SOURCE: Real Estate Board of New York (REBNY)
NEW YORK, NY--(Marketwire - Jul 11, 2012) - The Real Estate Board of New York (REBNY) today released the results of its Second Quarter New York City Residential Sales Report which showed that citywide home sales and prices are stable and steady.
Four out of the five boroughs, the Bronx being the exception, saw home sale values increase since the same period last year. Citywide, home value increased six percent compared to the Second Quarter of 2011.
The average sales price of a New York City home (cooperatives, condominiums and one-to-three-family dwellings) in the second quarter of 2012 was $789,000, up six percent since the Second Quarter of 2011. This increase can be attributed to an increase in sales in Manhattan, particularly at the high end of the market. Furthermore, similar to the previous quarter, there were several high-priced transactions in Manhattan, between $20 million and $70 million.
The total number of sales of all homes in New York City was down two percent from the same second quarter period from last year.
"Our Second Quarter Sales Report demonstrates a stable residential market in terms of volume of sales and value," said Steven Spinola, REBNY President. "Growth in the housing market has been hampered by the continual stress on banks in Europe, the slow job growth domestically, and the lack of new residential developments in New York City. However, a steady market will slowly create favorable conditions for new development. We would expect this pace to accelerate when the rest of the global economy gets back on its feet."
Total residential consideration for this quarter was $7,670,240,456, which is 3.37 percent greater than the Second Quarter of 2012. Total consideration in Manhattan this quarter was $4,786,199,204, an 8.6 percent increase compared to the same time last year.
REBNY's report is the most comprehensive quarterly review of recorded transactions and includes data from all five boroughs.
REBNY's Second Quarter 2012 Residential Sales Report Highlights:
- The average sales price of an apartment (cooperatives and condominiums) in New York City during the second quarter of 2012 was $945,000, an increase of six percent year-on-year. The average price of an apartment in Manhattan in the second quarter of 2012 was $1,361,000; a two percent increase from the second quarter 2011. Brooklyn's average sales price of an apartment in the second quarter of 2012 was $545,000; an increase of five percent from the previous year's second quarter. The average price of an apartment in Queens increased three percent year-on-year to $284,000.
- Brooklyn residential home sales activity was focused in Williamsburg (183 sales), Bedford Stuyvesant (142), Park Slope (140) and Bay Ridge/Fort Hamilton (108).
- Queens neighborhoods with the most home sales were: Flushing (339 sales), Rego Park/Forest Hills/Kew Gardens (260), Springfield Gardens/Jamaica (252), and Jackson Heights/Elmhurst (235).
- The average sale price of a condominium in New York City in the second quarter of 2012 increased 12 percent compared to last year's second quarter to $1,185,000. The average price in Manhattan increased eight percent to $1,669,000. The average sales price in Brooklyn was $657,000, an increase of 10 percent year on year. The average sales price of a condominium in Queens increased seven percent over the previous year's second quarter to $442,000.
Tweet this: Slow and steady, NYC will win the home sales market recovery race with 4 of 5 boros showing value gains @REBNY http://rebny.com/
For the full report visit www.rebny.com or REBNY's exclusive home listings web site, NY1Residential.com.
About The Real Estate Board of New York
The Real Estate Board of New York is the city's leading real estate trade association with more than 12,000 members. REBNY represents major commercial and residential property owners and builders, brokers and managers, banks, financial service companies, utilities, attorneys, architects, contractors and other individuals and institutions professionally interested in the city's real estate. REBNY is involved in crucial municipal matters including tax policy, city planning and zoning, rental conditions, land use policy, building codes and legislation. In addition, REBNY publishes reports providing indicators of market prices for both the residential and commercial sectors. Please visit us online at www.REBNY.com.