The second half of 2013 proved to be the stronger of the two. The Queens market saw a surge in properties sold setting the tone for the 2014 year to come.
The number of properties sold in 2013 increased 17 percent from 2012, with Queens being the only market besides Northern Manhattan to have either matched or exceeded its 2012 numbers. The dollar volume remained remotely the same around $2.3 billion, however, the number of properties sold increased from about 600 properties to just fewer than 800, with the second half of 2013 seeing 482 property sales alone.
On an average price per square foot basis 2013 numbers increased about 13 percent from 2012 to $296 per square foot. Again, the second half brought in the big numbers with an average of $322 per square foot. Property types, including retail, elevator, walk-up, and office, saw an increase in average price per square foot, while mixed-use returned an average price per square foot at about the same as 2012 numbers.
After a flourishing second half, we are expecting transactional turnover in Queens to normalize in 2014 getting closer to 2005-2008 levels again.