SOURCE: Real Estate Board of New York (REBNY)

Real Estate Board of New York (REBNY)

April 19, 2010 14:29 ET

Report: Data Indicates NYC Is Headed Toward a Healthy Housing Market

City-Wide First Quarter Numbers Show Significant Increase Year on Year as Quarter on Quarter Sales Decline; Additional Queens Neighborhood Data Makes Report More Comprehensive

NEW YORK, NY--(Marketwire - April 19, 2010) - New York City's housing market showed continued signs of recovery in the first quarter of 2010 as the total dollar value of residential real estate sales increased over 63 percent compared to the first quarter of 2009, according to a report released today. 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 sales volume increased 52 percent compared to the first quarter of 2009.

The number of sales transactions city-wide (sales volume), decreased quarter on quarter by 12 percent, but increased year on year by 52 percent, according to the report. This was the first quarter in the last four where a quarter to quarter decline was seen.

"Typically, the first quarter has slower sales activity than the last quarter of the year," said Steven Spinola, REBNY President. "I think this decline is an indication that we are returning to a more normal and healthy market and the unusually harsh winter we had. The growth in sales volume we have seen over the last year reflects a real positive trend and the worst is behind us."

Mr. Spinola added, "I also believe that we will continue to see a rise in sales in the next quarter as buyers hurry to take advantage of low interest rates and the home buyer tax credit."

Of the $7.2 billion in total sales value for New York City in the first quarter, Manhattan sales constituted 56 percent; Brooklyn and Queens 17 percent; Staten Island seven percent; and the Bronx three percent.

Average home sales prices city-wide (cooperatives, condominiums and one-to-three-family dwellings) rose by four percent quarter to quarter, and seven percent year to year.

Also of note, this is the first time that the Queens neighborhoods were broken down in such detail giving an even more comprehensive view of the market activity in that borough.

Other report highlights:

All Homes (cooperatives, condominiums, one-to-three family dwellings)

Year to Year

  • The average sales price of a home in New York City during the first quarter of 2010 was $704,000, up seven percent compared to the first quarter last year.
  • The year on year change in the average price of a home in Manhattan was down five percent to $1,360,000; in Brooklyn, prices rose two percent to $530,000 and in Queens, prices fell seven percent to $393,000.

Quarter to Quarter

  • The average sales prices of a home in New York City increased four percent when compared to the fourth quarter of 2009.
  • The average sales price of a home in Manhattan, Brooklyn and Queens increased from last quarter by three, six, and one percent, respectively.

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

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