Queens Luxury Homes Update 2017

The luxury market is defined as the top 10% in sales prices of single family homes in a market area or city. In Queens County, NY, that price range is currently $900,000 and up. As of December 2016, Queens residential closed sales showed a median price pf $464,500, which is 4.6% increase over last year.

There continues to be a two-tiered market in Queens, as in many real estate markets in the United States. There is a shortage of properties for sale under $1,000,000, meaning a sellers’ market with less than 6 months of homes for sale in that price range. Over $1,000,000 there are more properties for sale – more than six months of inventory calculated by the rate of sale-then demand

QUEENS LUXURY HOMES – SOLD PRICES 1/1/2016 – 12/31/2016

Price Range Number Sold

$900,000 – $999,000 199

$1,000,000 – $1,199,000 80

$1,200,000 – $1,499,000 77

$1,500,000 – $1,999,000 31

$2,000,000 – $2,499,000 9

$2,500,000 – $2,999,000 5

$3,000,000 – $3,999,000 1

$4,000,000 – $6,000,000 0

LUXURY HOMES – INVENTORY OF HOMES CURRENTLY FOR SALE IN MONTHS

(The number of months for sale, or supply, in a price range equals the number for sale divided by the average number of contracts per month in that range. Six months, equals a balanced market with equal number of buyers and sellers. Below six months indicates a sellers’ market and above six months a buyers’ market.)

Price Range

$900,000 – $999,000

$1,000,000 – $1,199,000

$1,200,000 – $1,499,000

$1,500,000 – $1,999,000

$2,000,000 – $2,499,000

$2,500,000 – $2,999,000

$3,000,000 – $3,999,000

Number For Sale

$900,000 – $999,000 – 78

$1,000,000 – $1,199,000 – 67

$1,200,000 – $1,499,000 – 69

$1,500,000 – $1,999,000 – 58

$2,000,000 – $2,499,000 – 21

$2,500,000 – $2,999,000 – 11

$3,000,000 – $3,999,000 – 10

Rate of Sale/Contracts Per Month

$900,000 – $999,000 – 15.7

$1,000,000 – $1,199,000 – 9.0

$1,200,000 – $1,499,000 – 7.0

$1,500,000 – $1,999,000 – 4.5

$2,000,000 – $2,499,000 – 1.0

$2,500,000 – $2,999,000 – 1.0

$3,000,000 – $3,999,000 – 1.0

Months of Inventory For Sale

$900,000 – $999,000 – 4.9

$1,000,000 – $1,199,000 – 7.4

$1,200,000 – $1,499,000 – 9.8

$1,500,000 – $1,999,000 – 12.9

$2,000,000 – $2,499,000 – Years

$2,500,000 – $2,999,000 – Years

$3,000,000 – $3,999,000 – Years

For 2016 the highest price home sold in Queens was in Forest Hills with a closing price of $3,350,000. In the past several years one or two sold for $5,000,000. Buyers are looking for the “best of the best” in these high-end homes and will pay top dollar for that. Luxury properties must have unique amenities, quality features and finishes, and cater to buyers who desire a particular lifestyle.

Inman News included in one of their reports recently that the luxury market is expected to be active with a strong dollar still attracting foreign investment. An ever-increasing number of U.S. and foreign investors are recognizing the long-term opportunities of owning luxury property.

Industry experts also feel that the high-end market may benefit from a stock market which has reached record highs. Buying luxury property may be the “right move” at this time to provide balance and an inflation hedge for investors’ portfolios.

Statistics: Long Island Board of Realtors, Multiple Listing Service

Helen Keit, Licensed Real Estate Broker, Certified Luxury Homes Marketing Specialist (CLHMS)

Call 800-742-0126 or email Helen.Keit@KW.com for our customized “Three Tiered Luxury Marketing Program