City-wide home sales inch up

Staten Island home sales up a whopping 43 percent year over year

New York /
Oct.October 11, 2012 05:30 PM

New York City’s home sales market showed positive signs in the third quarter with both home prices and sales volume continuing to increase at steady pace, according to a Real Estate Board of New York report released today. As average home sales prices across the city inched up 1 percent year-over-year to $786,000, sales volume increased 6 percent year-over-year.

This upward trend is linked to increased sales in four of the five boroughs, the report said. Year-over-year, home sales in Manhattan climbed 7 percent; in Brooklyn and the Bronx, there was a 5 percent year-over-year increase. However, Staten Island had the greatest year-over-year increase in home sales with a 43 percent jump to 781 home sales in the third quarter from the 545 in the third quarter of 2011. The market in Flushing, Queens was the borough’s most active in the third quarter with 336 sales closed. Broken down, however, there were decreases. For example, there were 87 condominium sales in the third quarter — a 7 percent year-over-year decrease.

The report also attributes the improvement in the market to the Fed’s announcement of quantitative easing, aimed at keeping mortgage rates low through the purchase of Freddie Mac and Fannie Mae mortgage-backed securities.

There were no sales breaking the $50 million level in the third quarter. However, a total of 26 sales over $10 million were recorded. The highest was the $42 million purchase of 973 Fifth Avenue — a townhouse that was originally listed for $49 million.

As The Real Deal previously reported, numbers from leading brokerages indicated that Manhattan sales have held flat during the third quarter in the face of a fall in inventory. — Zachary Kussin


Related Articles

arrow_forward_ios
John Banks
High expectations: A look at John Banks’ 4 years at REBNY
High expectations: A look at John Banks’ 4 years at REBNY
John Banks
John Banks to step down as REBNY president
John Banks to step down as REBNY president
REBNY Awards
Newmark Knight Frank wins REBNY retail award for Alamo Drafthouse deal in FiDi
Newmark Knight Frank wins REBNY retail award for Alamo Drafthouse deal in FiDi
Jeffrey Epstein with 9 East 71st Street and Courtney Ross with her penthouse at 7 Hubert Street (Getty)
Jeffrey Epstein’s UES townhouse was priciest Manhattan deal last week
Jeffrey Epstein’s UES townhouse was priciest Manhattan deal last week
Unit 55B of Central Park South and Steve Roth of Vornado Realty Trust. (Compass, Vornado, Getty)
220 Central Park South’s first resale in the works
220 Central Park South’s first resale in the works
President Joe Biden’s American Rescue Plan was passed over the weekend. (Getty / Photo Illustration by Kevin Rebong for The Real Deal)
What real estate gets in Biden’s $1.9 trillion package
What real estate gets in Biden’s $1.9 trillion package
Vince Viola and 12 East 69th Street (Getty, Google Maps)
Vince Viola’s massive UES townhouse in contract
Vince Viola’s massive UES townhouse in contract
(Getty, iStock)
Movie theaters’ future uncertain as studios focus on streaming
Movie theaters’ future uncertain as studios focus on streaming
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...