Queens Follows Manhattan in Home Sales Slump

Home prices in Queens are following the trends of the other boroughs. Home prices are down by as much as 9 percent since the first quarter of 2008. These levels are well below the peaks that were realized during 2007, when prices in all 5 boroughs increased dramatically.

by Stella Greengrass

It seems that Queens isn't immune to the recent epidemic of falling home sales. While both Brooklyn and Manhattan have experienced heavy slowdowns in home sales, home sales in Queens fell from their 2007 levels. During 2007, home sales peaked throughout the 5 boroughs, but Brooklyn, Queens, and Manhattan started falling away during the second quarter 2008.

Sales of homes in Queens fell nearly 24 percent from their peak during the year from second quarter 2007 until second quarter 2008. A total of 2,363 homes were sold during that time, according to reports from industry analysis firm Miller Samuel. This follows trends from Brooklyn, as well, which show home sales dropping nearly 46 percent from their peak the year before.

In Manhattan, the drop was less precipitous, only 21.8 percent from the peak last year. Reports include real estate transactions that closed during the quarter ending June 30^th. In Queens, however, sales were down for this quarter, dropping at just over 5.5 percent while, at the same time, housing inventory increased from their quarterly and yearly highs during the first quarter 2008. The increase in housing inventory is causing a lengthening of the average time on the market, as well.

It isn't just the sales that are slowing, but the market prices are creeping down as well. The average price for a home in Queens dropped nearly 9 percent from first quarter levels, leaving the average price for a house in Queens at $488,431. But look on the bright side, the average in Manhattan is $1,669,729 and it's likely you'll get more space in the outer boroughs.