Property prices in Queens have dropped in February 2013

The Epoch Times reports that property prices have dropped in Queens – 13.8 percent in February, which is the sharpest single-month decrease since March 2010, according to this report from Coldwell Banker. Median property prices went down to $340,500 in February, whereas they were at $395,000 in January, and down 2.7% from $350,000 in February of 2012. Additionally, “Average property prices are similarly down from a 3-year high in December to almost the 3-year low, which was recorded in March 2012.”

And there isn’t a lot of inventory in the borough, either; apparently credit conditions are tight, too, which contributes to that problem. The number of listings on the market is the lowest in three years.

Queens Property Prices Dive in Feb ’13 [The Epoch Times]
Market Action Report February 2013 [Coldwell Banker]