REAL ESTATE
Queens homes spend the least amount of time on the market: Report
BY JACOB KAYE
Homes in Queens sold faster
than homes in every other borough
in New York City in the
fourth quarter of 2019, according
to a new report.
Queens homes spent an average
of 68 days on the market in the
last quarter of the decade, which
was nine days faster than the year
before and faster than homes in
Manhattan, Staten Island, the
Bronx and Brooklyn, according
to StreetEasy. It’s a sign of a good
housing market in Queens — one
that is growing and is relatively
aff ordable when compared with
the rest of the city.
Some parts of Queens are selling
faster than others. Northwest
Queens homes, including those
in Astoria and Long Island City,
sold the fastest in the borough,
spending a median of 60 days on
the market, 29 days faster than
last year.
But just because they sell fast,
doesn’t mean they sell high.
Despite spending less time on
the market, the average price of
a home in Queens remained the
same from a year ago, selling for
around $509,000, one of the lowest
prices in the city, according to
StreetEasy.
Th e new report also noted that
there were more homes to choose
from in the borough in the last
quarter of 2019. Th e sales inventory
increased by 1.2 percent when
compared to last year, with 4,308
homes on the market.
“Given the relative aff ordability
of Queens, home shoppers continue
to fi nd great value in the
borough, and have an expanding
number of options from which
to choose,” said Nancy Wu, a
StreetEasy economist. “Inventory
is growing, especially in areas like
Long Island City and Jamaica
where there is a ton of new development,
which means that sellers
in these areas are facing stiff -
er competition in order to stand
out.”
According to Wu, this puts the
power in the hands of the buyers.
“Th is is good news for buyers,
because they now hold the negotiating
power, and can aff ord to be
picky during their home search,”
Wu said.
Th e story isn’t as cheery for the
city’s other boroughs, particularly
Manhattan.
According to StreetEasy,
Manhattan’s luxury market has
taken a turn for the worse. As
more and more luxury buildings
are built, the prices have been
Gantry Plaza State Park in Long Island City, Queens
driven down to compete in the
saturated market.
“With so much new construction
saturating the Manhattan real
estate market, we were bound to
see prices start to sink at record
paces,” Wu said. “Th is is happening
across all price points and boroughs,
as prospective buyers wait
out the market from the comfort
of their rentals. Market dynamics
in 2020 will continue to favor
the buyer across all price tiers, and
many sellers will have to face the
fact that if they want to sell, it may
very well be for less than their initial
asking price.”
As the total sales inventory in
Manhattan rose 3 percent in the
fourth quarter, homes stayed on
the market for 96 days on average,
10 days more than last year.
NORTHEAST NORTHWEST SOUTHEAST SOUTHWEST Sales in QueensHOMES COOPS CONDOS Listings and photos courtesy MLSLI
FRESHMEADOWS JACKSONHEIGHTS BRIARWOOD OZONEPARK
Under $500,000
42-20 Kissena Blvd., Flushing
$498,888
Condo
2 bedroom, 1 full bathroom
Christian Ciano, Keller Williams Realty
Landmark
$500,000 - $900,000
45-27 220 St., Bayside
$899,000
Ranch, 1 family
3 bedrooms, 1 full bathroom
Liliana Chan, Keller Williams Realty
Landmark
$900,000 +
175-16 73rd Ave., Fresh Meadows
$918,000
Colonial, 2 families
3 bedrooms, 2 full and 1 half bathrooms
Julia Shildkret, Julia Shildkret Real Estate
Under $500,000
41-35 67 St. Unit 6C, Woodside
$398,000
Condo
1 bedroom, 1 full bathroom
Yu Ruth Yin, Selective First Realty Inc.
$500,000 - $900,000
25-87 37th St., Astoria
$589,000
Condo
1 bedroom, 1 full bathroom
Peter Horowitz, Horowitz Real Estate
$900,000 +
35-22 88th St., Jackson Heights
$900,000
Tudor, 1 family
3 bedroom, 1 full bathroom
Jennifer Figueroa, EXP Realty
Under $500,000
186-16 Hilburn Ave., Jamaica
$280,000
Ranch, 1 family
2 bedroom, 1 full bathroom
Chatter Singh, Keller Williams Realty
Liberty
$500,000 - $900,000
116-38 192nd St., St. Albans
$500,000
Contemporary, 2 family
6 bedrooms, 4 full bathrooms
Angela Ramson, Angela Ramson Realtor
$900,000 +
144-48 Grand Central Pkwy., Briarwood
$910,000
Tudor, 1 family
3 bedrooms, 2 full and 1 half bathrooms
Nirmal Jaimangal, Madison Realty Sales
& Rentals
Under $500,000
151-35 84th St., Howard Beach
$299,000
Condo
1 bedroom, 1 full bathroom
Paul Deo, Keller Williams Realty Liberty
$500,000 - $900,000
88-15 88th St., Woodhaven
$560,000
Colonial
3 bedrooms, 2 full bathrooms
George Herrera, Keller Williams
Landmark II
$900,000 +
97-14 Albert Rd., Ozone Park
$925,000
Duplex
6 bedrooms, 3 full and 2 half bathrooms
Frederick Wunsch, Howard Beach Realty
Inc.