A new report found that while prices in Queens are going up, the number of multifamily units that are changing hands are dropping drastically.
PropertyShark.com recently released a report that tracked multifamily sales registered in Manhattan, Brooklyn, Queens and the Bronx between Jan. 1, 2017 and Nov. 30, 2019. According to their findings, sales in Queens remained relatively stable throughout November 2019, only dropping 7 percent compared to the previous year.
Queens had 14 recorded multifamily sales during this month, which included the sale of 41-15 29th St., which sold for $47 million. The borough’s total sales volume $86,862,500 in November, which was an 83 percent drop compared to November 2018. PropertyShark.com notes that November 2018 was an unusually strong month for multifamily sales, totaling $515 million, which is a whopping 175 percent increase compared to the November 2017 sales volume.
Even with this in mind, Queens transactional activity slowed year-over-year, with total volume dropping to $917 million, a 43 percent decrease compared to the same period in 2018.
The report also found that Queens’ year-to-date volume followed similar trends with a total of 2,797 units traded in the first 11 months of the year. Compared to the same time period the year prior, this marked a 65 percent drop. In November alone there were only 306 units trading hands, which marked a 79 percent decrease year-over-year.
Despite these decreases, Queens prices continued to trend upwards. The report found that the average price per unit in Queens expanded one percent year-over-year and the average price per square foot increased 23 percent year-over-year. The average price for a Queens multifamily unit was $254,563 in November, while the price per square foot stood at $381.
Visit propertyshark.com to read the full report.