SOURCE: Neglia Appraisals, Inc.

May 19, 2010 06:49 ET

2009 Real Estate Sales Volume Soars in New York City According to Neglia Appraisals

Some Areas Have 100% Higher Volume Compared to 2008 -- Positive Outlook for Real Estate Valuation

NEW YORK, NY--(Marketwire - May 19, 2010) - A new study compiled by Neglia Appraisals, Inc., www.NYRealEstateTrends.com confirmed that average prices for most residential properties in New York City continued their decline through the end of 2009. The good news is that sales volume increased dramatically in 2009 compared to 2008.

Some sectors showed a 100% increase in sales in 2009, with the outer boroughs exhibiting the most strength. Almost every property type in the four outer boroughs had more than 50% higher volume in 2009 than 2008 -- Staten Island was the strongest, with volume increasing 91% for single family homes, and 100% for condos.

Manhattan did not fare as well -- condo sales volume declined 30% over the same time period -- it was the only borough with fewer sales in 2009 than 2008.

As a result of these increases in sales, prices in 2010 have begun to stabilize in many neighborhoods.

These statistics indicate that the housing bubble may be nearing the end of its deflation period, although according to Neglia it will take quite a while to absorb all the inventory that is available; a good test is the spring selling season which is now upon us.

For 2010, low mortgage rates coupled with reduced prices should help maintain real estate activity, and current trends indicate a resurgent co-op, condo, and rental market in Manhattan. This, in turn, may create a "spillover" effect to the outer boroughs. Availability of mortgage financing remains the unanswered question.

Neglia's opinion is that it may take until 2011 for the residential market in New York City to achieve a healthy balance again.

www.NYRealEstateTrends.com is the first and only site where changes in value for all neighborhoods in New York City are accurately tracked. The analysis is based on all sales in public record, and it is the only reference guide that makes historical and current sale price information available at the click of a mouse. Try the "Data Search" tab, which not only gives percent change in values for all neighborhoods in New York City, it also shows average sale prices, sales volume, and historic highest and lowest sale price in any zip code in New York City.

www.NYRealEstateTrends.com is user friendly and is appropriate for industry professionals as well as anyone buying or marketing a house or condo in New York City. First time buyers will be delighted with the glossary, which includes easy-to-understand definitions of common terms used in real estate transactions.

ABOUT US

All information was compiled and analyzed by Domenick Neglia, SRA, CSA-G, President and CEO of Neglia Appraisals, Inc., a residential and commercial real estate valuation firm based in Brooklyn, New York. Contact Mr. Neglia at Dom@neglia.com for additional information.

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