Real Estate Guides

NYC Residential First Quarter 2009

Market Report provided by The Real Estate Board of New York
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Homes (includes all condominium, coopera- tive units and 1-3 family dwellings) ␣ The average sales price of a home in New York City during the first quarter of 2009 was $660,000, a 23% drop compared to the average price during the first quarter of 2008. The individual borough's average home price declines though were not as steep as the city wide number. ␣ The average price in Brooklyn was down 10% to $521,000. In Queens the average price dropped 8% year on year to $422,000. The year on year change on the average price of a home in the Bronx was down 8% to $365,000. The average price in Staten Island fell 6% year on year to $401,000. ␣ The average sales price of a home in Manhattan during the first quarter of 2009 was $1,424,000, an 11% drop compared to the average price during the first quarter of 2008. ␣ The large drop in the city wide homes num- ber is largely the result of the decline in the number of sales of Manhattan condomini- ums and their average sales price.

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