Apartment Prices Up Citywide, Report Says

BREAKING! It is not getting any cheaper to live in New York City.

Over the past year, the average price for a New York City apartment has increased by 23 percent, according to a report out today by the Real Estate Board of New York.

The city-wide residential report--"the first of its kind," according to REBNY—compared apartment sales prices for the first quarter of 2007 with those in the first quarter of 2006.

The average price for a New York City apartment increased to $745,000 during that period. Median prices shot up 20 percent to $450,000.

Other interesting tidbits: Manhattan has the highest average sales price for an apartment in the five boroughs at just over $1.1 million (Quite the shocker!). Brooklyn is a distant second with $441,000.

Also, the median sale price for condos increased in every borough. The Bronx and Manhattan led the way with 17 and 10 percent increases, respectively.

    The full release about the report is below.
 

REBNY ISSUES FIRST CITYWIDE RESIDENTIAL SALES REPORT

Findings show continued strength of NYC real estate market

Avg apt prices in NYC up 23%, avg prices for 1-3 family dwellings

up in all five boroughs

NEW YORK, May 14, 2007 – The residential market in New York City continued to show its strength in the first quarter of 2007, as average apartment prices jumped 23 percent citywide and all five boroughs recorded a percentage increase in average prices for one-to-three-family dwellings, according to a comprehensive five-borough residential report, the first of its kind, issued today by the Real Estate Board of New York (REBNY).

“This is the first citywide residential report to be compiled by REBNY, and given our broad membership, it is the most comprehensive report available,” said Steven Spinola, REBNY’s President. “While we will continue to issue our complete Manhattan and Brooklyn reports, this five-borough report will be issued quarterly to provide a wider perspective on the New York City residential market,” he added.

According to the report, average sales prices for apartments in New York City rose 23 percent to $745,000 in the first quarter of 2007 compared to the first quarter of last year, while median sales prices for New York City apartments surged 20 percent to $450,000.

One-to-three-family dwellings, which make up the bulk of housing in some of the boroughs outside Manhattan, also showed gains in the first quarter. Average sales prices for one-to-three-family dwellings increased seven percent to $595,000, while median sales prices for one-to-three-family dwellings rose eight percent to $540,000. Manhattan led the average price increases for one-to-three-family dwellings, rising 16 percent since last year, while Brooklyn and the Bronx were up seven percent; Queens average prices rose four percent and Staten Island rose three percent.

“The residential market continued to show its strength in the first quarter,” said Mr. Spinola. “In fact, the report found that average apartment prices surged more than 20 percent and average prices for one-to-three family homes were up more than eight percent.”

REBNY’s New York City Residential Sales Report compiles sales data in two overall categories: all apartments, which include condominiums and cooperatives, and one-to-three family dwellings. The data is then categorized by sales price and price per square foot; the average and median are computed for each subcategory.

The report found significant increases for average prices per square foot for New York City apartments which rose 14 percent to $733 per square foot. The median price per square foot for New York City apartments surged 28 percent to $671 per square foot.

Following are other highlights from the report:

Apartments:

  • Manhattan had the highest average sales price of apartments at $1,107,000. Brooklyn was second at $441,000 and Queens followed at $257,000.
  • The average price per square foot for
    a cooperative was $664, a rise of seven percent compared to last year. The average price per square foot for condominium rose 19 percent to $791.
  • The average price per square foot for a Manhattan apartment increased three percent to $1,013. Brooklyn and Queens recorded the next highest prices per square foot for an apartment at $476 and $348 respectively.
  • The median sales price for a condominium increased in all five boroughs. The Bronx and Manhattan showed the highest percentage increases at 17 percent and 10 percent respectively.

One-to-three-Family Dwellings:

  • Overall for New York City, average prices per square foot increased four percent to $352 per square foot and median prices per square foot rose six percent to $321 per square foot.
  • Manhattan recorded the highest average price for one-to-three-family dwellings at $3,942,000. Brooklyn registered the next highest average sales price at $643,000. Queens followed with an average sales price of $580,000.

The Real Estate Board of New York is the city’s leading real estate trade association with more than 11,000 members. REBNY represents major commercial and residential property owners and builders, brokers and managers, banks, financial service companies, utilities, attorneys, architects, contractors and other individuals and institutions professionally interested in the City’s real estate. REBNY is involved in crucial municipal matters including tax policy, city planning and zoning, rental conditions, land use policy, building codes and legislation. In addition, REBNY publishes reports providing indicators of market prices for both the residential and commercial sectors.