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Queens residential sales market experienced slight growth in the total number of sales in 2015.

Home sales in Queens increased 6 percent year-over-year to 4,098 total sales, according to the report released by Real Estate Board of New York (REBNY). Sales in the Bronx grew 10 percent, while Manhattan and Brooklyn both experienced a modest decline.

The sales activity in Queens can be attributed to the decline of interest of buyers in Manhattan — high-end sales in particular.

“We are bullish on our view of New York City as a desirable place to live, especially as more buyers look beyond Manhattan for their homes and sales activity continues to increase in other boroughs,” REBNY President John Banks said.

The average sales price of a Queens home was $499,000, which represents an 8 percent increase. Brooklyn homes, in comparison, go for $799,000 on average, growing 12 percent year-over-year.

The most desirable Queens neighborhoods to buy a home were the Rego Park, Forest Hills and Kew Gardens area, with 412 sales, and Flushing, with 393 sales.

 

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George and Abigail Herrera February 02, 2016 / 04:15PM
Thanks for the info Katarina! Unfortunately reports on the Queens real estate market just won't be completely accurate until we consolidate the sales data from Rebny, OLR, and MLS of Long Island. Rebny and OLR agents tend to only sell properties in Western Queens while LIBOR Agents sell properties all over Queens. I wrote my own "2015 Year in Review" post but it's based on LIBOR data. In any case, great write up! This is an issue I find very challenging when creating my monthly reports:) Thanks again! http://blog.queenshomeselling.com/buying-a-home-coop-condo-in-queens-ny/queens-real-estate-market-2015-year-in-review/
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