Three Queens neighborhoods — Flushing, Woodhaven and Kew Garden Hills — dominated the top 10 list of seller friendly markets in the city, according to a new study from StreetEasy.
The real estate website released its trends and data report earlier this month in which it listed the top markets for New York City buyers and sellers in 2018.
To determine the neighborhoods where either home buyers or sellers have more negotiating power, the real estate website created the Buyer/Seller Index, which combines the sale-price-to-list-price ratio, the percent of homes with a price cut, and the number of days homes spent on the market. StreetEasy said relative to other neighborhoods in New York City, buyers’ markets are identified as those with a higher index value, driven by more price cuts, homes staying on the market longer, and lower sale-price-to-list-price ratios compared to other neighborhoods in its analysis.
Sellers’ markets were classified as those with a lower index value, where homes are less likely to see a price cut, sell more quickly, and have sale-price-to-list-price ratios closer to or exceeding 100, indicating that buyers are paying above initial asking prices. StreetEasy based its 2018 analysis on all listings available on its site in 2017.
The report said Flushing residential properties spent an average of 52 days on the market last year and that 11.4 percent of properties saw price cuts while on the market. Woodhaven came in second place, with 6.9 percent of the properties on the market seeing price cuts and properties spending an average of 56 days on the market and there was a 100 percent sale-price-to-list-price ratio, indicating buyers are buying at the initial asking price.
Coming in third in the city was Kew Gardens Hills, where 20 percent of listings saw price cuts while on the market and properties spent an average of 61 days on the market.
Rounding out the top 10 of the sellers’ market in the city was Prospect Heights in fouth place, followed by Flatbush, Glendale in sixth place, South Jamaica in seventh, followed by Cobble Hill, Kensington and Briarwood coming in 10th.
Queens did not make the same impact on the buyer friendly market where the only neighborhood to crack the top 10 was Long Island City.
Streeteasy said neighborhoods offering buyers the most negotiating power tend to be located in Manhattan, or just across the river from it, where properties tend to be expensive. Areas in greater Midtown, where several pricey new condo developments have come on the market over the past year, dominated the buyer friendly list.
Dumbo and Long Island City, which are just one subway stop from Manhattan, were the only two neighborhoods outside of Manhattan to make the list. Streeteasy said one reason is that both tend to have the highest-priced units in their respective boroughs. With a median asking price of $1.1 million in 2017, Long Island City is the least expensive neighborhood among the top markets for buyers.
Reach Gina Martinez by e-mail at gmart
©2018 Community News Group
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