Nest Seekers International

REBNY Market Report Posted May 2009 <br />Average sales prices of a home in New York City (which includes cooperatives, condominiums and one-to-three family dwellings) declined 23 percent to $660,000 in the first quarter of 2009 compared to the same time last year, according to the REBNY New York City Residential Sales Report released in April. Despite the overall decline, the report found that certain segments of the market showed signs of life: Queens <br />condominiums saw a 21 percent jump to an average price of $486,000 and in Brooklyn, Greenpoint condominium prices increased 7% to $543,000. In <br />Manhattan, TriBeCa condominium prices surged 57 percent to $3,578,000 <br />and on the Upper East Side condominium prices increased 25 percent to <br />$2,377,000. These increases were due to a concentration of closings at several new developments.

The average sale price of a home in New York City was $783,000 in the third quarter of 2008, slightly higher than a year earlier ($782,000). However, since the first quarter 2008 the average sale price has been declining, due in part to the reduction in the number of condominium sales whose average sale price is higher than all the property types that comprise the Home category as well as the decline in the sale price city-wide of 1-3 family dwellings. The Manhattan average sale price of a home was $1,492,000 in the third quarter of 2008, up 12% from the third quarter 2007. Similarly, the average sale price for a Manhattan home has been declining since the first quarter 2008. Again, this decline is due in part to the decline in the number of condominium sales whose average sale price is higher than all the property types that comprise the Home category.

New York City's average sale price for a home (apartments and one to three family homes) rose 12% to $824,000 in the second quarter of 2008, compared to a year ago. This increase is attributable primarily to the continuing price increases for Manhattan apartments.

The average sales price of a home in New York City reached $853,000 during the first quarter of 2008. This was an increase of 28% over the average price of a home in the first quarter of last year.

The average sales price of a home in New York City reached $732,000 during 2007. This was an increase of 15% over the average price of a home in 2006.