SOURCE: ResidentialNYC.com

ResidentialNYC.com

October 15, 2009 10:34 ET

Prices Stabilize, Sales Increase for Homes in NYC

Citywide Home Prices Up 4% From Last Quarter, Sales Volume Increased 35%

NEW YORK, NY--(Marketwire - October 15, 2009) - Reversing the trend that began last year, average home prices in New York City edged upward in the third quarter of 2009 compared to the previous quarter. According to a report by ResidentialNYC.com, the public real estate listings Web site of The Real Estate Board of New York (REBNY), the uptick is a sign that the market could be leveling off. Prices were down 14 percent to $670,000 from this time last year.

Average home sales prices (which includes cooperatives, condominiums and one-to-three-family dwellings) increased by six percent in Brooklyn to $534,000 and by three percent in the Bronx to $367,000 compared to the second quarter of 2009. Average prices in Queens increased by one percent to $406,000 and Staten Island home prices declined by one percent to $382,000 compared to last quarter. For the second quarter in a row, Manhattan home prices declined, dropping five percent to $1,233,000 compared to the second quarter of 2009.

The report found that citywide sales volume increased 35 percent to 9,734 compared to last quarter. Manhattan sales volume increased 59 percent to 2,840 while sales volume in Brooklyn increased 27 percent to 2,102.

"The residential real estate market came back to life in the third quarter and reversed the downward trend of the last several quarters," said Steven Spinola, REBNY President. "However, the trend needs to continue for at least two more quarters before we can say with confidence that a recovery is underway. Clearly, the market is not back to the high velocity of transactions and sales prices of the pre-financial crisis period. But given the sales volumes noted in this report it was a busy summer for real estate transactions, which is a positive sign."

In the year-to-year comparisons, the report found that the average Manhattan home sales price saw the steepest declines with a 17-percent drop compared to the same time last year. Brooklyn average home sales prices declined the least of the five boroughs, dropping five percent, while Queens average home sales prices fell six percent. Staten Island home prices were also down six percent compared to the same time 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.

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.

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