Inventory level is high by comparing the current number of listings with the number that was sold in the first 6 months this year. Especially 2-family houses inventory was built up all across Queens.
Inventory as at 07/17/09:
34 units of 2-family - median asking price $799,000 (51 months inventory)
9 units of 1-family - median asking price $529,100 (14 months inventory)
22 units of condo - median asking price $354,000 (44 months inventory)
173 units of co-op - median asking price $225,000 (19 months inventory)
Units closed in the first half year of 2009 - 01/01/09 to 06/30/09:
4 units of 2-family - median selleing price $442,000
4 units of 1-family - median selling price $422,500
3 units of condo - median asking price $307,000
55 units of co-op - median selling price $195,000
Units closed in the first half year of 2008 - 01/01/08 to 06/30/08:
10 units of 2-Family - median selling price $752,500
10 units of 1- Family - median selling price $587,500
4 units of condo - median asking price $355,000
83 units of co-op - median selling price $195,000
Source: MLS of Long Island
Time for some reality and price adjustments so the few units in this area can sell