Long Island City Market Stats (Part 1/4)

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Here is a brief infographic I created and computed using April 2020 data to show you where the market currently stands as of late in Long Island City. This is going to be part 1 of 4 farms that I'm currently focusing on in order to bring value to customers that might be interested in different markets for a wide breadth of reasons. Today we will be focusing on Long Island City, and why it is such a huge deal. 

Sourced from information from the OneKey MLS, I was able to estimate the above metrics. These are very important because it shows whether the neighborhood is a buyers' or sellers' market. It's also important for both sellers and buyers in order to have a general idea of how quickly a listing will be sold at for a certain price, or whether there will be negotiation incentives for buyers.

Long Island City is a hot market. If you have ever been there, you'll notice how accessible everything is to the city and how convenient that might be. Also, LIC as a whole has been designed impeccably where it seems as if every section of the neighborhood flows seamlessly throughout. For example if you were to go to Aurora, a high end Condominium with doorman; gym; and rooftop, you'll notice how it blends with the whole gamut of the street. Right next to it there is a high-end hotel and grocery store, and there is easy access to the subway. Not to mention, you CAN find free street parking. It's still a locale of Queens so you won't have as many issues with street parking as you would in the city. Not only that, commuting to Manhattan by subway or car is completely feasible and quick.

Here are some metrics that aren't on the infographic that might indicate opportunity:

  • Median Estimated List Price: $1,098,000
  • Median Estimate Sales Price: $860,000

This puts the median Sales to List Price at just over 78% which is really wide. Normally for the Queens metro, the S:L ratio is 90 to 95% on the spectrum, but this shows how there might now be opportunity to find good deals in LIC Real Estate. Keep in mind that even in the current market, sellers are still fixed to their prices so there is less wiggle room than one might think, especially considering that DOM is large at 119 days on market in RPR and 124 according to my calculations. This means that sellers are willing to wait to get their prices, despite numerous inventory and price changes. This is why getting seller concessions or providing one is crucial in getting deals done more quickly; especially considering how loan providers are becoming more stringent in their business practices.

Nonetheless, LIC is still a big uptrend and is one of Queens hottest commodities. In a city with just over 44,000 people, and with a lot of recent developments, LIC is on the up and up over the long term of 10+ years. So you might want to at least consider owning equity to invest or live-in, or both.

Long Island City Market Stats (Part 1/4) Long Island City Market Stats (Part 1/4) Reviewed by Alex Sung on April 30, 2020 Rating: 5

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