FOR BREAKING NEWS VISIT WWW.QNS.COM MARCH 10, 2022 • THE QUEENS COURIER 43
real estate
Pending sales median prices in Queens indicate ‘strong’ real estate market
BY JENNA BAGCAL
JBAGCAL@SCHNEPSMEDIA.COM
@JENNA_BAGCAL
Numbers from the January 2022 report
from OneKey MLS indicated a “strong”
real estate market throughout the company’s
market area, including Queens,
with the pending sales median prices on
homes leveling off , according to OneKey
MLS’ CEO Jim Speer.
“We’re actually seeing that the pending
prices, which is what they’re going under
contract as is $668,000 and it’s been right
in that ballpark since August 2021,” Speer
told QNS in February.
He added that although July 2021 had
higher pending prices at over $705,500,
the report shows that prices have “really
leveled off ” across the board.
“Th at’s a very good thing for the homebuying
public that’s out there,” Speer said.
Th e report, which shows numbers for single
and multi-family homes, condos and
co-ops, indicated that the pending prices
from January 2022 ($668,500) went up just
slightly from December 2021 ($660,000).
In the past, Speer said that the real estate
market went through a long period of price
growth, where the increase in pending
sales prices, year over year, reached as
high as 30%.
“I think we may have reached a point
where the buyers are not going to pay more
than they are now,” he said. “It could be
that we found that it was reaching a point
that it wasn’t sustainable, that the buyers
really weren’t going to pay more than that,
which is what has caused a leveling off of
the prices.”
Th e CEO said that he predicts that prices
will stay in a similar range going forward
and that they are unlikely to fl uctuate
majorly in either direction.
“We’re still at the point where there’s just
a great demand for properties for homes
to be purchased, which will continue as
long as the interest rates stay low. I would
anticipate that we’ll still stay in this leveling
off of the prices,” Speer said.
But an increase in interest rates could
mean less demand, depending on how high
rates go.
“I would think if they go up to 4%, it
wouldn’t make much of a diff erence. If
they go up to 5% it probably will be a bit of
a drag in the housing market,” Speer said.
In terms of the sold property median
price, or the closing price on a home, the
report indicates that it’s been at around
$685,000 since November 2021.
Th e percent change year over year for the
median pending price is 4.5% over last year
Photo via Getty Images
and 5.1% over last year for the sold median
price in Queens.
Speer said that prices continue to increase
year over year but “just not to the
extent that we were nine months ago or
so” due to COVID-19 causing a pause in
the real estate market. Currently, he said
that the numbers refl ect a “true real estate
market.”
“From our POV, the real takes are that
the real estate market is still going strong
and that we’ve had a leveling off of prices
and that continues,” he said.
NYC-based real estate website launches new
campaign to help navigate the current market
BY EMILY DAVENPORT
EDITORIAL@QNS.COM
@QNS
A New York City-based real estate
website is looking to highlight how it can
help New Yorkers navigate the current real
estate market through a new ad campaign.
StreetEasy.com recently released its new
ad campaign “Win Th e Game of Real Estate”
this month. Th is is the seventh ad campaign
since the company’s advertising debut in 2015.
Th e new ad campaign was made in partnership
with the creative agency Preacher. Th e
ads feature the guidance that can be sought
through StreetEasy, such as “Sell your condo
faster than you can say ‘multiple off ers over
asking.’ Team up with a StreetEasy Expert.
List your home for the right price,” and “Apply
to the co-op with people who apply to co-ops
for a living. Buy with a StreetEasy Expert.
Create a standout application.”Ads can be
seen throughout the city on billboards and
wallscapes, as well as on streets, sidewalks,
buses, taxis and subway cars. Th e ads are also
online and on social media.
For more information, visit streeteasy.
com. Photo courtesy of StreetEasy
/StreetEasy.com
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