THE REBNY REPORT
RESIDENTIAL REAL ESTATE IS ON THE RISE:
TOTAL DOLLAR VALUE OF NYC REAL ESTATE SALES UP 72 PERCENT FROM 2009

New York City’s housing market continued its rebound in the second quarter of 2010 as the total dollar value of residential real estate sales increased 72 percent compared to the second quarter of 2009, according to a new report.  The total dollar value increased to $7.6 billion this quarter, up from $4.4 billion in the second quarter of 2009.

The report by ResidentialNYC.com, the public real estate listings Web site of The Real Estate Board of New York (REBNY), also found that the average sales price for all homes citywide (which includes cooperatives, condominiums, and one-to-three family dwellings) increased 15 percent to $728,000 compared to the second quarter of 2009. Demonstrating a continuing trend of brisk sales activity, citywide apartment sales volume increased year to year by 65 percent. In addition, Manhattan apartment sales volume increased 82 percent and in Brooklyn the sales volume increased 62 percent. 

“The trend that emerged in previous quarters is enduring, and we are optimistic that this indicates a return to a healthy market,” said Steven Spinola, REBNY President.  “Citywide average sales prices and sales volumes continue to creep up quarter to quarter. Although these developments are promising, the resurgence is dependent upon continued economic recovery.”

Sales volume on all homes increased both citywide and in Brooklyn by 44 percent year to year.  Sales volumes increased quarter to quarter citywide, in Manhattan, and in Brooklyn by two, nine and five percent respectively.  Also of note, this report is particularly unique in that it is citywide and includes data for all five boroughs, as well as detailed neighborhood data for Manhattan, Brooklyn and Queens.

Other report highlights:
All Homes (cooperatives, condominiums, one-to-three family dwellings), year to year—The change in the average price of a home in Manhattan was up nine percent to $1,374,000; in Brooklyn, prices rose seven percent to $533,000 and in Queens, prices fell five percent to $387,000.  Quarter to quarter, the average sales prices of a home in New York City increased three percent when compared to the first quarter of 2010. The number of home sales increased citywide by two percent when compared to the first quarter of 2010.

For condominiums, year to year, the average sales price of a condominium in New York City in the second quarter of this year increased five percent to $1,114,000.  Manhattan experienced a seven percent increase in the average sales price to $1,653,000.  The average sales price of $549,000 in Brooklyn was an increase of eight percent year on year, while on a quarter to quarter basis, condominium prices increased citywide by one percent while citywide condominium sales volume increased 11 percent to 2,552; Manhattan sales increased 13 percent to 1,531; and Brooklyn sales increased 16 percent to 749. 

For co-ops, year to year, the average sales price in New York City rose 19 percent to $652,000 this quarter compared to the second quarter last year.  The average sales price in Manhattan increased 11 percent to $1,027,000.  The average sales price in Brooklyn was up 14 percent to $344,000.  On a quarter to quarter basis, the average price of a cooperative unit decreased one percent city-wide and increased one percent in Manhattan.   Citywide cooperative unit sales increased seven percent to 3,261; Manhattan sales increased six percent to 1,673; and Brooklyn sales decreased one percent to 461.

For the full report visit www.residentialnyc.com or www.rebny.com.