SOURCE: Real Estate Board of New York (REBNY)

Real Estate Board of New York (REBNY)

April 16, 2012 09:00 ET

REBNY 1st Quarter Residential Report Shows Sales up From Last Quarter and Prices Steady

Queens and Bronx Markets See Marked Improvement; Queens Leads All Boroughs in Number of Sales

NEW YORK, NY--(Marketwire - Apr 16, 2012) - New York City average home sales prices and sales volume remained steady in the first quarter of 2012 compared to the same time last year, while the number of sales citywide jumped 16 percent compared to last quarter, according to data from the Real Estate Board of New York's (REBNY's) First Quarter 2012 Residential Sales Report released today.

With prices remaining competitive, mortgage rates low, and an adequate inventory, buyers have taken advantage of favorable conditions. The number of sales citywide increased to 9,033 in the first quarter of 2012, compared to 7,796 last quarter and 8,999 in the first quarter of last year. Citywide average home sales prices dipped slightly by one percent to $723,000 from the first quarter of last year. Total citywide consideration -- the total dollar value for residential transactions -- came in slightly above $6.5 billion this quarter, decreasing slightly from the first quarter of last year.

"The New York City residential market remains stable as prices and sales are virtually unchanged from a year ago," said Steven Spinola, REBNY President. "Sales activity in Queens and the Bronx show steady growth as well as the one-to-three family homes in Bedford-Stuyvesant, Bushwick, and Brownsville. Based on the first quarter results and an improving economy, we expect a pick-up in pricing and activity going forward."

Queens saw the most sales of any borough in the first quarter of 2012, with 2,919 transactions compared to 2,592 last year, a 13-percent increase. Bronx sales increased 14 percent to 549 transactions in the quarter compared to 482 last year.

Condo sales compared to last quarter proved to hold up the strongest within the residential market especially in the boroughs. Queens saw a 36-percent increase in condo sales with Long Island City leading the neighborhoods with a 53-percent increase from the previous quarter.

Also, the total sales consideration for all homes in Queens, which sold more homes than any other borough, rose over 10 percent since last quarter as well as the first quarter of 2011.

Tweet this: Residential report reflects steady progress for the market w/ prices stable and sales volume up 16% compared to last quarter @REBNY report: http://rebny.com/

For the full report visit www.rebny.com or REBNY's exclusive home listings web site, NY1Residential.com.

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