The prices in real estate in Long Island City, in the New York region have had a strong fall in the last couple of months. The real estate prices for second hand homes have gone through a strong fall in this city.
The price per sq.feet in Long Island City has had a strong decrease during the last 6 months. In November, the average price per sq.feet was $4,995. In the following month the price per sq.feet decreased considerably to $1,264. The price for the following two months in (January, February) had a considerable decrease of 42 with regard to the prior two months. The price per sq.feet has had a considerable deflation of 60 % in the last two months compared to the average price for the previous four months. This was obtained by comparing the first four months of the period going from a price per sq.feet of $2,217.75 to $1,323.5 during March, and April.
Based upon to the price in Long Island City (cities), these have remained the same in the last 6 months. The average price during our first sample month during November, is $1,187,105. During December the price went through a considerable rise reaching $1,388,575. During the following two months (January, February) the average price fell 86 % with regard to the previous two months. During the last two months, the average price has pretty much remained the same with regard to the previous average values going from an average value of $1,196,507.25 and $1,204,142 between March and April.
The graph displaying the average price for bedrooms illustrates that those properties with 1 bedroom are the cheapest ones. At a price of $1,216,377 they are 32 % more affordable than the average price for Long Island City. The properties with the highest average price have 2 bedrooms, Their price is 40 % more costly than the average. After that we have properties with 3 bedrooms priced at $1,236,656.
With regard to the average price per sq.feet , those properties with 1 bedroom are the most costly ones at a cost of $5,436 / sq.feet, with an average $1,297 / sq.feet price in Long Island City. The properties with the highest average prices have 4 bedrooms. They are 1102 % more expensive than the average followed by properties with 3 bedrooms with a price at $13,115 / sq.feet.
The graph displaying the average prices displays the property type "Detached House" as the most affordable one. At an cost of $1,216,377 it is 20 % cheaper than the average price in Long Island City. "House" is seen as the second most affordable property type. The cheapest type property is "Apartment" followed by "House". At a price of $1,155,028 it is 5 % more affordable than the average price.
According to the average cost per sq.feet, the cheapest property type is "Detached House" at an average cost of $903 / sq.feet followed by "House" priced at $15,515 / sq.feet. "Apartment" is the most costly type of property with a $15,595 / sq.feet cost followed by "House" with an average price of $15,515 / sq.feet.