NYC Real Estate Down 33% | Chappaqua NY Homes – Robert Paul’s blog | Bedford NY Real Estate

Nyc real estate by robert paul

 

The New York City housing market continues to show signs of distress, especially in the outer boroughs.

Sales volume dropped by nearly 33% in the fourth quarter of 2010, compared with the fourth quarter of 2009, while median prices in the fourth quarter remained almost 9% below the same quarter in 2009, according to the Furman Center for Real Estate and Urban Policy's Quarterly Housing Update. Citywide median prices are still 28% below their peak in the fourth quarter of 2006.

Manhattan, not surprisingly, has fared best. Prices in the borough are down only 10% from their peak in the fourth quarter of 2008. What's more, they are showing some resilience, ending 2010 up 6% from year earlier levels.

In Brooklyn, prices fell 32%, compared with the fourth quarter 2009, and Brooklyn had the smallest decrease in sales volume of all the boroughs. Sales fell 25% compared with the fourth quarter 2009.

In contrast, Queens' housing prices finished 2010 down 20% from year-earlier levels and 42% from their peak in the fourth quarter of 2006. Sales volume in Queens last year was also weak, down 40% in the fourth quarter from year earlier levels.

The Bronx, too, took its lumps. There, median prices in the final quarter of 2010 were 7.3% lower than year-earlier levels and 27.5% beneath the 2006 peaks. Sales volumes in the Bronx last year were 38% off year-earlier totals.

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