JUST RELEASED
QUEENS MARKET REPORT
SECOND QUARTER 2009

"A release of pent-up demand, historic low mortgage rates
and seasonal trends, caused an above average increase
in the number of properties sold during the spring"

There were 2,129 sales in the quarter, 45.1% below the 3,876
sales from the prior year quarter, but up 18.2% from 1,801 sales
in the prior quarter. The increase in the number of sales was
higher than a seasonal increase, reflecting a release of pent-up
demand from the limited activity in late 2008 and early 2009.

The average sales price of a Queens property that closed during
the quarter was $396,756, down 11.5% from the prior year
quarter average sales price of $448,397.

The distance between seller and buyer expanded over the past
year, but the seasonality influenced a tighter discount in the
second quarter. The listing discount was 7.7% in the second
quarter up from 4.2% in the prior year quarter, but down from
8.4% in the prior quarter.

Listing inventory fell 14.3% to 10,100 units from 11,783 units in
the prior year quarter. The decline in inventory is indicative of
many sellers who do not have urgency to sell and have opted to
list their properties when the market improves.

The average days on market was 107, 11 days longer than the
96 days on market averaged in the prior year quarter and
unchanged from the prior quarter.

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