NYC sales price down 22%, REBNY report says

July 08, 2009 03:11PM

The average sales price of a home in New York City sank 22 percent to $644,000 in the second quarter of 2009 from $824,000 at the same time last year, according to a report released today by ResidentialNYC.com, the real estate listings Web site maintained by the Real Estate Board of New York.

The report, which tracks data about co-ops, condos and one- to three-family homes in all five boroughs from the city’s Department of Finance, found that the number of home sales in the city dropped 35 percent to 7,194 from 11,008 in the second quarter last year, while in Manhattan, sales plummeted 47 percent to 1,788 from 3,348 in the prior-year quarter.

Second-quarter reports released by city brokerages last Thursday showed a more dramatic drop in sales — a decline of at least half from the second quarter of 2008.

Manhattan homes showed the largest decline in average prices, dropping 19 percent to $1.297 million from the second quarter of 2008, the REBNY report says. Queens followed, with average home prices down 13 percent to $403,000; Brooklyn prices fell 12 percent to $503,000; Staten Island saw prices decline 10 percent to $388,000 and the Bronx saw home prices slip 9 percent to $356,000.

The report also found that the median sales price of a home in New York City was $445,000 in the second quarter, dropping 17 percent from $535,000 during the prior-year quarter. The average price per square foot citywide was $453, down 26 percent from $613 last year. TRD