Manhattan Condos - New Developments - Conversions - Resales: NY Citywide Market Report First Half 2013

NY Citywide Market Report First Half 2013

First half sales and average sales prices of all homes in New York City have been rising steadily since the lowest point of the recession in 2009. In the first half of 2009, 13,903 sales were recorded, with an average sales price of $652,000. The first half of this year registered combined sales of 20,563, up from 18,753 during the first half of 2012 and an average sales price of $792,000—up from $756,000 the previous year.

Manhattan and Brooklyn have seen the biggest increases in first half sales and average sales prices of all homes since the financial crisis. Sales in Manhattan have doubled since 2009, with 6,550 sales recorded in the first half of this year, up from 3,276 during the first half of 2009.

The average sales price of all homes in Manhattan has been rising steadily over the past four years—culminating at $1,452,000 in the first half of 2013, an increase from $1,361,000 in 2009.
 
Brooklyn sales of all homes increased 62% in the first half of 2013—up to 5,139 from 3,166 during the same time period in 2009. Since the first half of 2009, the average sales price in Brooklyn rose 20% to $618,000 in the first half of 2013.

Below are graphs depicting the increase in sales and average sales price for the first six months of each year since 2009 in each borough and citywide.


Sales and Average Sales Price by Year Citywide
Year
Sales
Average Sales Price
2009
13,903
$652,000
2010
20,599
$719,000
2011
18,930
$740,000
2012
18,753
$756,000
2013
20,563
$792,000

     
     
Sales by Borough and Year
Year
Manhattan
Bronx
Brooklyn
Queens
Staten Island
2009
3,276
983
3,166
5,141
1,337
2010
6,224
1,207
4,653
6,572
1,943
2011
5,863
1,040
4,730
5,649
1,648
2012
6,046
1,058
4,700
5,877
1,072
2013
6,550
1,092
5,139
5,934
1,848
     
     
     

Average Sales Price by Borough and Year
Year
Manhattan
Bronx
Brooklyn
Queens
Staten Island
2009
$1,361,000
$361,000
$512,000
$413,000
$395,000
2010
$1,369,000
$355,000
$533,000
$393,000
$405,000
2011
$1,389,000
$348,000
$555,000
$392,000
$410,000
2012
$1,395,000
$327,000
$564,000
$394,000
$427,000
2013
$1,452,000
$349,000
$618,000
$413,000
$424,000

source: REBNY Reasearch www.REBNY.com.

Manhattan Monthly Market Report | July 2013

 
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Comment balloon 17 commentsMitchell J Hall • August 17 2013 06:43AM

Comments

Look at those prices!?!?!?! the AVERAGE in Manhattan at 1.4M? WOW what you can buy ANYWHERE for those dollars is impressive and for that to simply be average is crazy but hey it is what it is... great report

Posted by David Shamansky, Creative, Aggressive & 560 FICO - OK, Colorado Mtg (US Mortgages - David Shamansky) over 3 years ago

This is great news overall, and esp as for our area in Westchester.  As Manhattan picks up, so does Westchester, but just lagged a bit behind it.  You guys picked up a while ago, and things have really started to pick up here, too. - Debbie

Posted by Women of Westchester Working Together, Women helping Women get ahead (Women of Westchester Working Together) over 3 years ago

Awesome Market report ..Congrats on your Featured Post my friend !

Posted by Hannah Williams, Expertise in NE Philadelphia & Bucks County (Re/Max Eastern inc.) over 3 years ago

Thanks for the market report of the Big Apple. Go for it

Posted by Harry F. D'Elia, Investor , Mentor, GRI, Radio, CIPS, REOs, ABR (Real Estate and Beyond, LLC) over 3 years ago

Mitch, silly me!  When I saw "city-wide"  my brain was thinking "Manhattan wide".  And those numbers looks so low! 

Posted by Patricia Kennedy, For Your Home in the Capital (Evers & Company Real Estate, Inc.) over 3 years ago

It is good to hear that New York is experiencing a recovery in the housing market.  The prices are very high compared to a state like New Hampshire.

Posted by Joan Whitebook, Consumer Focused Real Estate Services (BHG The Masiello Group) over 3 years ago

Mitchell, I find it interesting to read about markets around the country.  I'm impressed by these numbers and glad that there are a variety of micro markets to serve people in many price points.

Posted by Sharon Parisi, Dallas Homes (Keller Williams Dallas Premier Realty) over 3 years ago

Thanks for all the comments. My market reports in the past have been Manhattan only. Brooklyn has become the HOT NYC market. Park Slope is the new Upper West Side. Williamsburg the new Greenwich Village. I will also be doing Brooklyn market reports.

Posted by Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn (The Corcoran Group) over 3 years ago

Mitchell, a great blog of information, and Brooklyn stands out with its enormous increase in sales and values. The lower end is moving up if you want to call Brooklyn, lower end.

Posted by Jimmy Faulkner, The Best Of St. Augustine (Florida. Homes Realty & Mortgage) over 3 years ago

I've got to up my average market price .....

Posted by Lyn Sims, Schaumburg IL Area Real Estate (RE/MAX Suburban - Northwest Suburbs of Chicago) over 3 years ago

Mitchell, first I really like the news that NYC is doing better. We pull second home buyers from NYC and if they aren't spending there, they aren't spending here. I have noticed a jump on my website searching IDX for homes, and calls and emails are growing as are actual face to face meetings and showings. They are slow to pull the trigger though, and many miss out on the  homes that are hot for second home buyers from NYC right now.

I love how you did this. I am a big fan of market reports and you have just given me a great idea! 'This is very clear, concise, easy to understand AND shows a growing market. 

Posted by Andrea Swiedler, Realtor, Southern Litchfield County CT (Coldwell Banker Residential Brokerage) over 3 years ago

Hey, Mitch!  I included this post in today’s Last Week’s Favorites.  Please drop by and check it out, and have a great week!

Posted by Patricia Kennedy, For Your Home in the Capital (Evers & Company Real Estate, Inc.) over 3 years ago

As a NY City "native" and as a former NY City broker with Halstead Property, I was fascinated to reach this.

Posted by Nina Hollander, Your Charlotte/Waxhaw/Fort Mill Area Realtor (RE/MAX Executive | Charlotte, NC) over 3 years ago

Mitchell, I am sure there is some degree of flipping taking place with these levels of rapid appreciation. Demand for limited housing drives it, not to mention all the international funds coming into your market. Good luck!

Posted by Sandy Padula and Norm Padula, JD, GRI NMLS#1483386, Presence,Persistence & Perseverance (Allison James Estates & Homes & Realty One) over 3 years ago

Jimmy, Brooklyn is becoming as expensive as Manhattan. Buyers used to go there to save. Nowe they just wnt to live there.

Lyn, I do too. My average sale prices are not necessarily the whole markets averages.

Andrea, Thanks, Litchfiued CT is a favorite town of New Yorkers for second homes.

Thanks Pat, On my way over

Hi Nina, Thanks for visiting.

Norman, Flipping only in condos. Many new construction developments won't allow resales for a certain period of time. The developer/sponser doesn't want to compete with resales.

70% of our housing is still coops. Coops are not investor friendly. Many have a "flip tax" that was originally meant to disuade insiders from flipping. The term flipping was coined in NYC in the 80's when rental buildings began converting to coops.

Posted by Mitchell J Hall, Lic Associate RE Broker - Manhattan & Brooklyn (The Corcoran Group) over 3 years ago

Mitchell good to see the improvement in NYC home sale over 2009.  I hope this trend will spread to the rest of the State.

Posted by Jennifer Fivelsdal, Mid Hudson Valley real estate connection ( JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571) over 3 years ago

Hi Mitchell, great report and should be most helpful to the folks in New York City

Posted by Michelle Cooks, Pensacola, Pace & Gulf Breeze Property Management (Charles Stallions Real Estate Services) about 3 years ago

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