The condo market in northwest Queens bounced back in the third quarter of 2020 after a slow spring marked by COVID-19, according to a new report.
The price of units in contract in Long Island City was up 31 percent in the third quarter, an indication that demand is slowly returning to the neighborhood, according to Modern Spaces, the real estate firm that authored the new report. With the rise in price, the market prices began to return to prices seen prior to the drop in the second quarter.
A little further north in Astoria, the neighborhood saw a 150 percent rise in the number of condos on the market, the report said. At the same time, the number of units in contract rose 238 percent in the third quarter, an increase that can be mostly attributed to Milo Astoria, a new development project that opened recently.
The condo market looked similar in Flushing, where the units on the market rose 788 percent compared to the previous quarter, according to Modern Spaces. The price of the average condo in the neighborhood also rose, with an 8 percent hike.
According to Modern Spaces, the Flushing condo market is slowly beginning to resemble the condo market in Long Island City and Astoria.
Despite the optimism of the report’s authors, they also recognized some of the negative effects of the COVID-19 pandemic on the rental market.
The rental market in Long Island City saw a decrease in volume around 31 percent and the average net rent in the neighborhood also saw a decline, dropping 7 percent from the previous quarter, the report said.