Saturday, July 31, 2010

New York State second quarter home sales jump 71 percent from first quarter

Albany – July 22, 2010 – The New York state housing market continued its strong start to 2010 as second quarter sales, helped by a record-setting June sales total, jumped more than 71 percent from the first quarter, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. The 2010 second quarter statewide median sales price grew by nearly 12 percent compared to the 2009 second quarter, despite falling by 5 percent from the first quarter of 2010.
“The New York State housing market has clearly benefited from the federal homebuyer tax credit,” said Duncan R. MacKenzie, NYSAR chief executive officer. “The proof is in the 24,327 sales that closed in the 2010 second quarter and especially in the 11,230 new homeowners in June.”
“The federal tax credit and historically low mortgage rates created great opportunities for buyers in the first half of 2010 and they responded,” said MacKenzie. “While we did expect the number of June sales to increase significantly as buyers met the original closing deadline, we did not expect to break the June monthly sales record set in 2005.”
“With the extension of the tax credit closing deadline to September 30, tax credit driven sales will continue to buoy sales totals throughout the typically active summer market,” MacKenzie added, noting that the bulk of those sales are likely reflected in the June data.
New York REALTORS sold 24,327 existing single-family homes in New York State during the 2010 second quarter, an increase of 71.3 percent from the 2010 first quarter. The sales total represents a 30.9-percent increase compared to the 2009 second quarter. The June 2010 sales total of 11,230 was up 66.2 percent from the May 2010 total of 6,758 and 46.8 percent from June 2009.
The 2010 second quarter statewide median sales price of $204,450 represents an increase of 11.7 percent from a year ago and a 5.4-percent decrease from the 2010 first quarter. The June 2010 median sales price of $220,750 represents an increase of 19.3 percent compared to the June 2009 median and a 17.6-percent increase from the May 2010 median.
The New York State Association of REALTORS is a not-for-profit trade organization representing more than 54,000 of New York state’s real estate professionals. The term REALTOR is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS. These REALTORS are also members of the New York State Association of REALTORS as well as their local board or association of REALTORS.

Monday, July 26, 2010

Manhattan apartment sales rebound, rents up, vacancies down report

New York City's housing market continued its rebound in the second quarter of 2010 as the total amount of residential real estate sales increased 72 percent by dollar amount compared to the second quarter of 2009, according to a new report by, the public real estate listings site of Real Estate Board of New York. The value of all deals increased to $7.6 billion last quarter, up from $4.4 billion in the second quarter of 2009 (note: correction appended). The REBNY report also found that the average sales price for all homes citywide -- including co-ops, condos, and one-to-three family units -- increased to $728,000. Citywide, apartment sales volume increased year-over-year 65 percent. In addition, Manhattan apartment sales volume increased 82 percent, while in Brooklyn it increased 62 percent. Recent market reports from the city's major residential brokerages similarly declared that home sales volume has increased citywide, but found that prices have remained flat. "The trend that emerged in previous quarters is enduring, and we are optimistic that this indicates a return to a healthy market," said Steven Spinola, president of REBNY "Although these developments are promising, the resurgence is dependent upon continued economic recovery.
The Manhattan residential rental market also showed modest improvement over the last month, with inventory declining and rents climbing in both month-over-month and year-over-year comparisons, according to the Real Estate Group NY's July report, which measures rental activity from June 15 to July 15 (see full report below). The largest year-over-year rent hikes were seen amongst non-doorman studios, which averaged $2,077 per month, up 6.06 percent from July 2009. Meanwhile, prices for studios with doormen, averaging $2,367 per month, rose by just 1.29 percent -- the smallest increase of the apartment types. Neighborhoods still offering deals even as the overall market rebounds include the Lower East Side, where non-doorman, two-bedroom units saw rents fall 9.52 percent in July to $2,770 per month and Harlem, where rents for two-bedroom units with doormen declined by 9.69 percent to $2,345 per month -- the lowest price since TREGNY began tracking data for the neighborhood in 2008. The data reflects trends from roughly 10,000 listings in TREGNY's proprietary database in the borough, all priced under $10,000 per month. Overall, vacancies declined by 0.78 percent month-over-month in Manhattan, which TREGNY attributed to recent college graduates entering the rental market and to would-be intra-borough renters who are now staying in Manhattan as landlord incentives in the outer boroughs have decreased. In a recent second-quarter rental report, Prudential Douglas Elliman found that although rental activity had returned to pre-recession levels, average rental prices were relatively flat in Manhattan, declining 3.3 percent on a year-over-year basis but increasing 12.3 percent on a per-square-foot basis quarter-over-quarter. TRD

Sunday, July 18, 2010

Monthly unit sales in June were at 67. This is up 103.0% from June of 2009. Monthly sales/list price ratio in June moved down to 91.5% from 92.2% in May.
Monthly median price in June was $1,850,000. This is up 19.4% from $1,550,000 in June of 2009. 3-month avg. average sale price is $876,467, up somewhat from $758,404 in 2009.
Monthly inventory of 740 in June was up 2.5% from 722 in May but down 8.2% from 806 in June of 2009. Monthly new listings fell to 114 from 143 in May.
Market Time
Monthly days on market of 113 in June was down substantially from 172 in May and way down from 159 in June of 2009. Monthly months of supply in June moved down to 18.8 from 19.7 in May.

Thursday, July 15, 2010

My Monthly Housing Newsletter

Below is/are the link(s) to the my monthly housing newsletter.

Greenwich (Single-family residential)
Greenwich (Condominium)
Greenwich (Coop)
Greenwich (Multi-family)
Southport (Single-family residential)
Southport (Condominium)
Southport (Coop)
Southport (Multi-family)
Darien (Single-family residential)
Darien (Condominium)
Darien (Coop)
Darien (Multi-family)
New Canaan (Single-family residential)
New Canaan (Condominium)
New Canaan (Coop)
New Canaan (Multi-family)
Old Greenwich (Single-family residential)
Old Greenwich (Condominium)
Old Greenwich (Coop)
Old Greenwich (Multi-family)
Stamford (Single-family residential)
Stamford (Condominium)
Stamford (Coop)
Stamford (Multi-family)
Ridgefield (Single-family residential)
Ridgefield (Condominium)
Ridgefield (Coop)
Ridgefield (Multi-family)
Westport (Single-family residential)
Westport (Condominium)
Westport (Coop)
Westport (Multi-family)
Wilton (Single-family residential)
Wilton (Condominium)
Wilton (Coop)
Wilton (Multi-family)
Trumbull (Single-family residential)
Trumbull (Condominium)
Trumbull (Coop)
Trumbull (Multi-family)

Please feel free to contact me if I can be of any assistance.