While residential real-estate sales in Manhattan continue to hit record levels, the numbers in Queens appear to be mirroring the rest of the nation's housing slump.
HARSH REALTY IN QUEENS
Weakening prices, rising inventory and declining sales were prevalent during the previous 12 months, with only a few pockets of categories posting positive growth, according to a quarterly report released today by Prudential Douglas Elliman.
The median sales price of a Queens residential property this quarter was $469,000, down 4.3 percent from a year earlier.
At the same time, a report by the Real Estate Board of New York says Manhattan apartment prices rose 16 percent in the second quarter.
"It's a tale of two cities," said Jonathan Miller, whose firm, Miller Samuel, prepared the report. "Manhattan and Queens are definitely on two different tracks."
Photo from Forgotten NY