The first quarter of 2012 was a stable period for the New York City residential sales market. Sales volume and prices both increased from the sluggish fourth quarter and were close to flat when compared with the first quarter of last year. The continuation of a rise in the stock market, positive employment figures, and the temporary alleviation of the European debt crisis, all contributed to an active sales market. Continued signs of financial stability and economic growth are likely to bring more buyers back into the market.
Sales of all homes in New York City were up less than one percent from the first quarter of last year and 16 percent from the fourth quarter of 2011, to 9,033. The average sales price of a New York City home in the first quarter of 2012 was $723,000, down 1 percent from the first quarter of 2011 but up 4 percent from the previous quarter. Several high priced transactions in Manhattan, between $20 and $88 million, were partially responsible for this uptick in average price over the previous quarter.
Total residential consideration for New York City this quarter was $6,534,873,020, less than one percent lower from the first quarter of 2011 but over 20 percent higher than last quarter. Total consideration in Manhattan this quarter was $3,651,910,791, about 2 percent less than the first quarter of last year.
The share of total consideration attributable to Manhattan was 55.88 percent in the first quarter of 2012. Last quarter this figure stood at 54.70 percent and was 56.59 percent in the first quarter of last year. Brooklyn, at 20.25 percent, accounted for about the same share of total residential consideration in New York City as last quarter and 1.34 percentage points more than last year’s first quarter. Overall, total consideration in Brooklyn was $1,323,259,530, up about 21 percent over last quarter and 6 percent more than the first quarter of last year. The Queens overall residential consideration was $1,140,122,150, about 11 percent greater than both last quarter and the first quarter of 2011.