The Luxury market in Queens is usually thought of as single family residences $1,000,000 and up in price. There are currently 381 of these homes listed for sale at this time. Here are some Queens neighborhoods with $1 million+ properties currently listed (not all neighborhoods shown): Bayside- 49 homes; Beechhurst – 8; Douglaston – 24; Flushing – 76; Forest Hills – 15; Fresh Meadows – 20; Jamaica Estates – 15; Little Neck – 21; Malba – 7; Whitestone – 46.
The number of sales contracts in the last 4 months – 9/11/2018-1/11-2019 – for single-family homes listed for $1,000,000+ averaged 26.75 contracts per month. That equates to a 14.24 months supply of high-end homes for sale in Queens at this time (381 divided by 26.75= 14.24 months).
Six months of inventory represents a balanced market with equal number of buyers and sellers. Under six months is a sellers’ market with more buyers than homes available. And over 7 months trends toward a buyers’ market with more homes for sale for buyers to choose from.
It is important to note that there were 40 homes listed over $1 million that closed for $920,000-$999,000 during this period.
During this 4 month period and last quarter of 2018, only 3 properties closed over $2,000,000 – the highest sold a waterfront home in Douglas Manor selling for $2,800,000.
The highest sales contract for this period (not closed yet) was a home in Forest Hills listed for $3,200,000.
Breaking these numbers down by price range is more useful:
List Price (in Millions)
# For Sale
Avg. # of Contracts Per Month
Months of Inventory
This analysis lets us see the trend and allows sellers of luxury homes to realize it can take much longer to bring about a sale than for homes priced under $1 Million in Queens. This type of two-tier market has been felt throughout many metropolitan areas of the United States – an under-supply of average priced homes where more buyers are qualified to purchase, and an over-supply of high-end homes with fewer buyers in a position to buy.
Prices are predicted to not appreciate as much as they have here in Queens and will become more normalized. With interest rates currently down from the high of close to 5%, we may see this encourage luxury home sales in 2019. Also, luxury homes property taxes in Queens are still usually lower than those for such properties in Long Island and Westchester – an important factor for buyers considering the impact of the new tax laws.
When thinking of selling a luxury property, homeowners should consult experienced agents who are Certified Luxury Home Marketing Specialists (CLHMS). Expert advice is needed to best position a luxury home to sell in today’s market.
All statistics from Long Island Board of Realtors Multiple Listing Service.