The credit crunch continued to grip residential real estate in Queens during the third quarter. The median sales price there declined 11.4% to $400,000 from the comparable period of 2007, according to a Prudential Douglas Elliman report released last week.
Sales also plunged 35.2% to 3,240 transactions for the quarter, compared with the year-earlier period.
Queens’ average sales price, a figure that includes the most and least expensive purchases, fell by 8.8% to $436,575 for the quarter, compared with $478,752 for the same period of 2007.
Home sales, prices down sharply in Queens
The Rockaways were the only part of the borough in which the average home price increased in the third quarter of this year compared with the same period last year. It rose 4%, from $458,219 to $477,322.
Surprisingly, the average new condo in Queens in the third quarter sold for $575,021, up 13% from $508,762 in the third quarter of last year. That was probably due to more high-end condos coming on the market, Miller said.
Meanwhile, existing co-op prices climbed 4% to $236,245.
Home prices down - but condos rise