REBNY Report May 09

Market Report provided by The Real Estate Board of New York

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 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 Manhattan, TriBeCa condominium prices surged 57 percent to $3,578,000 and on the Upper East Side condominium prices increased 25 percent to $2,377,000. These increases were due to a concentration of closings at several new developments.