Queens Sales Activity Report
SUBMITTED BY Highline Residential on July 14, 2017
Over the past five years, we have made our way through a housing recovery which has seen prices rise to and above 2007 levels and financing requirements loosening up to allow more and more buyers to enter the market.
But as buyers enter the market today, they may find themselves in the unenviable position of having to compete with a significant amount of all-cash and high down payment buyers while dealing with the limited inventory available in their areas of interest.
Buyers dealing with these pitfalls may want to broaden their searches to include additional neighborhoods and pockets of neighborhoods that have historically turned over at a higher rate relative to the rest of the Queens market. They may also consider neighborhoods that are creating new inventory through new construction. Focusing on these neighborhoods will offer these buyers more inventory and options and afford them a better chance of securing the home of their dreams.
Hypercompetitive Neighborhoods (Low Inventory and Turnover)
Zip Code 11372 (Jackson Heights): With 94 residential sales in 2015, amounting to a turnover ratio of 0.77%, owners in this pocket of Jackson Heights were least likely of all owners in Queens to sell in 2015. Looking for an apartment in this area? Ride the seven train over to flushing and more options become available.
Zip Code 11415 (Kew Gardens): Some of the most spacious houses in Queens can be found in Kew Gardens, but considering there were only 39 residential sales for a 1.03% turnover ratio in this area in 2015, it may be difficult to find that perfect house you are looking for. Head south to Richmond Hill or west to Forest Hills to give yourself a better chance of finding something, even though it may be not exactly what you were looking for.
Zip Code 11362/11104 (Little Neck/Glen Oaks): 139 Residential sales in 2015 give Little Neck and Glen Oaks a turnover ratio of 1.24%, third lowest in Queens. Bellerose and Queens Village come to the rescue, with over 400 sales in 2015 and a more approachable 4%+ turnover ratio.