The average price rose 28 percent for all New York City homes, according to a market report released today, while the sales volume dropped 22 percent.
Produced by the Real Estate Board of New York trade association, the ResidentialNYC.com report revealed that the average price of Manhattan residential property jumped 41 percent year-over-year in the first quarter to $1.6 million and Manhattan sales dropped 6 percent. REBNY has about 12,000 members that work in a wide range of real estate-related fields.
This report follows the release earlier this month of real estate broker-sponsored first-quarter Manhattan market reports that detailed price gains and sales drops in the first quarter.
Inman News has reported that despite the continued Manhattan market price gains, some real estate professionals say the sales slowdown and other market trends indicate that the tide may be turning on the area’s red-hot real estate run-up.
The average price of homes throughout New York City was $853,000 in the first quarter, up from $669,000 in first-quarter 2007, REBNY reported. Report data is based on sales of all residential property, including private homes with one to three dwellings, condominiums and cooperatives.
"The significant increases in home prices in Manhattan clearly boosted the citywide average," said Steven Spinola, REBNY president.
Average home prices rose 3 percent in Brooklyn year-over-year in the first quarter, to $582,000.
Average home prices in Queens and Staten Island sank 5 percent year-over-year in the first quarter. The average price of homes in Queens was $458,000 in the first quarter, while the average price was $427,000 for homes in Staten Island.
In the Bronx, the average home price fell 1 percent to $396,000 in the first quarter compared to the same quarter last year.
The average sales price for all New York City apartments (co-ops and condos) rose 34 percent to $994,000 in the first quarter compared to first-quarter 2007.
Manhattan apartment prices jumped 40 percent to $1.55 million year-over-year in the first quarter.
Citywide condo prices rose 41 percent year-over-year in the first quarter to $1.29 million, climbing 43 percent in Manhattan to $1.83 million, 7 percent in Queens to $404,000, and 4 percent in Brooklyn to $589,000.
New York City apartment co-op prices rose 15 percent year-over-year in the first quarter to $695,000, REBNY reported, and gained 26 percent in Manhattan to $1.19 million and 6 percent in Brooklyn to $343,000.
The average price of a one- to three-unit family dwelling in New York City rose 7 percent year-over-year in the first quarter to $638,000, growing 6 percent in Brooklyn to $681,000 and rising slightly in Queens, to $582,000.
The REBNY report also includes some neighborhood-specific data for Manhattan.
Average co-op and condo prices in the Upper West Side rose 96 percent to $2.1 million year-over-year in the first quarter, REBNY reported, with prices up 92 percent to $1.07 million in Murray Hill; up 50 percent to $1.99 million in Midtown West; up 41.1 percent to $1.93 million in the Upper East Side; up 33.4 percent to $1.34 million in Midtown East; up 22.4 percent to $1.36 million in Greenwich Village; and up 13.2 percent to $452,000 in Washington Heights.
The highest average sales price for all housing types was in Soho, at $2.3 million, followed by Tribeca, at $2.22 million.
Earlier this month, New York City appraisal company Miller Samuel reported, in a report prepared for the Prudential Douglas Elliman brokerage company, that Manhattan condo and co-op prices dropped 34.3 percent year-over-year in the first quarter, with for-sale inventory rising 4.6 percent, days on market rising 11.7 percent, and the median sales price rising 13.2 percent to $945,276.
Miller Samuel and Prudential Douglas Elliman this week released a first-quarter report on the Long Island-Queens market.
The average sales price in the Long Island-Queens market was $514,135 in the first quarter, up 3.6 percent compared to first-quarter 2007. And the median sales price was $435,000, down 0.6 percent compared to the same quarter last year.
There were 6,015 total sales in the Long Island-Queens market in the first quarter, down 14.1 percent from the same quarter last year, Miller Samuel reported. The days on market rose 8.3 percent to 117 days and the listing inventory increased 10.2 percent to 35,209 units.
"The level of sales activity continues to slip as the demand for housing is weaker than seen in the past several years due to difficulties with access to credit," the Miller Samuel report states.
"The expansion of the days-on-market indicator and rising inventory levels are the result of reduced demand," though sales price growth "was relatively stable as compared to the same period last year," and activity typically picks up in the current quarter, which tends to be the most active quarter of the year in sales activity and price appreciation, the report states.
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