SOURCE: Neglia Appraisals, Inc.
NEW YORK, NY--(Marketwire - Jun 12, 2012) - A new study of real estate trends in NYC compiled by Neglia Appraisals, Inc., www.NYRealEstateTrends.com, revealed that the New York City residential housing market generally strengthened in 2011 compared to 2010 levels, with significant gains in sales volume and prices in some areas, but weakness remaining in others.
The Manhattan market was generally inconsistent, with some neighborhoods like Clinton/Hell's Kitchen showing a 16% increase in condo sales volume, and prices up 5% compared to 2010. Yet in Chelsea, volume declined 15% and prices increased only 3% in the same time period.
Sales volume in the Bronx, Queens and Staten Island was generally down compared to 2010. The good news is that on average, prices did not drop much, but remained close to 2010 levels.
The strongest borough was also the most populous borough, Brooklyn: In 2011, sales volume for one and two family properties and condos increased by 33%, 27%, and 3% respectively, compared to 2010. Overall, the largest jump in average sale prices was in the two family market, where average prices increased a whopping 29% over 2010.
Other standouts include zip code 10465 in the Bronx, which showed a 20% increase in single family sales from 2010. Jamaica, Queens, remains the slowest to recover, indicating double digit declines in sales volume in some neighborhoods.
www.NYRealEstateTrends.com is the only site where changes in value for all neighborhoods in New York City are tracked. The analysis is based on all arm's length sales in public record, and it is the only reference guide in any media format which makes historical and current information available at no charge.
Try the "Data Search" tab, which not only gives percent change in value for all neighborhoods, it also shows average and median sale prices, as well as the highest and lowest sale price in any zip code, in every year from 1995 to the present. There is also total percent change and total sales volume in each of the five boroughs.
www.NYRealEstateTrends.com is user friendly and is appropriate for industry professionals as well as anyone buying or selling 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.
All information was compiled and analyzed by Domenick Neglia, President and CEO of Neglia Appraisals, Inc., based in Brooklyn, New York. Contact Mr. Neglia at email@example.com for additional information.