A new report found that the western Queens area is continuing to see new development and rising rental prices.
Modern Spaces recently released their Long Island City, Astoria, and Greater Queens Market Report for the second quarter of 2019. The report examines real estate trends for condos in Long Island City, Astoria and Flushing from April through June 2019.
According to their findings, the Long Island City market continued to lead the way for new developments. While the on the market prices of condos saw a 9 percent increase compared to the first quarter of 2019, closed prices saw a 4 percent decrease year-over-year. However, the price per square foot on closed new development saw a 5 percent decrease year-over-year while closed unit volume decreased 35 percent year-over-year.
Compared to Q1-2019, Long Island City saw an 11 percent in in the price per foot of units in contract in the second quarter. According to Modern Spaces, this shows that the demand in Long Island City is remaining high for condo-buyers.
Long Island City’s rental market also shows no signs of slowing down: net rents rose 15 percent year-over-year, and average net price per foot increased 9 percent this quarter. Once again, Hunters Point had the highest overall rent this quarter at a price of $9,500 and made up 51 percent of all rented units.
In Astoria, the price of closed units saw a 4 percent decrease compared to the last quarter. Net price per foot of condos on the market in Astoria saw a 8 percent increase this quarter, but decreased 7 percent on closed units. One-bedroom condos had the highest amount on the market and in contract (making up 53 percent overall), and Modern Spaces says that this shows that Astoria is still attracting more first-time homebuyers.
Astoria’s rental market saw that the price for average overall square feet increased by 20 percent year-over-year. Net price per foot in Astoria saw an 18 percent increase year-over-year and 9 percent increase in net rent. Rental volume of units saw a whopping 50 percent increase this quarter.
According to Modern Spaces, Flushing’s market in the second quarter continued to be boosted by new development making up the majority of closed condo sales in the neighborhood. While the volume of closed units increased 30 percent since the first quarter, the overall on the market prices and closing prices for condos decreased 4 percent and 7 percent, respectively, since the last quarter.
Click here to read the full report.