A new report published by StreetEasy indicates that Queens housing sales remained competitive in comparison to Manhattan and Brooklyn. According to the August 2017 Market Reports, sales in Queens were completed 6 days faster year over year. Homes in the borough spent a median of 53 days in the market. In 2016 houses spent a median of 59 days. The report also indicates that the median resale price in Queens increased by 7.4 percent to $503,864. The fastest pace was in the Rockaways which increased at the fastest pace at 15.6 percent.
The report indicates that Manhattan and Brooklyn properties did not fare as well as Queens. Properties in these boroughs stayed on the market significantly longer than the same period last year. Manhattan properties spent 14 days more in the market to 84 days. Brooklyn properties also remained on the market but for less time at 68 days or 8 days more than in 2016. According to Senior Economist Grant Long at StreetEasy :
“The glut of luxury housing in Manhattan and Brooklyn has been a key driver of the slower-moving markets in those areas. More affordable housing options are still limited and as a result, New Yorkers are increasingly turning to Queens for the best deals, causing home prices and competition there to spike.”
Of significance NYC property management companies are rents fluctuations in the boroughs. In Manhattan, median asking rents rose 0.6 percent from August 2016 to $2,992. Fastest rent growths were in Upper Manhattan. As for Brooklyn asking rents rose 1.1 percent to $2,459. Rents are up 1.4 percent year over year however according to StreetEasy “Despite Queens rents rising more than those in Manhattan and Brooklyn, its pace of price growth was the slowest on record: up 1.4 percent year-over-year to $1,998.”
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