Astoria is seeing a residential rise in condo owners, according to data from a new Queens market report released last week.
New data from the Modern Spaces Q2 (second quarter) report show that the Astoria market has tripled the number of first quarter closings on condominiums in the neighborhood. According to the report, the average closed price has seen both quarterly and yearly gains.
During the first quarter (Q1), the average closed prices for one- and two- bedroom condos were $660,518 and $943,750 respectively. In the second quarter, the average closed prices rose to $666,432 and $956,058. Overall there was a 13 percent yearly increase in closed prices for Astoria properties, with the average closed price at $782,906.
Data also showed that the average closed price per foot in Astoria properties experienced an increase from Q1 to Q2. The average closed price per foot for one- and two-bedroom condos was $1,081 and $902 in Q1, and changed to $1,036 and $986 in Q2.
The highest price and price per foot for Astoria closed condos in Q2 was $1,347,637 at The Livelle and $1,178 at Verona Condominium, according to the report.
The average days on the market for one bedroom apartments in Astoria is 251. Two- and three- bedrooms spend an average of 166 and 124 days on the market respectively, and the average studio apartment spends just 88 days on the market.
In addition to data about Astoria, the report also includes sale and rental data from Long Island City and Flushing. The report shows that average closed prices in these neighborhoods have also seen yearly and quarterly increases; a 9 percent increase in Long Island City condos and a 13 percent increase in Flushing condos.
To request a copy of the full Modern Spaces Q2 report, or reports from other years and quarters, click here.