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Average price of a Queens home on the rise, but sales dropped 5 percent in 2016: report

Average price of a Queens home on the rise, but sales dropped 5 percent in 2016: report

After a year bringing historic highs in sales prices and real estate growth citywide, the city’s residential sales market closed 2016 with a “moderate” fourth quarter, according to a recent report.

A real estate study by the Real Estate Board of New York (REBNY) reported that the number of home sales in Queens fell 5 percent year-over-year to 3,908.

However, despite the drop in sales, total residential sales consideration increased 2 percent to $2.1 billion in Queens year-over-year due to “strong average sales prices.” The average sales price of a home in Queens rose to $535,000 — a 7 percent increase as compared to the fourth quarter of 2015.

By neighborhood, the Rego Park, Forest Hills and Kew Gardens section of the borough recorded 323 cooperative unit sales in the fourth quarter — a 5 percent increase year-over-year and the most co-op sales recorded in Queens for the quarter.

Flushing recorded the most condominium activity in Queens this quarter with 68 sales — a 10 percent increase year-over-year.

The number of one- to three-family home sales in the Richmond Hill, South Ozone Park and Woodhaven area decreased 2 percent year-over-year to 318 sales. However, the average sales price increased 11 percent to $528,000.

“Home sales remain above average across the five boroughs with healthy price growth despite a slight decline in activity this quarter,” said John H. Banks, III, REBNY president. “Demand for all property types holds strong, setting the pace of activity for the start of 2017.”

The Real Estate Board of New York is the city’s leading real estate trade association and represents a number of individuals and institutions professionally interested in the city’s real estate.