A new AccuriZ report titled "Square Footage and Median Price Differentials," highlights the sales activity of New York City and the differnces between median sale price and price per square foot. Below is an excerpt from the Queens section of the report.
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Real Estate is like a set of Russian Nesting Dolls; analysts tend to focus on the entire market, with minimal effort given to the underlying components. As you examine various segments of the markets, different patterns emerge. Generally, in real estate there are three rules: Location, Location and Location. And in the current market, if you do not have to sell you don't.
Analysis of the Price Per Square Foot and Median sales price track closely in Queens, with a variance of less than 1% on an overall basis. However, further stratification based on property class indicates that the price per square foot varies by more than 1% for specific property types. Single Family homes appear to be affected by square footage more than two and three family properties.
This would indicate that buyers have different perceptions of the market for the various property types. The overall decline in Queens is 11.18% with only Two-story Single Family Homes and Single Family with Stores exceeding this level.
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