Queens is getting its luxury on.
The latest new development market report from StreetEasy.com shows that although prices in the borough were generally stable through the last quarter, luxury pricing edged above year ago levels.
The median sales price of a luxury property was $852,500, up 2.9% from the prior year quarter result.
The median sales price for the whole market slipped 3.9% to $370,000 from the prior year quarter while the average sales price rose 4.6% to $417,231.
The number of new development sales declined 8.5% to 2,509 as actual listing inventory shurnk by 12.2% to 9,052 units from the same period last year.
Qeeens listings spent an average 79 days on the market during the last quarter, according to StreetEasy, down from 108 days in the prior year quarter.
And discounts dropped to 3.9% from 6.6% in the same period last year.
Mortgage underwriting continues to be “rrationally tight,ˮ said StreetEasy, but mortgage rates continue drive entry-level demand.