Sellers have the edge in the Queens housing market as home prices jumped through the year, according to the August monthly market report by Keller Williams Realty.
Prices of co-ops, single or multi-family homes and condos all saw increases through August, the report found, and the median home price rose 3.5 percent to $401,000. Condo prices increased to $420,000 from 407,500 last year, co-ops rose to $197,000 from $185,000 and residential houses, which saw the biggest gain, surged 11.7 percent to $579,000 from $518,500.
The inventory of Queens homes, which dropped 6.6 percent to 5,627 houses, co-ops and condos through the year, is partly to blame for the rise in prices.
Decreasing availability of homes resulted in “keeping the market slightly in favor of sellers in most neighborhoods, especially residential and condo home sellers,” the report said. “With fewer homes on the market across Queens County, buyers have fewer options so in many markets timeliness will be a big factor when putting in an offer on a home, co-op or condo.”
Along with higher prices, housing sales fell this August compared with last August, the report said.
Residential home sales dropped 9.8 percent from 501 to 452, co-op sales decreased 3.2 percent to 272, and condo sales plummeted 32 percent from 100 to 68 compared to August 2013.