REBNY Issues New York City Wide Five-Bourough Residential Sales Report
In a five-borough residential report released by the Real Estate Board of New York, the average price of an apartment jumped 23 percent, while each borough recorded a higher average price for one- to three-family dwellings in the last 12 months.
According to the quarterly report, the average price for New York City apartments rose 23 percent, to $745,000, in the first quarter of 2007, compared to a year earlier, while the median price for city units rose 20 percent, to $450,000.
At $1,107,000, Manhattan had the highest average, with Brooklyn second, at $441,000, and Queens third, at $257,000.
In the one- to three-family category, with a significant number outside Manhattan, the average price increased 7 percent, to $595,000, while the median rose 8 percent, to $540,000.
Manhattan came in at $3,942,000 among one- to three-family residences. Brooklyn was second at $643,000 and Queens third at $580,000.
Manhattan led in average price increase for one- to three-family dwellings, 16 percent since last year, while Brooklyn and The Bronx were each up 7 percent, Queens 4 percent and Staten Island 3 percent.
The report also found an upsurge in city apartments' average price per square foot, which rose 14 percent to $733, while the median surged 28 percent to $671.
For complete report: REBNY PRESS RELEASE
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