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Luxury 27-Enormous 42-Jonna All information without information REAL ESTATE with Robert Whalen
Robert Whalen
EVP, Managing Director
of Sales
Licensed
Real Estate Broker
t. 718.878.1801
c. 212.674.3373
Brown Harris Stevens
Queens, LLC
47-12 Vernon Blvd., Long
Island City, NY 11101
As New York City continues its
push through the pandemic, the
real estate market in Queens —
and across the city — is heating up.
Today, we look at three wellestablished
markets, Long Island
City, Astoria, and Jackson Heights.
This report looks at data from
closed sales in the first quarter of
the year. Keep in mind that these
numbers reflect many sales that
were negotiated in the last quarter
of 2020.
Long Island City
T h e v ol u m e o f n ew
development sales in LIC during
the first quarter of 2021 almost
doubled to 141 sales from 77 sales
in the first quarter of 2020. The
average new development sale
price dipped in the first quarter
this year to almost $1.06 million
compared to the $1.12 million
average set during the same
period last year. The average
price per square foot (ppsf )
however increased to $1,323 from
the average $1,280 in 2020. The
average days on market (DOM) for
new development sales decreased
to 84 days from 110 days last year.
The market saw 33 resale condo
units sold in the first quarter of
this year compared with 19 sales
during the shortened-by-pandemic
period last year. The average resale
price dipped to $967,244 in the first
quarter of 2021 from the roughly
$1.04 million measure during the
same period last year. The average
ppsf slipped to $1,071 from $1,085
in 2020 and 2021. The average DOM
increased this year to 183 days from
last year’s 153 days.
The gap between the perspective
of buyers and sellers can be seen in
the discount between the original
listing price and the closing price.
For new development this measure
increased to 2.4% this year from
0.6% last year; resale saw the
discount narrow to 2.7% from 5.2%
last year.
Astoria
Meanwhile in Astoria, the
volume of resale condos increased
to 37 from 29 in the first quarter of
2020, with the average sale price
dipping to $606,553 this year,
compared to the $609,392 mark hit
in 2020. The average ppsf however
increased, rising to $899 from $885
last year. Days on market increased
to 107 this year from just 50 days
in the first quarter last year. The
average discount from original
ask to sale tightened to 1% this year
from 1.3% in 2020.
In new development sales in
Astoria, the first quarter volume
fell to just five sales from 19 sales
last year, with the average sales
price rising to $782,625 in the first
quarter from $748,595 last year.
The average ppsf moved up to
$1,090 from $1,086 last year as the
average of 82 DOM is roughly half
the 166 days in 2020. The average
discount all but vanished, falling to
0.1% this year from the 2.6% spread
last year.
Jackson Heights
Sales in Jackson Heights, which
are mostly of co-op apartments,
also reflect higher prices in the
first quarter this year compared
to 2020. Though volume fell to 56
sales this year compared to 78 sales
last year, the average price this year
rose to $434,351 from $430,596
in last year’s first quarter. The
average price per room increased
to $113,652 this year from $108,952
in the same period last year. Days
on Market shrank this year to 81
days from 116 days last year, with
the average discount increasing to
3.2% this year from the 2.1% spread
in 2020.
As always, I’m happy to talk with
you about the market. I’m just an
e-mail or phone call away. Stay safe.