Q1 2013 Residential Sales Report

The New York City residential sales market in the first quarter of 2013 once again demonstrated the strength of the real estate recovery in the city. Sales of all homes in the city totaled 10,012, up 11 percent from the first quarter of last year and 4 percent from the previous quarter. The average sales price of a home in the first quarter of 2013 reached $805,000, up 11 percent from the first quarter of last year and 4 percent from the previous quarter. This is also the highest average sales price for all homes in the city since 2008 when the average price was up to $853,000.

Sales of homes over ten million dollars increased again with 40 sales recorded above the mark this quarter compared to 24 during the first quarter of 2012 and 33 last quarter.

The total consideration for all residential sales in New York City during the first quarter of 2013 was $8.1 billion, up 23.4 percent from the first quarter of last year and 7.6 percent from last quarter. This quarter’s total consideration is also a post financial crisis high for a first quarter. The last time total consideration was recorded this high in a first quarter was in 2008 when $10.0 billion in residential sales were recorded.

Total consideration for Manhattan was $4.7 billion for the first quarter of 2013, up 28.7 percent from the first quarter of last year and 6.4 percent from the last quarter of 2012. This too represents a post crisis highpoint. In Brooklyn, the total consideration of residential sales reached $1.6 billion. This is the highest total consideration in Brooklyn in the first quarter of a year since the Brooklyn market’s pre-crisis peak in 2007.