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Report: New York City Residential Market In 2012 Pulls The Highest Total Dollars Sales Since 2008
January 23, 2013
--4Q Sales Finish Off the Year on a Strong Note Hinting that Market Recovery Continues Despite Slow Progress for Other Economic Sectors --
NEW YORK, January 23, 2013 –The New York City residential sales market had its strongest year overall in 2012 since the financial crisis of 2008 in terms of total consideration, according to The Real Estate Board of New York (REBNY)’s Fourth Quarter New York City Residential Sales Report. Total consideration for the entire year was $30.3 billion and is the sum dollar value of all home sales in the five boroughs. The increase over last year is attributed to increasing confidence in the real estate market and improving economic conditions citywide.
Also, 2012 had the second highest total number of sales since 2008 at 39,381 homes. In 2010, there were 41,039 sales, but that figure was boosted by the home-buyer tax credit program.
Manhattan’s total consideration in the fourth quarter of 2012 was $4.4 billion, 49 percent greater than the fourth quarter of last year. Brooklyn’s consideration was $1.4 billion, 25 percent greater than the fourth quarter of last year. Total consideration in Queens was $1.2 billion, 18 percent greater than a year ago.
The average sales price of a home in New York City during the fourth quarter of 2012 was $775,000, a 12 percentincrease from the fourth quarter 2011 average. Compared to the fourth quarter 2011, the average price of a home in Manhattan increased eight percent to $1,383,000; Brooklyn prices increased nine percent to $589,000; and Queens saw a six percent average price increase to $419,000. The Bronx average sales price decreased one percent to $347,000 indicating that its recovery is the weakest of the five boroughs.
“Based on the annual growth in total consideration and total sales since 2008, the New York City market continues to show clear signs of a recovery from the financial crisis,” said Steven Spinola, REBNY president. “The fourth quarter of 2012 performed better than the same time a year ago, and we’re seeing continued improvement. The anxiety about the fiscal cliff crisis at the end of the year and impending changes in tax law that would have impacted sales appears tohave a stimulating effect on sales activity inManhattan, where prices and sellers are more likely to be affected by these changes. In the other boroughs where the average home sales price is significantly lower than Manhattan, these issues appear to have had less of an impact.”
REBNY’s Fourth Quarter 2012 Residential Sales by Neighborhood:
- Manhattan neighborhoods with the most home sales this quarter were; the Upper East Side (751 sales), the Upper West Side (574), Midtown West (240), Midtown East (229), Gramercy/Kips Bay (198), Chelsea/Flatiron (177).
- Brooklyn residential home sales activity was focused in Bedford Stuyvesant (156), Park Slope (135 sales), Williamsburg (123), and Brooklyn Heights (106).
- Queens neighborhoods with the most home sales were; Flushing (333 sales), Rego Park/Forest Hills/Kew Gardens (325), Jackson Heights/Elmhurst (233), and Richmond Hill/South Ozone Park/Woodhaven (206).
- Bronx neighborhoods with most residential home sales this quarter were Riverdale/Fieldston (85), City Island/Pelham Bay/Pelham Strip/Country Club/Throgs Neck/Schuylerville (80) Parkchester/Westchester Square/Castle Hill/Soundview (70 sales), Woodlawn/Williamsbridge (67).
REBNY’s report is the most comprehensive quarterly review of recorded transactions and includes data from all five boroughs.
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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 13,000 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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