The median price of New York City condominiums, cooperatives and one- to three-family dwellings rose 19.2 percent — from $449,000 in 2006 to $535,000 in 2007 — while the median price in Manhattan rose 11.4 percent, the Real Estate Board of New York reported today.
Median home prices rose 4.6 percent in Brooklyn, 2.4 percent in Queens and 1 percent in Staten Island while dropping 2.3 percent in the Bronx in 2007 compared to 2006, REBNY also reported. The median price ranged from $800,000 in Manhattan to $420,000 in the Bronx, according to the “New York City Residential Sales Report.”
The median price per square foot for condos, co-ops and one- to three-family dwellings rose 18.8 percent for New York City, 16.1 percent in Brooklyn, 7.1 percent in Manhattan, 3.7 percent in Queens and 1.8 percent in the Bronx while dipping 1.4 percent in Staten Island in 2007 compared to the previous year.
Prices per square foot ranged from $1,036 in Manhattan to $228 in the Bronx in 2007, according to REBNY, a real estate trade association with about 12,000 members.
Median apartment prices, which include condo and co-op units, increased 29.5 percent in Queens, 27.4 percent in Brooklyn, 15.4 percent in New York City, 12.4 percent in Manhattan and 9.5 percent in the Bronx while remaining flat for Staten Island in 2007 compared to 2006. The median sale price ranged from $799,000 in Manhattan to $185,000 in the Bronx.
Average condo prices jumped 17 percent in Manhattan and New York City in 2007, with the average condo price reaching $1.03 million in New York City and $1.43 million in Manhattan.
The average residential sale price rose 11 percent in Manhattan to $1.27 million in 2007 compared to 2006, with Manhattan condo and co-op prices rising 12 percent to $1.22 million. Brooklyn had a 14 percent increase in average sale price for condos and co-ops in 2007, to $494,000.
“New York City’s residential real estate market continues to prove that it is unlike any other market in the country,” said Steven Spinola, president of REBNY, in a statement.
Nationally, the median price of resale homes dropped 1.4 percent, falling from $221,900 in 2006 to $218,900 in 2007. Sales of previously owned homes dropped 12. 8 percent, the National Association of Realtors reported this month. The U.S. Commerce Department reported that new-home sales fell 26.4 percent in 2007 compared to 2006. The median sales price of new homes dropped from $244,900 in December 2006 to $219,200 in December 2007, a 10.4 percent drop.