New development and rising rental prices continue to trend throughout western Queens neighborhoods, according to a recent report.
Modern Spaces recently released the Long Island City, Astoria, and Greater Queens Market Report for the first quarter of 2019. The report explores the real estate trends for condos throughout throughout Long Island City, Astoria and Flushing as well as overall rental trends.
According to their findings, the overall rental market in Long Island City saw a 5 percent raise in prices year-over-year, with the highest rents at the Hunters Point area at $7,012. Overall unit volume bounced back from a low Q4-2018, increasing 37 percent in the first quarter. Rentals in Long Island City also saw a 5 percent decrease in net price per foot and that 76 percent of units offered free rent concessions.
Despite the increases in rental prices, many are looking at Long Island City for buying a home rather then renting – the neighborhood is leading the way for condo sales throughout the borough. The overall closing price for condos on the market in the neighborhood experienced a 12 percent quarterly increase, and closed condos saw a price increase of 21 percent year-over-year. Prices for closed, on the market and in contract condo units all rose over 10 percent since this time last year.
Rental trends in Astoria followed suit, with a 4 percent increase in price year-over-year. Net price per foot in Astoria saw a 5 percent increase this quarter, but decreased 12 percent year-over-year. Rental volume of units saw a 5 percent increase this quarter, with 80 percent of the units comprised of one- and two-bedroom units.
Condo closing prices in Astoria saw a 9 percent quarterly decrease and a 12 percent decrease year-over-year. The new development in the neighborhood led the way in condo sales, making up 82 percent of the available units. One-bedroom condos had the highest amount on the market and in contract (making up 57 percent overall), and Modern Spaces says that this shows that Astoria is attracting more first-time homebuyers.
Like Astoria, Flushing had a boost in new development making up the majority of closed condo sales in the neighborhood. However, overall closing prices for condos decreased 5 percent this quarter. In contract condos had a lower than usual volume of units (-49 percent), while on the market inventory for the neighborhood show slight decreases in price per foot (-1 percent).
Click here to read the full report.