Kew Gardens, Queens Market Watch

Market Watch – Kew Gardens

September 25, 2017 Kew Gardens, NY

As we transition into Autumn in NY, perhaps now is a good time to reflect upon how 2017 has been for real estate in Kew Gardens, Queens. With the new year on fast approach, we can also speculate on how things will turn out in 2018. While we can’t control everything, a good plan goes a long way in achieving one’s goals. To that end, allow me to assist in that planning by providing you with information that can be useful in that process.

Thinking about buying or selling your co-op or condominium in the new year? Here is a performance comparison for co-op and condo sales in Kew Gardens for the first half of 2017 compared with the same period of 2016*. I’ll be happy to provide the same or more in-depth analysis for other neighborhoods / types of property – just ask! 

 

 
2017
2016
Percentage of Change 
Number of Units Listed
11097+ 12%
Number of Units Sold
6186– 29%
Average Sold Price
$272,918$247,667+ 10%

 

As one can decipher from the table above, there has been an increase of apartments brought to the market but a significant decrease in the number of units sold. Allow me to speculate on the cause of the number of sold units having decreased in spite of the number of listed units having increased. There was a new condo development, Courtyard Gardens, that may have affected those numbers. One should keep in mind that the majority of the Courtyard units closed in 2016, hence bringing up the number of sold units for that year. The addition of those completed units to the market caused a temporary rise in the inventory but overall, supply has remained low.  In 2017, the low supply of available units has caused the number of sold units to decrease while the average sold price increased by about 10%.

Due to the low inventory of available units, low interest rates, and high demand, I wouldn’t be surprised if prices will continue to trend upwards for the rest of the year. I suppose we’ll have a better picture soon after we see the numbers for the third quarter of the year, and finally, once we see the year end stats. Until then, please feel free to reach out to me any time. You can call, email, or simply swing by my office on the corner of Austin & Lefferts! 

Yours in Service,

Ron Cohen, Licensed Real Estate Broker

*listing and sale data provided by the Multiple Listing Service of Long Island, a subsidiary of the Long Island Board of Realtors and the National Association of Realtors (NAR).

 

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