The 4Q 2008 Queens Market Overview that I author for Prudential Douglas Ellimanis available for download.
The President and CEO of Prudential Douglas Elliman, Dottie Herman, is a big believer in publishing market data to create more transparency for consumers in the market her firm serves – Manhattan to Montauk.
Other reports we prepare can be found here.
Customized tables for the 4Q 2008 Queens data and a series of updated charts are available on our corporate site.
A report excerpt
…The regional economy and the continued difficultly for buyers to obtain financing continues to restrict the level of sales activity in the Queens housing market. Sellers continue to price property “behind” the market, while buyers who can get credit see less urgency in their purchase decision due to an increase in the number of properties to choose from. There were 39.1% fewer transactions in the quarter with a total of 2,737 compared to 4,491 sales in the same period last year. The number of sales is 52.7% below the level of activity seen two years ago. However, the number of listings slipped this quarter as compared to the prior year quarter. Listing inventory contracted 2.3% to 9,822 units from 10,053 units in the prior year quarter. Because listing inventory is expected to move in the opposite direction as the number of sales, this decline in inventory is believed to be an anomaly. However, the pattern suggests that there are fewer “casual sellers”…
The media coverage of the report is available here as they were obtained (in no particular order).
Tags: Dottie Herman
“…The regional economy and the continued difficultly for buyers to obtain financing continues to restrict the level of sales activity in the Queens housing market.” One must add to this that prices are still far to high as compared to rent/own ratios and income/cost for the market to return to normalcy. With median prices still over $400,000 and median income at around $45,000 with growing unemployment, a 8x income/price ratio far exceeds the 3x-4x ratio needed for a healthy market.