Real Estate Board: Queens Home Sales Fell In 2016

BY JON CRONIN
Editor

The Real Estate Board of New York recently reported that home sales in Queens dropped 5 percent year over year.

The REBNY reported that “the average sales price for a home (cooperatives, condominiums and one-to-three-family dwellings) in New York City rose 10 percent year over year to $924,000 in the fourth quarter of 2016.”

The board also reported that home sales volume slipped 2 percent from the fourth quarter of last year to 11,837. In Brooklyn it fell 1 percent to 2,703, and it fell 5 percent to 3,908 in Queens.

Flushing had the most condominium sales in Queens during the last quarter of 2016, with 68 sales, which is 10 percent higher than during the same period of time in 2015. The average condominium sale price for the northeast Queens community was $537,000, which is a 2 percent increase from the previous year.

The REBNY stated that the towns of Rego Park, Forest Hills and Kew Gardens had 323 cooperative unit sales in the last quarter of 2016, with a 5 percent sale increase from the same period of time in 2105 and the highest co-op sales recorded in Queens for the last quarter of 2016. Rego Park, Forest Hills and Kew Gardens had an average co-op unit sales price of $292,000, which is a 6 percent increase from the last quarter of 2015.

The communities of Richmond Hill, South Ozone Park and Woodhaven had a two percent decrease in sales of one- to three-family homes. The percentage fell in the fourth quarter of 2016 to 318 sales this quarter, compared to 2015.

“Year over year, the average sales price of a one- to three-family home in the area increased 11 percent to $528,000,” according to the REBNY.

Reach Jon Cronin at 718-357-7400 x125, jcronin@queenstribune.com or @JonathanSCronin.

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