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Report: NYC Residential Market Sees Poisitve Post-Recession - Sales Prices and Volumes Inching Up at Steady Pace
October 11, 2012
NEW YORK, October 11, 2012 – Echoing recent Manhattan residential real estate reports, New York City’s home sales market overall in the third quarter of 2012 demonstrated continued positive improvements with prices and sales volume inching up at a steady pace since the recession, according to The Real Estate Board of New York (REBNY)’s Third Quarter New York City Residential Sales Report. Brooklyn and Queens showed significant improvement with their highest average sales prices since the third quarter of 2007, at $619,000 and $411,000, respectively.
Average homes sales prices citywide increased by one percent to $786,000 compared to the same time last year, while sales volume increased six percent, which can be attributed to increased sales in Manhattan, Brooklyn and the Bronx.
The number of home sales in Manhattan increased seven percent since the third quarter of 2011, and five percent each in both Brooklyn and the Bronx.
“The lack of forceful economic winds in either direction seemed to act as a boon for the market but given the sustained level of demand and the decline in inventory both in Manhattan and the boroughs, development of new units should pick up in 2013,” said Steven Spinola, REBNY president. “Based on the data, the slow, steady and consistent improvement in the market continues to provide strong evidence that the New York City residential sales market has made it out of the woods and should only continue to improve.”
According to the report, the market has been bolstered by the Federal Reserve’s announcement of a round of mortgage backed security purchases aimed to keep mortgage rates at near bottom levels.
Although no individual sales breached the $50 million level, there were 26 sales over $10 million with the highest being the $40 million dollar sale of 973 Fifth Avenue.
Total residential consideration for New York City this quarter was $8,620,640,237, seven percent greater than the third quarter of 2011. Total consideration in Manhattan this quarter was $5,098,648,083, five percent more than the third quarter of last year.
REBNY’s Third Quarter 2012 Residential Sales Report Highlights:
- Brooklyn’s total consideration was $1,710,711,754, 10 percent greater than the third quarter of last year. Total consideration in Queens was $1,276,473,921, three percent greater than a year ago.
Total Home Sales
- Staten Island saw the greatest increase in the number of home sales since the same time last year with a 43-percent increase to 781 homes from 545
- The Bronx saw a five-percent increase in the number of home sales since 3Q2011 with 595 sales up from 568
Top Neighborhood Sales by Borough
- Manhattan – Upper West Side closed 760 sales
- Brooklyn – Park Slope closed 185 sales
- Queens – Flushing closed 336 sales
- Bronx - Riverdale/Fieldston closed 106 sales
- Staten Island – 781 closed sales total; neighborhoods not tracked individually
REBNY’s report is the most comprehensive quarterly review of recorded transactions and includes data from all five boroughs.
Tweet this: @REBNY 3Q12 Home Sales Report Shows Market on Steady Climb Up; Boros Come in Strong w/ Brooklyn and Queens @ Highest Sales Prices Since 2007
About The Real Estate Board of New York
The Real Estate Board of New York is the city’s leading real estate trade association with more than 12,000 members. REBNY represents major commercial and residential property owners and builders, brokers and managers, banks, financial service companies, utilities, attorneys, architects, contractors and other individuals and institutions professionally interested in the city’s real estate. REBNY is involved in crucial municipal matters including tax policy, city planning and zoning, rental conditions, land use policy, building codes and legislation. In addition, REBNY publishes reports providing indicators of market prices for both the residential and commercial sectors. Please visit us online at www.REBNY.com.
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