SOURCE: ResidentialNYC.com

ResidentialNYC.com

October 12, 2010 09:20 ET

NYC Housing Market Continues Rebound in 3rd Quarter

Total Dollar Value of Residential Property Sales in 3Q up 26% to $8.36 Billion; Sales Volume, Average Sales Prices on the Rise Citywide

Surging Sales for Brooklyn Apartments; Queens Average Home Sales Prices Rise

NEW YORK, NY--(Marketwire - October 12, 2010) - New York City's residential sales market continued its rebound during the third quarter of 2010, in contrast to the housing market in the rest of the country, according to a new report.

The report, a comprehensive look at housing prices for all five boroughs issued by ResidentialNYC.com, the public real estate listings Web site of the The Real Estate Board of New York (REBNY), found that the total dollar value for residential property sales in the quarter was up 26 percent to $8.36 billion compared to the third quarter of 2009, and up 11 percent compared to the second quarter of this year.

The number of home sales (which includes cooperatives, condominiums and one- to three-family dwellings) increased citywide by 18 percent compared to last year, with a 25-percent increase in Manhattan alone. In addition, the number of home sales citywide increased 12 percent this quarter compared to last quarter. Much of the all-homes increase was due to the strength in condominium sales. The number of Brooklyn condo sales more than doubled compared to the third quarter of last year from 445 to 914, a 105-percent increase.

"New York City's residential market continued its recovery in the third quarter and exceeded expectations despite the uneven pace of the global and national economic recovery," said Steven Spinola, REBNY President. "Interest rates are historically low and prices have stabilized, so we anticipate that New Yorkers sitting on the housing market fence will gain increased confidence in their financial stability and jump into the market."

The report found that the average sales price of a home in New York City increased by seven percent to $722,000 compared to last year, while the average price of a Manhattan home increased eight percent to $1,332,000.

The residential markets in Brooklyn and Queens showed solid gains in the quarter. In Brooklyn, in addition to the surge in the number of condominium sales, cooperative sales also climbed 35 percent to 622 compared to last quarter. In Williamsburg, as a result of a concentration of new developments with multiple closings in the quarter, there were 214 sales, an 83-percent increase compared to last quarter, and an astonishing 193-percent increase from a year ago. Park Slope, with 201 sales in the quarter, saw a 50-percent increase compared to last quarter and a 65-percent increase compared to a year ago.

In Queens, the average home sales price for all housing types was $396,000, an increase of three percent compared to last quarter. The highest neighborhood average sales price was in Long Island City, which has a host of new developments, where the average sales price increased eight percent to $703,000 compared to last quarter.

Unlike other reports, the ResidentialNYC.com quarterly analysis is a single report that provides a comprehensive look at sales data for all five boroughs, as well as neighborhood data for Manhattan, Brooklyn and Queens.

Other report highlights:

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

Quarter to Quarter

  • The number of home sales increased 11 percent in Manhattan in the third quarter compared to the second quarter.

All Apartments (cooperatives and condominiums)

Year to Year

  • The average sales price of an apartment in New York City during the third quarter of 2010 was $854,000, an eight-percent increase year on year.
  • The average price of an apartment in Manhattan in the third quarter of 2010 was $1,293,000, a nine-percent increase from the third quarter 2009.
  • Brooklyn's average sales price of an apartment in the third quarter of 2010 was $478,000, an increase of three percent from the previous year's third quarter.

Quarter to Quarter

  • Citywide apartment sales increased 12 percent to 6,814; Manhattan sales increased 11 percent to 3,572; and Brooklyn sales increased 27 percent to 1,536.

Condominiums

Year to Year

  • Manhattan experienced a five-percent increase in the average sales price to $1,592,000.

Quarter to Quarter

  • Citywide condominium sales increased nine percent to 3,063; Manhattan sales increased six percent to 1,619; and Brooklyn sales increased 22 percent to 914. 

Cooperatives

Year to Year

  • The average sales price of a cooperative unit in New York City rose 14 percent to $678,000 this quarter compared to the third quarter last year.
  • Manhattan's average sales price increased 14 percent year on year to $1,046,000. The average sales price in Brooklyn was up one percent to $385,000.

Quarter to Quarter

  • Citywide cooperative unit sales increased 15 percent to 3,751; Manhattan sales increased 17 percent to 1,953; and Brooklyn sales increased 35 percent to 622. Quarter to quarter, the average price of a cooperative unit increased four percent citywide and increased two percent in Manhattan.

One- to Three-Family Dwellings

Year to Year

  • The average sales price of a one- to three-family dwelling in New York City during the third quarter of 2010 decreased one percent year to year to $533,000.
  • The average sales price of a one- to three- family dwelling in Brooklyn increased five percent to $623,000.

Quarter to Quarter

  • Sales volume increased quarter to quarter by nine percent in Queens, 18 percent in the Bronx, and nine percent in Brooklyn. 
  • The average sales price of a one- to three-family dwelling citywide increased by less than a percent quarter to quarter. The average sales price of a one- to three-family dwelling in Brooklyn increased by four percent; in Queens the average price increased by two percent. 

Manhattan Neighborhoods

  • The average condominium sales price in the West Village in the third quarter of 2010 was $3,078,000. This was the highest average price for any neighborhood in the city and a 23-percent average price increase from last quarter. 
  • Tribeca led all neighborhoods with the highest average sales price of a cooperative unit at $2,479,000. The average sales price of a cooperative unit on the Upper East Side ($1,407,000) and the Upper West Side ($1,212,000) increased by 14 percent and 28 percent respectively compared to last year.

Brooklyn Neighborhoods

  • Cobble Hill and Brooklyn Heights led all Brooklyn neighborhoods in all homes average sales price at $1,537,000 and $1,050,000, respectively.

Queens Neighborhoods

  • The Springfield Gardens-Jamaica neighborhood led all Queens neighborhoods with 411 home sales, a 24-percent increase compared to both last quarter and last year. The Rego Park-Forest Hills neighborhood and Flushing were the next two highest in home sales with 346 and 309, respectively.
  • The average condominium sales price in Flushing was $361,000, a seven percent increase compared to last quarter and a nine percent increase compared to last year. 

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

About ResidentialNYC.com
ResidentialNYC.com is the first comprehensive web portal enabling homebuyers to link to thousands of exclusive home listings in New York City from thousands of REBNY residential member brokers. Since launching ResidentialNYC.com has logged more than 56 million hits. 

The site, which is updated every three hours, provides access to condos, co-ops, townhouses and homes both for sale and for rent as well as lists Open Houses. ResidentialNYC.com also contains a wealth of information about New York City's residential real estate market, neighborhoods, school districts and more, making it the only true one-stop destination for New York City homebuyers on the Web.

About The Real Estate Board of New York 
The Real Estate Board of New York is the city's leading real estate trade association with 12,000 members. REBNY represents major commercial and residential property owners and builders, brokers and managers, banks, financial service companies, utilities, attorneys, architects, contractors and other individuals and institutions professionally interested in the City's real estate. REBNY is involved in crucial municipal matters including tax policy, city planning and zoning, rental conditions, land use policy, building codes and legislation. In addition, REBNY publishes reports providing indicators of market prices for both the residential and commercial sectors.

Contact Information