For those fleeing Manhattan’s pricey housing, Queens may be the answer. Or maybe not.
A new report from appraisal firm Miller Samuel for mega-brokerage Prudential Douglas Elliman pegs the average sales price of a Queens home at $492,117 in the fourth quarter of 2006, down 1.5 percent from the quarter before, but up 1.2 percent from the same time in 2005. The median sales price was $485,000 in the fourth quarter, also a slight quarterly decline, but year-over-year increase.
Both the Queens median and the Queens average sales prices are about half of Manhattan’s. Which might help explain why it takes around half as long in Queens (83 days) to sell a home as it does in Manhattan (149), according to Miller Samuel.
Still, sales were down in the fourth quarter 12.6 percent from the quarter before, the new report states. Maybe, then, while Queens is cheaper than Manhattan (and Brooklyn, for that matter), it’s still… well, Queens. (We kid, of course. Kind of.)
– Tom Acitelli