The average sale price of a New York City home — which includes co-ops, condos and one- to three-family dwellings — was $783,000 in the third quarter of 2008, slightly higher than a year earlier but down from first- and second-quarter average sales prices, according to a report released today.
The report, issued by ResidentialNYC.com — the residential listings Web site of The Real Estate Board of New York (REBNY), which surveys home prices in all five boroughs — found that the decline in average sales prices from earlier this year is due to the reduction in the number of condominium sales and also due to the decline in average sales prices citywide for one- to three-family dwellings. A separate sales report prepared by appraisal company Miller Samuel Inc. found third-quarter Manhattan home sales down 24.1 percent from a year earlier.
For a one- to three-family dwelling in New York City, the average sale price was $624,000 in the third quarter, down 5 percent from the same period last year. The average sale price for one- to three-family dwellings is up compared to the second-quarter average of $593,000 but down compared the first-quarter average of $638,000.
Outside Manhattan, average sales prices for one- to three-family dwellings declined 3 percent in the Bronx to $488,000, 4 percent in Brooklyn to $674,000, 7 percent in Staten Island to $434,000 and 11 percent in Queens to $543,000.
The report found that the average sale price of an apartment in New York City (cooperatives and condominiums) was $896,000 in the third quarter, up 2 percent from last year. That number has declined since the first and second quarters.
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