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Report: Real Estate's Post-Recession Comeback Continues With Sales Prices and Activity on the Rise

NEW YORK, NY--(Marketwired - Apr 9, 2013) - The New York City residential sales market got off to a strong start in 2013 with an increase in activity and a jump in median sales prices citywide, despite the lack of inventory, according to The Real Estate Board of New York (REBNY)'s First Quarter New York City Residential Sales Report.

The number of sales of all homes (cooperatives, condominiums, and one-to-three-family dwellings) citywide climbed 11 percent from the first quarter of last year, and four percent from the previous quarter, to 10,012 sales. Median sales prices in the first quarter of 2013 climbed seven percent from the first quarter of last year to $480,000, the highest median sales price for all homes in the city since 2008.

The total consideration for all residential sales in New York City during the first quarter of 2013 was $8.1 billion, up 23.4 percent from the first quarter of last year and 7.6 percent from last quarter. This quarter's total consideration is also a post financial crisis high for the quarter. The last time total consideration was recorded this high for the first quarter was in 2008 when $10.0 billion in residential sales were recorded.

"Our report shows strong positive signs this quarter in terms of growth in the total consideration of New York City's residential sales, as well as increased activity," said Steven Spinola, REBNY president. "The luxury market continues to show strength but a broader look at various market segments shows that the residential real estate market has recovered. We are concerned about the impact of the lack of inventory. However, we are confident that the market will continue to improve as we progress into the second quarter of 2013."

Manhattan's total consideration in the first quarter of 2013 was $4.7 billion, 29 percent greater than the first quarter of last year. Brooklyn's consideration was $1.6 billion, 21 percent greater than the first quarter of last year. Staten Island showed the biggest growth in total consideration with $3.7 million, 55 percent greater than a year ago.

There were 73 condominium sales in Williamsburg during the first quarter of 2013, a post-recession low for the Brooklyn neighborhood. This is a 52 percent decrease from the first quarter of last year due to a lack of new inventory. The last time there were fewer condo sales in the first quarter in Williamsburg was in 2009, immediately after the financial crisis.

REBNY's First Quarter 2013 Residential Sales by Neighborhood:

  • Manhattan neighborhoods with the most home sales this quarter were: the Upper East Side (751 sales), the Upper West Side (550), Midtown East (234), Midtown West (211), Gramercy/Kips Bay (187), Chelsea/Flatiron (185).
  • Brooklyn residential home sales activity was focused in Park Slope (161 sales), Bedford Stuyvesant (153), Gravesend/Mapleton (113), Kensington/Parkville (112), and Bay Ridge/Fort Hamilton (109).
  • Queens neighborhoods with the most home sales were: Flushing (340 sales), Rego Park/Forest Hills/Kew Gardens (319), Jackson Heights/Elmhurst (246), and Springfield Gardens/Jamaica/South Jamaica/Baisley Park (240).
  • Bronx neighborhoods with most residential home sales this quarter were: Riverdale/Fieldston (100), City Island/Pelham Bay/Pelham Strip/Country Club/Throgs Neck/Schuylerville (86), Parkchester/Westchester Square/ Castle Hill/Soundview (69 sales), Woodlawn/Williamsbridge (51).

REBNY's report is the most comprehensive quarterly review of recorded transactions and includes data from all five boroughs.

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