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4th Quarter 2012 New York City Residential Sales Report
January 23, 2013
The New York City residential sales market in the fourth quarter of 2012 finished the year with strong sales volume and stable prices. The number of residential sales in the fourth quarter of 2012 was 9,665.Compared to the fourth quarter of last year, sales increased 24 percent. The average price of a home sold during the fourth quarter of 2012 was $775,000, 12 percent greater than the fourth quarter of 2011. Total consideration for residential sales in the fourth quarter was $7.48 billion, 38 percent greater than the fourth quarter of last year. Sales of homes over ten million dollars increased moderately with 30 sales breaking the threshold this quarter compared to 16 during the fourth quarter of 2011.
Overall, 2012 was the strongest year for the New York City residential sales market in terms of total consideration since the financial crisis of 2008. Total consideration for the entire year was $30.3 billion. The next highest year was 2010 with total consideration of $29.7 billion Total sales this year were the second highest since 2008 at 39,381. In 2010, there were 41,039 sales, but that figure was boosted by the home buyer tax credit program. 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.
Manhattan’s 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.
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).