Latest NYC Real Estate Trends: Sales Surged in Long Island City and Astoria
In the First Half of 2021, both the Long Island City and Astoria real estate markets had their best half-year period on record. This surge in activity can be attributed largely to a spike in new development closings. Additionally, buyers are continuing to take advantage of favorable pricing, increased housing options, and historically low interest rates. These Western Queens markets showed their resiliency by rebounding from the low closing figures and limited contract activity that occurred during the market pause.
· LIC closings more than doubled a year ago, reaching their highest half-year period in over ten years. Closings were heavily skewed by new developments, which accounted for a full 77% of all closings in the neighborhood.
· Astoria sales rose 44% year-over-year. The demand in Astoria was also highest for new developments. Many took advantage of the surge in apartment choices and increased purchasing power due to still-low interest rates.
Active listings rose in LIC due to an increase in inventory at new developments, which had three times the number of active listings versus this time in 2020. In total, LIC inventory was 48% higher than last year.
Buyers looking in Astoria also had more options. There were significantly more resale condo inventory compared to the First Half of 2020. This property type contributed most to the swelling of Astoria inventory as sellers looked to capitalize on the current momentum in the market.
AVERAGE PRICE PER SQUARE FOOT
· In LIC, the increase in sales of two-bedroom homes, the rise in sponsor sales, and a shift away from smaller apartments priced under $500K impacted the average. Average price per square foot figure rose 3% higher versus last year.
· Sales in Astoria skewed towards new development condo closings. At $940, average price per square foot held steady compared to a year ago.
Please take a moment to look over The Corcoran Report the First Half of 2021 LIC and The Corcoran Report the First Half of 2021 Astoria for full details.