The condo market in northwest Queens, which was hit hard as a result of the ongoing pandemic, made a comeback during the last quarter of 2020, a new report shows.
Long Island City, home to the most expensive real estate market in Queens, saw a boost in its condo market during the fourth quarter of last year, according to a report by real estate firm Modern Spaces.
The number of closed units in the neighborhood were up around 20 percent in the last couple months of the 2020, the report said. Additionally, the sales volume of units in Long Island City returned to pre-pandemic levels in the fourth quarter, according to Modern Spaces.
Neighboring Astoria’s condo market also saw a large increase in the pricing. The average price per foot of condo units rose 42 percent in the fourth quarter, the report said, adding that the Astoria condo market is one of the hottest in New York City.
A little further east, the Flushing condo market also saw an increase in the price of units in the fourth quarter, rising 13 percent when compared to the third quarter, according to the report.
Modern Spaces found that the demand for new developments in Flushing, which is currently seeing the creating of a waterfront development project, is at an all-time high and reaching price levels seen in Astoria and a handful of projects in Long Island City.
The price per foot of new development units in contract was $1,249 in Flushing, an increase of 45 percent year over year, according to the report.
For the full report, click here.