SOURCE: Real Estate Board of New York (REBNY)

Real Estate Board of New York (REBNY)

July 14, 2011 10:51 ET

Report: Citywide Home Values and Sales Increase in Second Quarter

Total Dollar Value of Home Sales up 13% Since Last Quarter; Brokers Survey Indicates Continued Modest Improvement in the Market

NEW YORK, NY--(Marketwire - Jul 14, 2011) - The total dollar value of New York City's residential sales transactions jumped 13 percent in the second quarter of 2011 to $7.42 billion compared to the first quarter of this year, according to a report released today by the Real Estate Board of New York (REBNY).

Home prices citywide also inched upward by three percent compared to the same time last year as the average sales price of a home in New York City reached $747,000. Prices were up by two percent when compared to last quarter.

The REBNY report, the only comprehensive, five-borough residential sales market analysis, also found that sales volume increased 10 percent from last quarter, but decreased four percent from the second quarter of 2010.

"While some of the results were mixed, with home values and sales volume rising this quarter, we are clearly seeing slow, but steady improvement in the residential market," said Steven Spinola, REBNY president. "Last year's sales activity was impacted by pent-up demand and the extension of the homebuyer tax credit, which caused unseasonable market fluctuations in sales activity. This quarter, however, we saw a return to normal cyclical market patterns. I am optimistic that sales and values will continue to increase over the next few quarters, albeit slowly."

A broker survey conducted by REBNY for the second quarter of 2011 said that 77 percent believe that next quarter's values and sales will be better than or the same as this quarter. Also, 10 percent more brokers reported closing sales at or above asking price compared to what brokers reported in the second quarter of 2010.

Manhattan neighborhoods with the most sales activity this quarter were: the Upper East Side with 687 sales, the Upper West Side with 539, Midtown West with 227, Chelsea/Flatiron with 215, Midtown East with 211, and Gramercy/Kips Bay with 211. Midtown West's 180 condominium sales during the quarter was 16 percent greater than the first quarter of 2011 and 20 percent greater than the second quarter of last year.

Brooklyn residential sales activity was focused in Williamsburg with 259 sales, followed by Bedford Stuyvesant with 153, Park Slope with 137, and East New York/ Spring Creek with 103. Condominium sales in Williamsburg continued to increase this quarter jumping 16 percent to 238 compared to last quarter and almost two and a half times greater than the number of condominiums sold in the second quarter of last year.

Tweet this: NYC Residential sales jumped 13% in 2nd quarter and home values up according to a new @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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