The second quarter of 2012 was another stable and steady period for the New York City residential sales market. Sales volume and average prices posted small gains or losses depending on borough and property class. There was nothing in the data to suggest a significant trend in either direction. The continual stress on banks in Europe, the slow job growth domestically, and the lack of new residential developments in New York City have all contributed to this steady state in the residential sales market. Thankfully, mortgage rates have continued to dip lower, due to the economic unease around the world and Federal Reserve policy. These low rates have preserved home values and help sustain modest demand.
Sales of all homes in New York City were down 2% from the second quarter of last year. The average sales price of a New York City home in the second quarter of 2012 was $789,000, up 6% percent from the second quarter of 2011. Much of this increase can be attributed fewer sales in the boroughs and an increase in sales in Manhattan. Furthermore, similar to the previous quarter, there were several high priced transactions in Manhattan, between $20 and $70 million.
Total residential consideration for New York City this quarter was $7,670,240,456, 3.37 percent greater than the second quarter of 2012. Total consideration in Manhattan this quarter was $4,786,199,204, about 8.6 percent more than the second quarter of last year.
Brooklyn’s consideration was $1,328,240,540, 3.6 percent lower than the second quarter of last year. Total consideration in Queens was $1,172,546,333, which is .75 percent lower than a year ago. The $1,172,546,333 in consideration was 15.29 percent of the city’s total compared to 17.38 percent in the second quarter of last year.