Stribling & Associates Releases Fourth Quarter 2017 Long Island City Sales Report

QUEENS, N.Y., Jan. 18, 2018 /PRNewswire/ -- Stribling & Associates, a premier New York residential brokerage, today releases the fourth quarter Long Island City Market Report. The report focuses on the Northwest Queens neighborhoods of Astoria, Hunters Point, and Sunnyside and is the only report to cover inventory levels, contracts signed, and closed sales for all three areas. Increased demand in the more affordable Sunnyside neighborhood pushed sale prices higher, while Astoria and Hunters Point saw substantial increases in inventory pricing. 

"Northwest Queens continued to see areas of strong growth in the fourth quarter," said Garrett Derderian, Director of Data & Reporting at Stribling. "However, this growth was unevenly spread across the market. When looking at property types, co-ops and houses performed strongly, while condos saw a slight pullback for both median and average price year-over-year. By area, Sunnyside saw the greatest gains, but still remained the most affordable neighborhood."

The report highlighted that while overall sale prices were slightly down from this time last year, inventory prices increased dramatically across all property types and submarkets. Houses saw the greatest median and average inventory price increases, up 18% to $1,295,000, and 32% to $1,439,385, respectively. When looking by area, Astoria saw the greatest improvements among active listings, with the median price up 43% to $859,000 and average price up 35% to $964,740.

"While there has been stronger growth in the emerging markets, Hunters Point, where almost all the new construction is occurring, remained the most expensive area for inventory, contracts, and sales," Derderian reminded. "We also saw broader issues impact the market, including the tax policy, which only became finalized at the end of the quarter. Despite this, there was still an uptick in total number of closings, setting a market-wide PPSF record."

Highlights from Stribling & Associates 4Q Long Island City Market Report:

• Median sales price was $798,250, down 1.9% year-over-year
• Average sales price was $831,288, down 0.4% year-over-year
• Average price per square foot was $1,089 (record)
• Average days on market was 82
• 47% of active inventory was listed above $1M
• 30% of recorded sales were above $1M

Recorded Sales:

• There were 269 sales, an increase of 8% year-over-year
• Condos made up 49% of all sales, 27% were co-ops, 24% were houses and townhomes
• Condo units saw an average PPSF of $1,160 (record)
• Townhouses/houses had the highest median price at $1,107,500
• Co-ops had a 20% increase in PPSF to $715
• Hunters Point had the highest average PPSF at $1,228 (record)
• Sunnyside had the largest properties averaging 895 square feet
• Astoria saw all price metrics decline, fueled by a 17% drop in average size to 832 square feet

Contracts Signed:

• Condos made up 69% of all contracts
• Condos recorded the highest average PPSF at $1,121
• Co-ops had the highest median price increase, up 22% to $425,000
• Townhouses/houses were the only property type with a median and average price above $1M
• Hunters Point captured 50% of all contracts with the highest average PPSF at $1,171
• Astoria had an average price increase of 11% to $728,928
• Sunnyside had the highest average price increase, up 24% to $480,421

Inventory:

• Condos made up 67% of active inventory
• Condo units had the highest average PPSF at $1,118
• Condos had the highest median price increase, up 21% to $1,080,000
• Co-op units were the most affordable, with an average PPSF of $585
• Townhouses/houses saw the highest average price increase, up 32% to $1,439,385
• Astoria had the highest median price increase, up 43% to $859,000
• Hunters Point recorded the highest average price, up 12% to $1,394,494
• Sunnyside saw all price metrics increase, with the average PPSF up 5% to $595

About Stribling & Associates

Stribling & Associates, Ltd. is a premier residential real estate firm with over 300 agents throughout three locations in Manhattan and one in Brooklyn. As one of the most renowned brokerages in New York, Stribling uses its respected expertise in the current market to provide individualized services to both buyer and sellers. Stribling agents specialize in the sale of luxury townhouses and cooperative and condominium apartments. The company's philosophy is based on professional, personalized services coupled with exceptional knowledge of key residential market trends. Stribling Private Brokerage specializes in the discreet marketing of properties over $5 million and commands a prominent market share in that sector of Manhattan residential real estate. Through strategic partnerships with Miami's Cervera and international estate services firm Savills, Stribling's global reach extends to more than 700 offices worldwide.

Press Contact:
Ashley Murphy, Director of Public Relations
[email protected] 
646-675-5068

SOURCE Stribling & Associates

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