Many folks have already left town for the weekend, but there are no holidays for quarterly market reports! So we begin this summer Friday with the second quarter numbers. The verdict: a little better than last quarter, a little worse than last year. The median sales price, according to the Elliman report, was $850,000, an 8.7 percent improvement over the first quarter of this year but 5.5 percent less than the second quarter of 2010. (Halstead's report has the median price slightly lower, at $835,000.) If that median seems low for new developments?it is! The median sale price for new development properties was $1.13 million, while resales clocked in at $795,000.
The trend continued for another key stat, number of sales. That figure?2,650 sales?was up 10.7 percent compared to last quarter but down 3.8 percent from this time last year. The Elliman report attributes the year-over-year decrease to the end of the federal tax credit, and the quarterly increase to the usual seasonal bounce. The rising numbers actually prove broker predictions of more sales at higher prices this quarter correct. Still, the buzzword from the major brokerages for Q2 is a rather humble "stability." But flatland isn't such a bad place to be after the last few years, right?
The first quarter was a good one for co-ops, with the highest number of sales since the middle of 2007. The second quarter wasn't quite as good, but hey, can't win 'em all. There was still a 13.5 percent year-over-year increase in the number of co-op sales, according to Elliman's data, and prices improved over both last quarter and last year. By how much? The Halstead report shows a 28 percent increase in average price for 3BR and larger co-ops. Things tend to slow down in the summer, so co-ops, enjoy it while it lasts.