Average home prices in New York City climbed in the third quarter of 2009 compared to the previous quarter, reversing the trend that began last year. This is a sign that the market could be leveling off. Prices were down 14 percent to $670,000 from this time last year. However, 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.
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.The report found that citywide 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. "
While we see the market slowly coming back to life, REBNY President Steven Spinola says that in order to be sure of the market recovery the trend must continue for at least two more quarters. But, nevertheless, sales volumes noted in this third quarter report show that it was a busy summer for real estate transactions—a reliable sign that the market is on the rebound.
For a more in depth look at third quarter market reports, click here.
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