There was, however, at least one bright spot in the report. As poor as they were compared to last year, sales were up in comparison to the previous quarter, during which only 1,801 homes were sold. The quarter-to-quarter increase was more than would be expected just from a seasonal change, the report said, “reflecting a release of pent-up demand from the limited activity in late 2008 and early 2009.”
Inventory fell 14.3 percent to 10,100 units compared to the prior year. “The decline in inventory is indicative of many sellers who do not have the urgency to sell and have opted to list their properties when the market improves,” according to the report.
The changes in the market also varied from one part of the borough to another. In Central Queens, sales fell 49.6 percent while median prices actually rose 7.1 percent.
It was at the borough’s western and northeastern corners that prices fell the most. In the northeast, median prices fell 29.8 percent while sales dropped 43.7 percent. In western Queens, prices fell 31.2 percent and sales dropped 51.2 percent.
The full report is available online at millersamuel.com.
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