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Elliman Report: Queens Sales 4Q 2011

Median sales price for the fourth quarter declined 7% to $343,000 from $369,000 in the prior year quarter. Average sales price showed the same pattern, sliding 2.5% to $395,264 from $405,489 in the same period last year. The decline in the overall price indicators was primarily due to the large shift in the mix toward co-op sales, the lowest priced property type. As buyers took advantage of record-low mortgage rates during the quarter, the lower priced market quintiles saw larger year-over-year declines in median sales prices.

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