40 JANUARY 20, 2022 RIDGEWOOD TIMES WWW.QNS.COM
REAL ESTATE
Drop in listings, rising prices result in fastest-paced housing market in three years
BY ANGÉLICA ACEVEDO
AACEVEDO@SCHNEPSMEDIA.COM
@QNS
The Queens housing market saw a
rise in prices and sales as well as
a drop in listing inventory in the
last months of 2021 — making it one
of the fastest-paced markets in more
than three years, according to a new
report by real estate agency Douglas
Elliman.
In nearly all parts of Queens, except
the Rockaways, sales rose annually
for at least three consecutive quarters.
Median sales price rose by nearly 8%
year over year to $718,000, setting a
record for the fourth time in fi ve quarters
and was nearly 18% higher than
the same period two years ago before
the COVID-19 pandemic, according to
the report.
Luxury median sales price increased
6% to $1,400,000, representing
the top 10% of all sales. One- to threefamily
properties’ median sales price
saw the largest annual gain, up nearly
13% to a record $850,000, according to
the report.
The market share of sales sold above
their last asking price was nearly 19%
higher than the same time period’s
fi ve-year average, which is refl ective
of low listing inventory.
The number of sales rose by nearly
19% year over year to about 3,700,
which was nearly 9% above the same
period in 2019, and the fourth quarter
with an annual increase, according to
the report.
The number of yearly sales reached
their highest level in 14 years, and
was 51% above 2020 results, which
showcases the signifi cant scale of the
market recovery following the onset
of the pandemic.
Meanwhile, listing inventory fell by
nearly 19% year over year to 4,952, but
was still approximately 9% less than
the pre-pandemic levels in Queens.
“Based on the sharp gain in sales and
drop in listing inventory, the market
pace was blistering,” the report noted.
In Queens, there is nearly four
months of listing supply — or the
number of months to sell all listing
inventory at the current sales rate
— which is about 32% faster than the
same period in 2020, according to the
report.
The average days on the market —
or the number of days from the last
price change to the contract date —
was 69 days, nearly 29% shorter than
the same period in 2020 and shorter
than the nearly 87-day average from
the same period in the past decade.
In an indication that sellers are
readily overpricing their homes,
listing discount — or the percentage
change from the previous list price to
the contract price — was nearly 17%,
much higher than the 4% rate of the
same time period of 2020.
Ridgewood Times Sales Guide
RIDGEWOOD GLENDALE MASPETH MIDDLE VILLAGE
Metropolitan Avenue
Listings selected at random. Courtesy MLS
Under $600,000
59-26 Bleecker St. Unit 2D
$525,000
Condo
1 bedroom, 1 bathroom
Florin Spariosu, Sparrow REALTORS
LLC
$600,000-$1,000,000
7446 65th St.
$865,555
Multi-family
5 bedrooms, 3 bathrooms
Amberly Sclar, New York Realty
Minimax Inc
Over $1,000,000
55-19 Metropolitan Ave.
$1,890,000
Multi-family
5 bedrooms, 3 1/2 bathrooms
Robert Napolitano, Capri Jet Realty
Corp
73rd Street 53rd Drive 84th Street
Under $600,000
90-50 Union Tpke. Unit 6H
$270,000
Co-op
1 bedroom, 1 bathroom
Michal Marek and Bartosz Olszewski,
Sold By Bart R E Partners Inc
$600,000-$1,000,000
73-19 71st Place
$835,000
Multi-family
5 bedrooms, 2 1/2 bathrooms
Ronald Ferrara, Keller Williams
Landmark II
Over $1,000,000
72-07 73rd St.
$1,299,000
Multi-family
5 bedrooms, 4 bathrooms
Sal Crifasi, Crifasi Real Estate
Inc
Under $600,000
52-54 65th Place Unit 2L
$369,000
Co-op
2 bedrooms, 1 bathroom
Jordan Donner, Landmark International
R E LLC
$600,000-$1,000,000
63-42 53rd Drive
$799,000
Single-family
3 bedrooms, 1 bathroom
Lucy Lu, Landmark International
R E LLC
Over $1,000,000
65-11 Grand Ave.
$1,169,000
Multi-family
3 bedrooms, 3 bathrooms
Kaszuba Jaroslaw, Exit All
Seasons Realty
Under $600,000
72-52 Metropolitan Ave. Unit 3B
$499,000
Condo
2 bedrooms, 2 bathrooms
Andrew LaSala, Crifasi Real Estate
Inc
$600,000-$1,000,000
68-66 76th St.
$859,000
Multi-family
5 bedrooms, 3 bathrooms
Cody Macaluso and Antoniette
Caruana, Macaluso Realty
Over $1,000,000
63-30 84th St.
$1,398,000
Single-family
4 bedrooms, 2 1/2 bathrooms
Andrew LaSala, Crifasi Real Estate
Inc
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