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Queens 2Q 2013 Highlights

Queens 2Q 2013 Highlights

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Published by Laura L. Scott
Queens 2Q 2013 Market Report
Queens 2Q 2013 Market Report

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Published by: Laura L. Scott on Jul 11, 2013
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07/11/2013

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Queens

Highlights of the Quarterly Survey of Residential Sales

2Q-2013

Listing inventory fell to a new record low as median sales price reached a 5-year second-quarter high.
Queens Market Matrix
Average Sales Price Median Sales Price Number of Sales Days on Market (From Last List Date) Listing Discount (From Last List Price) Listing Inventory Absorption Rate (mos)

2Q–2013
$441,417 $390,000 2,493 114 5.6% 6,225 7.5

% Chg (qtr)
13.4% 11.4% 4.9% -5.8%

1Q–2013
$389,420 $350,000 2,377 121 5.8%

% Chg (yr)
10.6% 9.9% 8.1% 4.6%

2Q–2012
$399,154 $355,000 2,306 109 5.9%

-4.2% -8.5%

6,496 8.2

-28.9% -34.2%

8,754 11.4

Year-to-Date
Average Sales Price (ytd) Median Sales Price (ytd) Number of Sales (ytd)

2Q–2013
$416,038 $372,250 4,870

% Chg (qtr)
N/A N/A N/A

1Q–2013
N/A N/A N/A

% Chg (yr)
6.2% 6.4% 8.7%

2Q–2012
$391,601 $350,000 4,482

The number of listings fell 28.9% to 6,225, a new record low in the 8 years this metric has been tracked in this report series. The number of sales expanded by 8.1% to 2,493 from the same period last year resulting in a 7.5 month absorption rate, the fastest market pace in 5 years. Median sales price increased 9.9% to $390,000, the highest second quarter result in 5 years. Average sales price declined 2.4% to $389,420 over the same period. Listing discount, a market pace metric that uses the percentage difference between the list price at time of contract and the contract price, saw a nominal decline to 5.6% from 5.9% in the prior year quarter. Despite the limited supply, the average days on market, the number of days between the list date at the time of contract and the contract date, expanded modestly by 5 days to 114 days.

for a complete version of the Elliman Report www.elliman.com/marketreports

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