Q2 2013 Residential Sales Report

The New York City residential sales market in the second quarter of 2013 maintained the elevated level of sales volume and average sales price compared to last year. Sales of all homes in the city totaled 10,551, up 9 percent from the second quarter of last year and 5 percent from the previous quarter. The average sales price of a home fell just over 1percent from the second quarter of last year and 3 percent from last quarter to $779,000.

Sales of homes over 10 million dollars declined sharply from 40 in the previous quarter and 30 in the second quarter of last year to 22 this quarter.

    The total consideration for all residential sales in New York City during the second
quarter of 2013 was $8.2 billion, up 7.15 percent from the second quarter of last year and 1.96 percent from last quarter. This quarter’s total consideration is again a post financial crisis high for its respective quarter. The last time total consideration was recorded this high in a second quarter was in 2008 when
$9.0 billion in residential sales were recorded. This quarter also marks the fifth consecutive quarter in which total consideration increased when compared to the same quarter a yearearlier.

    Total consideration for Manhattan was$4.798 billion for the second quarter of 2013, up 0.26 percent from the second quarter of last year and 2.08 percent from last quarter. This is also a post crisis highpoint for the borough in second quarters. In Brooklyn, the total consideration of residential sales reached $1.57 billion. The total consideration for residential sales in Brooklyn was an increase of 18.26 percent over the second quarter of last year, but 1.89 percent less than last quarter.

    One particularly noteworthy development in the second quarter was the resurgence of the single family home market in the boroughs. New York City’s single family homes have lagged behind the apartment market in the city’s residential real estate recovery. Recently though, those markets have found new traction, especially in Brooklyn. The average sales price of a 1-3 family dwelling in Brooklyn during the second quarter was $649,000, an increase of 8 percent annually and the average price in Queens increased 7 percent annually to $502,000. Sales volume in the Brooklyn this quarter was very strong as well. There were 1,432 sales in Brooklyn during the second quarter of 2013, 29 percent greater than the second quarter of 2012.