NYC Residential Second Quarter 2010

Market Report provided by The Real Estate Board of New York

The New York City residential sales market in the second quarter of 2010 continued showing the characteristics of a healthy market and contin- ued the trend that emerged during the previous two quarters. The total consideration for residen- tial property was $7.5B, up 4.8% quarterly and 72.8% when compared to the frozen market of the second quarter in 2009. Manhattan residential consideration during the second quarter of 2010 constituted 59.1% of the total market compared to 48.8 percent in the second quarter of 2009. Sales volume for apartments, when compared to the first quarter of 2010, increased moderately in the all boroughs, except for Staten Island. Sales vol- ume remained well above the numbers seen dur- ing the freeze up of the market that persisted from the last quarter of 2008 through the second quarter of 2009. The market for 1-3 family homes though has stalled since the ramp up of sales that started in the third quarter of 2009. Volume in Brooklyn and Queens did increase over the previ- ous quarter but only by the respective margins of 2% and 5%. (It is possible that 1-3 family home prices adjusted downward faster than the apart- ment market. Therefore, recovery in 1-3 family market occurred sooner and with more voracity and has now started a period of deceleration.)