By Mitchell Hall
For the second quarter of 2012, New York City’s residential home sales and prices are holding steady, according to the Real Estate Board of New York’s Q2 2012 Residential Sales Report, the most comprehensive quarterly review of recorded transactions, which includes data from all five boroughs.
Four out of five boroughs, with the Bronx as the exception, saw home sale values increase since the same period last year. The average sales price of a NYC home (cooperatives, condominiums, and one-to-three-family dwellings) in the second quarter of 2012 was $789,000, which is an increase of 6 percent since the second quarter of 2011. This increase can be attributed to the growth in Manhattan sales and several high-end transactions, between $20 and $70 million.
Sales and prices improved despite continual stress on banks in Europe, the slow job growth domestically, and the lack of new residential developments in NYC. However, a steadily improving market will slowly create favorable conditions for new development, and as inventory shrinks average prices will continue to increase. We expect the pace of home sales to accelerate when the rest of the global economy gets back on its feet.
For the second quarter of 2012, the total value of all residential sales was $7,670,240,456, which is 3.37 percent greater than the second quarter of 2011. The total value of all residential sales in Manhattan in the second quarter of 2012 was $4,786,199,204, an 8.6 percent increase compared to the second quarter of last year.
REBNY’s report also includes townhouse sales in Manhattan, recorded in the second quarter of 2012. For the full report, go to REBNY.com and find it under “Reports/Survey” on the member’s side or visit REBNY’s consumer real estate listings web site, NY1Residential.com.
Other points of note from REBNY’s Second Quarter 2012 Residential Sales Report:
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 6 percent year-on-year. The average price of an apartment in Manhattan in the second quarter of 2012 was $1,361,000; a 2 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 5 percent from the previous year’s second quarter. The average price of an apartment in Queens increased 3 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 8 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 7 percent over the previous year’s second quarter to $442,000.