| 3rd Quarter New York City Market Report PRICES STABILIZE, SALES INCREASE FOR HOMES IN NYC
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 The 3rd Quarter was a good one for New York real estate. Please take a look below for CPG's take on 3rd quarter activity.
Citywide home prices up 4% from last quarter, sales volume increased 35% 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. 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. 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. 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. Other highlights:
Condominiums
Year to Year · The average sales price of a condominium in New York City in the third quarter of this year fell 15 percent to $1,075,000. · Manhattan experienced a 15 percent drop in the average sales price to $1,513,000. Quarter to Quarter · Average prices for condominiums in New York City increased by one percent and in Brooklyn the average price increased three percent compared to last quarter. · The number of citywide condominium sales increased 31 percent to 2,119; Manhattan sales increased 46 percent to 1,240; and Brooklyn sales increased 14 percent to 434. Cooperatives
Year to Year · The average sales price of a cooperative unit in New York City fell by 11 percent to $591,000. · The average sales price in Manhattan fell 17 percent to $915,000. · In Brooklyn, the average sales price for cooperatives was up two percent to $379,000. Quarter to Quarter · Quarter to quarter, the average price of a cooperative unit increased eight percent citywide and by 26 percent in Brooklyn. · Citywide, the number of cooperative unit sales increased 52 percent to 3,145; Manhattan sales volume increased 71 percent to 1,560; and Brooklyn sales volume increased 37 percent to 499. 1-3 Family Dwellings
Year to Year · The average sales price of a New York City one-to-three-family dwelling in the third quarter of 2009 fell by 14 percent to $534,000. · The average sales price of a one-to-three-family dwelling in Brooklyn declined 12 percent to $594,000; In Queens, average prices declined 10 percent to $489,000. Quarter to Quarter · The average sales price of a one-to-three family dwelling citywide increased five percent. · Average sales prices for one-to-three family dwellings increased In Brooklyn by four percent, in Queens by four percent, and in the Bronx by one percent. · Sales volume for one-to-three family dwellings also increased by 28 percent in Brooklyn, 23 percent in Queens, and 28 percent in the Bronx. Manhattan Neighborhoods
· The average condominium unit sales price in TriBeCa in the third quarter of 2009 was $2,858,000, a 26 percent increase compared to the third quarter of 2008. · The average sales price of a condominium on the Upper East Side decreased seven percent to $1,933,000 this quarter compared to last year. Quarter to quarter, the average sales price increased five percent. Sales volume in the neighborhood increased quarterly as well from 183 to 225 units. · The average sales price of a cooperative unit on the Upper East Side was $1,230,000, which is a drop of 26 percent compared to last year. Sales volume increased from 237 in the second quarter 2009 to 417 in the third quarter of 2009. · The average price of a cooperative unit on the Upper West Side fell 15 percent to $946,000 this quarter compared to the third quarter of last year. Sales increased from 202 in the second quarter of 2009 to 404 in the third quarter of 2009. Brooklyn Neighborhoods
· The average sales price of a condominium unit in Park Slope in the third quarter of 2009 was $716,000, an increase of 14 percent over the third quarter of last year. Sales in the neighborhood increased slightly quarter to quarter. · The average sales price of a one-to-three family dwelling fell in most Brooklyn neighborhoods in the third quarter compared to the third quarter of last year. Sales increased strongly quarter to quarter in the more traditional neighborhoods for one-to-three family dwellings. Sales quarter to quarter increased in Gravesend/Mapleton from 43 to 86, in Marine Park/Madison sales increased from 54 to 75, and in Bedford Stuyvesant sales increased from 52 to 74 |
As always, please feel free to contact me at 646.825.5734 to discuss anything real estate or New York Giants related.
Best,
Rich
Richard C. Bouchner
Managing Director
Commodore Property Group
www.cpg-nyc.com
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Commodore Property Group is a boutique real estate co located in New York City. We assist in the sales and marketing of coops, condos, townhomes, and investment properties in Manhattan and Brooklyn.
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