subject: Queens Real Estate Prices in 2011 [print this page] Queens Real Estate Prices in 2011 Queens Real Estate Prices in 2011
Queens, New York is located in the western part of Long Island. The area is 178.3 miles by 109.2 square miles, 38.7% that is water. Five separate towns make up Queens and are Long Island City, Jamaica, Flushing, Far Rockaway and Floral Park. Each district has its own distinct neighborhood, mainly in keeping with past and present nationalities.
The average listing price for Queens as a whole for week ending February 9, 2011, was $414,808, down by $1,033 or .2% from the previous week. Presently there are 6,087 homes on the market with 5,274 sold in the past week. Foreclosures are still running high at 689 for the entire area according to week ending February 9 figures. Cambria Heights, located within the borough of Jamaica had a good week with a 26.5% increase in average price of $333,983 to break a losing trend of homes being priced in the $290,000 area.
Jamaica has a large African American and Caribbean population and considered on the lower level of classes. This could be a sign that good paying jobs are being opened up with residents willing to buy a new home. There are also middle-class African American and Caribbean neighborhoods within Jamaica such as Rosedale and Springfield Gardens that stayed consistent with sales averaging in the $360,000 price area.
Flushing is a large Asian community that also has Hispanics, Italians and Greeks from descendants and is on the rise with a home averaging $485,071. This figure has held steady for the past two weeks after rising by 30% weekly over the past month.
Maspeth and Ridgewood are home to lots of European immigrants that include Albanian, Slavic and Polish populations. Lying next to Long Island City, prices for homes range anywhere from $450,00 to $500,000 and have been gaining strength in pricing for the past month. One month ago the average price for a home in Maspeth was $293,000. This shows that the area is gaining popularity and a stableness beginning to occur.
Whitestone continues to see gains, inching upward from an average $706,500 sales price four weeks ago to $810,962 mark this week. This residential neighborhood is popular because of the great care taken by residents of traditional European descendants and the close proximity to Manhattan only 25 minutes away.
The economy of Queens has a growing and vibrant future with a high concentration of export-oriented jobs that typically pay higher than average wages. Small businesses that lay around JFK and LaGuardia airports employ local residents, many in the health care industry. More than half of all Queens residents are immigrants and make the area rich in cultural heritage.
Every borough of Queens is unique in its own sense and the prospect of being a homeowner has fared well throughout the economic downturn. Pride of heritage, great schools and outstanding police protection are continuing qualities found in Queens. Homes ranging from $184,000 to $850,000 are a reality for anyone seeking to live in this popular area of New York City.
