REBNY 2Q-2013 City Wide Residential Sales Report

Second Quarter 2013 City Wide Residential Sales Report

 REBNY (real estate board of New York) report found that citywide home sales volume for all homes (which includes cooperatives, condominiums and one-to-three-family dwellings) increased nine percent to 10,551 transactions compared to second quarter 2012.

The average sales price of a home citywide dipped slightly just over one percent to $779,000. The decrease is attributed to an increase in sales outside of Manhattan where average prices are significantly lower, which brings down the overall average price in NYC.

Additionally, sales of homes for more than $10 million declined to 22 this quarter, from 40 in the first quarter 2013 and 30 in the second quarter of 2012, due to changes in the capital gains tax rate coming into effect.

Other points of note from REBNY’s Second Quarter 2013 Residential Sales Report:

• Manhattan neighborhoods with the most home sales this quarter were: the Upper East Side (754 sales), the Upper West Side (559), Midtown East (268), Midtown West (240), Chelsea/Flatiron (220), and Gramercy/Kips Bay (194). 

• Brooklyn residential home sales activity was focused in Bedford Stuyvesant (222), East New York/Spring Creek (134), Park Slope (128), Bay Ridge/Fort Hamilton (111), Gravesend/Mapleton (107), and Borough Park (105). 

• Queens neighborhoods with the most home sales were: Flushing (366), Rego Park/Forest Hills/Kew Gardens (312), Springfield Gardens/Jamaica/South Jamaica/Baisley Park (236), and Jackson Heights/Elmhurst (204). 

• Bronx neighborhoods with the most residential home sales this quarter were Parkchester/Westchester Square/ Castle Hill/Soundview (88 sales), City Island/Pelham Bay/Pelham Strip/Country Club/Throgs Neck/Schuylerville (83), Riverdale/Fieldston (79), and Woodlawn/Williamsbridge (72).