NY Citywide Market Report First Half 2013

By
Real Estate Agent with Compass
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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Rainmaker
1,143,921
David Shamansky
US Mortgages - David Shamansky - Highlands Ranch, CO
Creative, Aggressive & 560 FICO - OK, Colorado Mtg

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

Aug 17, 2013 01:12 AM #1
Rainmaker
560,564
Women of Westchester Working Together
Women of Westchester Working Together - West Harrison, NY
Women helping Women get ahead

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

Aug 17, 2013 01:21 AM #2
Ambassador
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Hannah Williams
Re/Max Eastern inc. - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-953-8818

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

Aug 17, 2013 04:02 AM #4
Ambassador
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Harry F. D'Elia
RentVest - Phoenix, AZ
Investor , Mentor, GRI, Radio, CIPS, REOs, ABR

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

Aug 17, 2013 08:29 AM #5
Ambassador
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Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

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

Aug 17, 2013 12:25 PM #6
Rainmaker
1,317,476
Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services

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.

Aug 17, 2013 01:02 PM #7
Rainmaker
1,059,662
Sharon Parisi
United Real Estate Dallas - Dallas, TX
Dallas Homes

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.

Aug 17, 2013 02:53 PM #9
Rainmaker
597,961
Mitchell J Hall
Compass - Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn

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.

Aug 18, 2013 12:01 AM #10
Rainer
311,619
Jimmy Faulkner
Florida. Homes Realty & Mortgage - Wantagh, NY
The Best Of St. Augustine

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.

Aug 18, 2013 12:35 AM #11
Rainmaker
1,527,821
Lyn Sims
RE/MAX Suburban - Schaumburg, IL
Schaumburg IL Real Estate

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

Aug 18, 2013 02:13 AM #12
Ambassador
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Andrea Swiedler
Berkshire Hathaway HomeServices New England Properties - New Milford, CT
Realtor, Southern Litchfield County CT

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. 

Aug 18, 2013 03:43 AM #13
Ambassador
3,675,572
Patricia Kennedy
RLAH Real Estate - Washington, DC
Home in the Capital

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!

Aug 18, 2013 03:47 AM #14
Rainmaker
3,060,476
Nina Hollander
Coldwell Banker Residential Brokerage - Charlotte, NC
Your Charlotte/Ballantyne/Waxhaw/Fort Mill Realtor

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

Aug 18, 2013 08:58 PM #15
Rainmaker
1,536,825
Sandy Padula and Norm Padula, JD, GRI
HomeSmart Realty West & Geneva Financial, Llc. - Carlsbad, CA
Presence, Persistence & Perseverance

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!

Aug 18, 2013 11:08 PM #16
Rainmaker
597,961
Mitchell J Hall
Compass - Manhattan, NY
Lic Associate RE Broker - Manhattan & Brooklyn

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.

Aug 18, 2013 11:32 PM #17
Ambassador
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Jennifer Fivelsdal
JFIVE Home Realty LLC | 845-758-6842|162 Deer Run Rd Red Hook NY 12571 - Rhinebeck, NY
Mid Hudson Valley real estate connection

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

Sep 05, 2013 01:48 PM #18
Rainmaker
1,304,395
Charles Stallions Property Manager
Charles Stallions Real Estate Services - Pace, FL
Pensacola, Pace & Gulf Breeze Property Management

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

Feb 26, 2014 11:31 AM #19
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Mitchell J Hall

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