NYC Residential Third Quarter 2010

Market Report provided by The Real Estate Board of New York

The New York City residential sales market remained on steady footing during third quarter of 2010 overcoming the obstacles of the expiration of the first time homebuyer’s tax credit and loss of momentum in the overall economic recovery. The total consideration for residential property was $8.36 billion up 10.75 percent quarterly and 26.2 percent when compared to the third quarter of 2009, the first quarter in the NYC residential mar- ket recovery.Manhattan residential considera- tion during the third quarter of 2010 constituted 57.51 percent of the total market compared to 53.72 percent in the second quarter of 2010. Brooklyn saw a 20 percent increase in total con- sideration compared to the last quarter. This was the largest quarter to quarter percentage increase in the five boroughs. Sales volume for all homes in New York City when compared to the third quarter of 2009 increased by 18 percent. All homes sales in New York City were also up 12 percent quarter to quarter. Sales volume was strongest in Brooklyn and Manhattan where all homes sales were up over the third quarter2009, when the market recovery began, by 32 percent and 25 percent respectively. Much of this all homes increase was due to strength in condo sales. Brooklyn condo sales increased more than twofold over the third quarter of 2009 and Manhattan sales increased 26 percent. The mar- ket for 1-3 family homes in New York City was still above the sales levels of the third quarter of 2009 though not by the margin seen in the condo mar- ket. City wide sales of 1-3 family homes were up 6 percent over last year’s third quarter.