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The New York City housing market has seen promising gains in the third quarter of 2011, reports the Real Estate Board of New York, as the average home price increased to $780,000.
Broken down by boroughs, Brooklyn saw the greatest increase of 8 percent to an average price of $589,000. Manhattan's average price hiked 5 percent to $1,393,000, while values in Queens increased 1 percent to $399,000 and prices in the Bronx stayed relatively flat gaining less than 1 percent to $350,000.
The total dollar value of sales in the third quarter increased 8.41 percent from the prior quarter, but it's still down 3.89 percent from the same time last year. Overall residential sales rose four percent to a total of 10,308 transactions, down 11 percent from the same time last year.
"The modest increase in the volume of sales citywide since last quarter and the rise in average sale price since last year are positive signs for the residential market," said REBNY president Steven Spinola.
Manhattan neighborhoods that saw the most activity in the third quarter were the Upper East Side and the Upper West Side. The two neighborhoods together saw 1370 sales. Condo prices in the Chelsea neighborhood saw a rise of 16 percent to $2,081,000.
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