Without any extraordinary gains in the job market during the past quarter, "the low yet rising interest rates on residential mortgages and stable asking prices were not enough to match sales volumes of a year ago when pent-up demand and homebuyer tax credits drove up sales," according to the 1st Quarter 2011 Residential Report of the Real State Board of New York that was released today.
The study, however, did not that "though that given the lack of new jobs which is an important demand factor, the attraction of owning new York City residential real estate was strong enough to increase the number of sales compared to the fourth quarter of 2010.
"The New York City residential sales market moved sideways in the first quarter of 2011 with the average price of a home declining by 1 percent while the number of transactions increased by 2 percent compared to the fourth quarter of 2010. The lack of clear direction was also demonstrated by a 1 percent increase in the total dollar consideration for all residential transactions," the report said.
The average sale price of a condominium in the city in the first quarter decreased 4 percent compared to last year's first quarter to $1,050,00 and the average price in Manhattan decreased 1 percent to $1,641,000.
The average sales price of a cooperative apartment in the city rose 12 percent to $721,000 in the first quarter when compared to the first quarter last year.
The average sales price of a cooperative unit in Manhattan increased 9 percent year on year to $1,107,000.
The study said that "the Williamsburg condominium market showed an increase in activity in the first quarter of 2011." There were 205 condominium sales in the quarter, an 8 percent increase from last quarter and more than two times greater than the first quarter of last year.
It said that the first quarter average price of $633,000 for a condominium in Williamsburg was 13 percent higher than last quarter and 10 percent greater that in the first quarter of 2010.
The study, however, did not that "though that given the lack of new jobs which is an important demand factor, the attraction of owning new York City residential real estate was strong enough to increase the number of sales compared to the fourth quarter of 2010.
"The New York City residential sales market moved sideways in the first quarter of 2011 with the average price of a home declining by 1 percent while the number of transactions increased by 2 percent compared to the fourth quarter of 2010. The lack of clear direction was also demonstrated by a 1 percent increase in the total dollar consideration for all residential transactions," the report said.
The average sale price of a condominium in the city in the first quarter decreased 4 percent compared to last year's first quarter to $1,050,00 and the average price in Manhattan decreased 1 percent to $1,641,000.
The average sales price of a cooperative apartment in the city rose 12 percent to $721,000 in the first quarter when compared to the first quarter last year.
The average sales price of a cooperative unit in Manhattan increased 9 percent year on year to $1,107,000.
The study said that "the Williamsburg condominium market showed an increase in activity in the first quarter of 2011." There were 205 condominium sales in the quarter, an 8 percent increase from last quarter and more than two times greater than the first quarter of last year.
It said that the first quarter average price of $633,000 for a condominium in Williamsburg was 13 percent higher than last quarter and 10 percent greater that in the first quarter of 2010.
Architecture Critic
Carter Horsley
Since 1997, Carter B. Horsley has been the editorial director of CityRealty. He began his journalistic career at The New York Times in 1961 where he spent 26 years as a reporter specializing in real estate & architectural news. In 1987, he became the architecture critic and real estate editor of The New York Post.
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