According to the report, the average sales price overall for cooperatives and condominiums in New York City was $831,000, compared to $769,000 during the second quarter of 2006. For one-to-three-family residences, the average sales price was $622,000 compared to last year's average of $592,000.
The report notes that Manhattan had the highest average sales price for an apartment at $1.2 million, with Brooklyn second at $484,000. For one-to-three-family dwellings, Manhattan recorded the highest average price at $5.2 million, while Brooklyn registered the next highest average sales price at $671,000. Queens one-to-three-family dwellings followed with an average sales price of $588,000.
"The New York City real estate market steadily increased in the second quarter of this year as both average and median prices for apartments and one-to-three family homes were on the rise citywide," says REBNY president Steven Spinola. "Our citywide report was created to provide market indicators for all five boroughs and hence a complete picture of the overall market in the city. The report clearly demonstrates that, while everyone knows the Manhattan market continues to be strong, the boroughs outside Manhattan are bucking the trend in the rest of the country and seeing solid increases in home prices."
The median sales prices for New York City apartments climbed 16% to $525,000 compared to $452,000 last year. Median sales prices for apartments also increased in each of the five boroughs. Queens and Staten Island had the highest percentage increases for cooperatives at 8% and 6% respectively. The Bronx and Manhattan showed the highest percentage increases for condominiums at 26% and 18% respectively.
"Median sales prices for apartments and one-to-three-family homes were up across the board during the second quarter," adds Spinola. "The Manhattan market continues to lead the way with the highest increases for both categories."
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
