Market Matrix Q1–2019 %∆ (qtr) Q4–2018 %∆ (yr) Q1–2018 • Median sales price expanded $310,000$150,000 1,250200 Average Sales Price $318,699 -0.2% $319,373 4.4% $305,132 • The number of sales fell year over 1,000 year for the seventh consecutive Median$280,000 $0Sales Price $295,000 -1.7% $300,000 5.4% $280,0000 09 10 11 12 13 14 15 16 17 18 19 quarter Number$250,000 of Sales 776 -11.2% 874 -8.2% 750845 • Listing inventory expanded annually for the eighth straight $220,000 500 quarter $190,000MEDIAN SALES PRICE QUEENS CO-OP NUMBER OF SALES250 $310,000 1,250 $160,000 0 09 10 11 12 13 14 15 16 17 18 19 $280,000 1,000 Quintiles Med. Sales Price %∆ (yr) 750 5/5 $495,000 4.2% $250,000 4/5 $350,000 1.4% $220,000MEDIAN SALES PRICE QUEENS 1-3 FAMILY NUMBER OF SALES500 3/5 $295,000 5.4% $800,000$190,000 2503,000 2/5 $240,000 9.1% $700,000$160,000 02,400 1/5 $180,000 5.9% 09 10 11 12 13 14 15 16 17 18 19 $600,000 1,800
$500,000 1,200 Visit our website to browse listings and learn more about market trends $400,000MEDIAN SALES PRICE QUEENS 1-3 FAMILY NUMBER OF SALES600 $800,000 3,000 $300,000 0 09 10 11 12 13 14 15 16 17 18 19 $700,000 2,400
$600,000 1,800
$500,000 1,200 AVERAGE PRICE PER SQ FT NEW DEVELOPMENT % OF ALL QUEENS SALES $400,000 600 $1,500 10% $300,000 0 $1,200 09 10 11 12 13 14 15 16 17 18 19 8%
$900 6%
$600 4%
$300 2% AVERAGE PRICE PER SQ FT NEW DEVELOPMENT % OF ALL QUEENS SALES $0 0% $1,500 09 10 11 12 13 14 15 16 17 18 19 10%
$1,200 8%
$900 6%
$600 4%
$300 2%
$0 0% 09 10 11 12 13 14 15 16 17 18 19 MEDIAN SALES PRICE QUEENS NUMBER OF SALES
$600,000 5,000
$530,000 4,200
$460,000 3,400
$390,000 2,600
$320,000 1,800
$250,000 1,000 09 10 11 12 13 14 15 16 17 18 19
MEDIAN SALES PRICE QUEENS CONDO NUMBER OF SALES $7500,00 1,000
$600,000 800
$450,000 600
$300,000 400
$150,000 200
$0 0 09 10 11 12 13 14 15 16 17 18 19
MEDIAN SALES PRICE QUEENS CO-OP NUMBER OF SALES $310,000 1,250 The Elliman Report • Quarterly Survey of Queens Residential Sales $280,000 Q1-20191,000 $250,000 750
1-3 Family Market Matrix Q1–2019 %∆ (qtr) Q4–2018 %∆ (yr) Q1–2018 $220,000 500 1-3 FAMILY Average Sales Price $743,113 -3.5% $769,805 1.0% $735,663 $190,000 250 • Listing inventory expanded Average Price Per Sq Ft $444 -2.4% $455 8.0% $411 annually for the ninth straight $160,000 0 quarter Median Sales Price09 10 11 12$694,00013 14-2.3%15 $710,00016 17 2.1%18 19$680,000 • All price trend indicators moved Number of Sales 1,800 -10.0% 2,001 -11.5% 2,035 higher • Number of sales fell year over year for the sixth time in seven quarters MEDIAN SALES PRICE QUEENS 1-3 FAMILY NUMBER OF SALES $800,000 3,000
$700,000 2,400 Quintiles Med. Sales Price %∆ (yr)
5/5 $1,200,000 0.0% $600,000 1,800
4/5 $865,000 0.0% $500,000 1,200 3/5 $694,000 2.1% $400,000 600 2/5 $530,000 4.1% $300,000 0 1/5 $360,900 4.7% 09 10 11 12 13 14 15 16 17 18 19
Queens Market by LOCATION
Central Market Matrix Q1–2019 %∆ (qtr) Q4–2018 %∆ (yr) Q1–2018 CENTRAL NEW DEVELOPMENT AverageAVERAGE Sales PRICE Price PER SQ FT $560,772 1.2% $554,269 % OF ALL6.2% QUEENS$527,990 SALES • Price trend indicators rose $1,500 10% Median Sales Price $462,932 -7.4% $500,000 8.2% $428,000 • Number of sales slipped $1,200 8% Number of Sales 698 -8.5% 763 -2.2% 714 $900 6% SOUTH South$600 Market Matrix Q1–2019 %∆ (qtr) Q4–2018 %∆ (yr) Q1–20184% • Seventh straight average Average$300 Sales Price $538,333 0.9% $533,597 7.8% $499,3282% price record Median$0 Sales Price $520,000 -1.9% $530,000 7.2% $485,0000% 09 10 11 12 13 14 15 16 17 18 19 • Number of sales fell Number of Sales 835 -0.4% 838 -8.1% 909
WEST West Market Matrix Q1–2019 %∆ (qtr) Q4–2018 %∆ (yr) Q1–2018 Average Sales Price $697,589 -4.5% $730,473 -1.2% $706,028 • Price trends were mixed Median Sales Price $690,000 -4.2% $720,000 1.1% $682,500 • Number of sales decreased Number of Sales 437 -9.1% 481 -12.2% 498
NORTHEAST Northeast Market Matrix Q1–2019 %∆ (qtr) Q4–2018 %∆ (yr) Q1–2018 Average Sales Price $689,647 -4.8% $724,153 -6.5% $737,974 • Price trend indicators declined Median Sales Price $679,000 -1.3% $688,000 -9.9% $753,383 • Number of sales fell sharply Number of Sales 578 -24.2% 763 -21.3% 734
ROCKAWAY Rockaway Market Matrix Q1–2019 %∆ (qtr) Q4–2018 %∆ (yr) Q1–2018 Average Sales Price $485,291 -2.2% $496,151 -8.3% $529,193 • Number of sales decreased Median Sales Price $432,000 -2.9% $445,000 -1.8% $440,000 • Price trend indicators declined Number of Sales 111 -25.5% 149 -15.3% 131
Visit our website to browse listings and learn more about market trends MEDIAN SALES PRICE QUEENS NUMBER OF SALES
$600,000 5,000
$530,000 4,200
$460,000 3,400
$390,000 2,600
$320,000 1,800
$250,000 1,000 09 10 11 12 13 14 15 16 17 18 19
MEDIAN SALES PRICE QUEENS CONDO NUMBER OF SALES $7500,00 1,000
$600,000 800
$450,000 600
$300,000 400
$150,000 200
The Elliman Report • Quarterly Survey$0 of Queens Residential Sales 0 Q1-2019 09 10 11 12 13 14 15 16 17 18 19 NORTHWEST QUEENS CO-OP NorthwestMEDIAN SALES Market PRICE Matrix Q1–2019 %∆ (qtr) Q4–2018 %NUMBER∆ (yr) OFQ1–2018 SALES • Northwest – Price trend indicators $310,000 1,250 and sales declined Average Sales Price $828,751 -5.2% $874,594 -2.6% $850,651 Median Sales Price $713,888 -8.3% $778,481 -9.6% $790,000 • Northwest – Marketing time was $280,000 1,000 faster as negotiability tightened Number of Sales 248 -2.4% 254 -21.5% 316 $250,000 750 • Long Island City – Price trend Long Island City Condo Matrix Q1–2019 %∆ (qtr) Q4–2018 %∆ (yr) Q1–2018 indicators jumped as sales fell Average$220,000 Sales Price $1,173,533 15.3% $1,017,574 23.0% $954,022500 sharply Average Price Per Sq Ft $1,236 10.1% $1,123 5.5% $1,172 $190,000 250 • Long Island City – Median Sales Price $1,017,350 12.2% $906,542 20.9% $841,403 More negotiability with lower Number$160,000 of Sales 46 -23.3% 60 -55.8% 0 104 marketing time 09 10 11 12 13 14 15 16 17 18 19
LUXURY Luxury Market Matrix Q1–2019 %∆ (qtr) Q4–2018 %∆ (yr) Q1–2018 AverageMEDIAN Sales SALES Price PRICE $1,436,239QUEENS 1-30.2% FAMIL$1,433,476Y 1.9%NUMBER$1,409,713 OF SALES • Average and median price Median$800,000 Sales Price $1,336,057 2.8% $1,300,000 2.3% $1,306,0003,000 set records Number of Sales 276 -23.3% 360 -24.4% 365 $700,000 2,400 • Listing inventory expanded Entry-Price Threshold $1,100,000 2.3% $1,075,000 3.8% $1,060,000 Note:$600,000 This sub-category is the analysis of the top ten percent of all sales. The data is also contained within the other markets presented.1,800
$500,000 1,200 New Development Condo Matrix Q1–2019 %∆ (qtr) Q4–2018 %∆ (yr) Q1–2018 NEW DEVELOPMENT $400,000Average Sales Price $692,200 -13.2% $797,330 -22.8% $896,527600 Condos Average Price Per Sq Ft $966 -10.4% $1,078 -16.1% $1,151 $300,000 0 Median Sales Price09 10 11 12$644,68713 14-4.5%15 $675,09616 17 -21.1%18 19$817,475
• Price trend indicators and Number of Sales 108 -8.5% 118 -42.2% 187 average sales size declined Sales Share Of All Condos 3.7% 3.6% 5.7% • The number of sales declined from year-ago levels AVERAGE PRICE PER SQ FT NEW DEVELOPMENT % OF ALL QUEENS SALES • Less negotiability and $1,500 10% marketing time $1,200 8%
$900 6% New Development Condo Median Mix Sales Share Sales Price $600 4%
< $500K median 29.6% $332,580 $300 2% $500K - $1M median 52.8% $664,408 $0 0% > $1M median 17.6% $1,200,759 09 10 11 12 13 14 15 16 17 18 19
NEIGHBORHOODS OF QUEENS CENTRAL NORTHEAST NORTHWEST SOUTH WEST ROCKAWAY Bellerose Hollis Hills Bayside Astoria Airport JFK Richmond Hill Airport LaGuardia Arverne Briarwood Holliswood Beechhurst Long Island City Cambria Heights Rosedale Corona Belle Harbor Floral Park Jamaica Estates College Point Sunnyside Hollis So. Jamaica Bay East Elmhurst Broad Channel Forest Hills Jamaica Hills Douglaston Woodside Howard Beach South Jamaica Elmhurst Far Rockaway Fresh Meadows Kew Gardens Flushing North Jamaica South Ozone Park Flushing Meadow Park Hammels Glen Oaks Queens Village Flushing South Jamaica Bay Springfield Gardens Glendale Nesponsit Hillcrest Rego Park Little Neck Laurelton St. Albans Jackson Heights Rockaway Park Oakland Gardens Ozone Park Woodhaven Maspeth Whitestone Middle Village Ridgewood © 2019 Douglas Elliman and Miller Samuel Inc. All worldwide rights reserved. For more information or electronic copies of this report please visit elliman.com. Email report author Jonathan J. Miller at jmiller@ QUEENS OFFICE 36-29 Bell Blvd 718.631.8900 • 47-37 Vernon Blvd 917.386.6164 • 47-36 Vernon millersamuel.com with questions or comments. Report Methodology: Blvd 718.729.0001 Visit ELLIMAN.COM for a list of all our offices in Manhattan, Brooklyn, Queens, http://www.millersamuel.com/research-reports/methodology Bronx, Long Island, the Hamptons & North Fork, Westchester, Putnam/Dutchess Counties, Greenwich, Douglas Elliman Miller Samuel Real Estate Aspen, Los Angeles and Florida Real Estate Appraisers & Consultants 575 Madison Avenue 21 West 38th Street 575 MADISON AVENUE, NY, NY 10022. 212.891.7000 © 2019 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, New York, NY 10022 New York, NY 10018 BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT 212.891.7000 212.768.8100 OR ZONING EXPERT. IF YOUR PROPERTY IS CURRENTLY LISTED WITH ANOTHER REAL ESTATE BROKER, PLEASE DISREGARD THIS OFFER. IT IS NOT OUR INTENTION TO SOLICIT THE OFFERINGS OF elliman.com millersamuel.com OTHER REAL ESTATE BROKERS. WE COOPERATE WITH THEM FULLY. EQUAL HOUSING OPPORTUNITY.