Elmhurst is bounded by the Long Island Expressway to the south and by the Brooklyn-Queens Expressway to the west. Queens Boulevard, Woodhaven Boulevard, Junction Boulevard, Roosevelt Avenue, and Broadway are major roads in the community. Elmhurst is connected to Manhattan and Jamaica by Queens Boulevard and is connected to John F. Kennedy International Airport by Woodhaven Boulevard and to LaGuardia Airport by Junction Boulevard.
Elmhurst's rapidly growing Chinatown is the second in Queens. Previously a small area with Chinese shops on Broadway between 81st Street and Cornish Avenue, this newly evolved second Chinatown in Queens has now expanded to 45th Avenue and Whitney Avenue and is developing a satellite of the Flushing Chinatown. It is Queens second-biggest Chinese enclave behind Flushing. There is a big demand by investors to find Multi-family houses or brick buildings. Elmhurst market trends indicate an increase of $173,500 (38%) in median home sales over the past year. The average price per square foot for this same period rose to $517, up from $478. The Queens housing market set a number of new price records, as the region benefited from the spillover of demand from Brooklyn. Median sales price set a new record rising 10.7% to $499,000 from the same period a year ago.
Average sales price followed the same pattern, rising 7.6% to a record $561,966. There were 3,750 sales during the Q3, up 3% of the same period last year to the highest third quarter sales total in 9 years. With heavy sales volume, listing inventory continued to slide. There were 4,291 listings on the market at the end of the quarter, 18.3% less than the same period a year ago. With more demand and less supply, the market moved at its fastest pace in 11 years. The absorption rate, the number of months to sell all inventory at the current rate of sales, fell to 3.4 months from 4.3 months in the year ago quarter. The decade quarterly average was 9.9 months or three times slower than the current market pace. Despite the
rapid pace of the market, days on market, the average number of days between the date of the
last list price change and the contract date, was 92 days, unchanged from the prior quarter and
12 days slower than the previous quarter. Listing discount, the percentage difference between the list price at time of sale and the sales price, remained nominal, tightening to 0.9% from 2.5%