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Apartment Sales, Prices Stabilizing

NEW YORK CITY—Third-quarter performance is up by double digits over the prior quarter, although REBNY's Spinola advises waiting to declare a recovery.

By Paul Bubny | Updated on October 15, 2009

NEW YORK CITY-Residential prices and sales both improved citywide during the third quarter, reversing a downward trend of several consecutive quarters, the Real Estate Board of New York reported Thursday. However, REBNY president Steven Spinola says in a release, “the trend needs to continue for at least two more quarters before we can say with confidence that a recovery is under way.”

REBNY’s report found that citywide sales volume increased 35% over the second quarter to 9,734 homes, including cooperatives, condominiums and one-to-three-family dwellings, suggested pent-up demand. Manhattan sales volume increased 59% to 2,840, while Brooklyn saw a 27% gain to 2,102.

Looking strictly at apartment sales, Prudential Douglas Elliman’s Q3 report for Manhattan found that sales of condos and co-ops were up 45.6% over Q2 to 2,230 units. In Brooklyn, Prudential Douglas Elliman reported earlier this month, sales rose 29.4% from Q2 to Q3, while in Queens the volume was up 31%.

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