A report issued today by ResidentialNYC.com, the public real estate listings website of The Real Estate Board of New York, said that average home prices in the city "edged upward" in the third quarter compared to the previous quarter and that "the uptick is a sign that the market could be leveling off."
It found that prices were down 14 percent to $670,000 from this time last year."
The report said that citywide sales volume increased 35 percent to 9,734 compared to last quarter and that Manhattan sales volume increased 59 percent to 2,840 while sales volume in Brooklyn increased 27 percent to 2,102.
"Average home sales prices including cooperatives, condominiums and one- to three-family dwellings increased 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 maintained.
"The residential real estate market has come back to life in the third quarter and reversed the downward trend of the last several quarters. However, the trend needs to continue for at least two more quarters before we can say with confidence that a recovery is underway," declared Stephen Spinola, the board's president.
"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," he said.
The average sales price of a condominium in the city in the third quarter this year declined 15 percent year-to-year to $1,075,000 while in Manhattan the decline was the same percentage to $1,513,000, the report stated. The report found that "the average condominium unit sales price in TriBeCa in the third quarter of this year was $2,858,999, a 26 percent increase compared to the third quarter of 2008."
The average sales price of a cooperative unit in the city fell by 11 percent year-to-year in the same quarter to $591,000 while the price in Manhttan fell 17 percent to $915,000, it continued.
The average sales price of a one- to three-family dwelling in the city fell in the same period 14 percent to $534,000.
It found that prices were down 14 percent to $670,000 from this time last year."
The report said that citywide sales volume increased 35 percent to 9,734 compared to last quarter and that Manhattan sales volume increased 59 percent to 2,840 while sales volume in Brooklyn increased 27 percent to 2,102.
"Average home sales prices including cooperatives, condominiums and one- to three-family dwellings increased 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 maintained.
"The residential real estate market has come back to life in the third quarter and reversed the downward trend of the last several quarters. However, the trend needs to continue for at least two more quarters before we can say with confidence that a recovery is underway," declared Stephen Spinola, the board's president.
"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," he said.
The average sales price of a condominium in the city in the third quarter this year declined 15 percent year-to-year to $1,075,000 while in Manhattan the decline was the same percentage to $1,513,000, the report stated. The report found that "the average condominium unit sales price in TriBeCa in the third quarter of this year was $2,858,999, a 26 percent increase compared to the third quarter of 2008."
The average sales price of a cooperative unit in the city fell by 11 percent year-to-year in the same quarter to $591,000 while the price in Manhttan fell 17 percent to $915,000, it continued.
The average sales price of a one- to three-family dwelling in the city fell in the same period 14 percent to $534,000.
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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