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New Study Tracks Changes in New York City Property Sales

NEW YORK, NY--(Marketwired - Jun 5, 2014) - A new study of real estate trends in NYC compiled by Neglia Appraisals, Inc., www.NYRealEstateTrends.com, revealed that for the first time since before the housing bubble burst, every borough in the City had higher total sales volume in 2013 compared to prior years. This trend appears to be continuing in 2014. It confirms what most brokers have been preaching: that the New York City residential housing market is back.

Especially robust was Staten Island: In 2013, sales volume increased by almost 50% for one and two family properties, compared to 2012 levels. Even more dramatic was the 75% increase in the number of Staten Island condos that sold in 2013 compared to 2012. Condo sales volume is up overall in all five boroughs. It appears that the real estate recovery has had the most positive effect on condo sales throughout the City.

Predictably, the effect on value has been positive, although not all prices have exceeded prior levels. The previous peak in sales prices was during the boom years of 2007-2008. But in 2013, condos were the only property type in the Bronx, Brooklyn, Queens and Staten Island where average prices were even higher than in the peak years. In Manhattan, condo prices are now approaching the high numbers seen while the bubble was growing. 

Sales volume for one, two, and three family properties was also up in most sectors, but not as consistently as the condo market. Single family sales in Brooklyn and Queens rose significantly, with increases of 30% and 27% for 2013 vs. 2012. Prices for single family houses in Staten Island, Queens, and the Bronx are also higher now than before the bubble burst. Prices for other property types still have not consistently met or exceeded 2007/08 levels.

www.NYRealEstateTrends.com is the only site where changes in value for all neighborhoods in New York City are tracked. It is the only reference guide in any media format which makes historical and current price trend information available, at no charge. 

The "Data Search" tab gives percent change in value for all neighborhoods, shows average and median sale prices, and the highest and lowest sale prices in any zip code, in every year, from 1995 to the present. There is also total percent change and total sales volume for all five boroughs.

www.NYRealEstateTrends.com is user friendly and is appropriate for industry professionals as well as anyone buying or selling a house or condo in New York City. First time buyers will be delighted with the glossary, which includes easy-to-understand definitions of common terms used in real estate transactions.

All information was compiled and analyzed by Domenick Neglia, President and CEO of Neglia Appraisals, Inc., based in Brooklyn, New York. Contact Mr. Neglia at dom@neglia.com for additional information.