Manhattan has strongest year in residential home sales in 2012
New York City real estate had its strongest year in sales since the 2008 financial crisis, according to a report from the Real Estate Board of New York.
Home sales across the five boroughs totaled $30.3 billion for 2012, according to the report. A total of 39,381 homes were sold year.
The Real Estate board attributed the spike in sales to increased confidence in the New York real estate market and improving economic conditions.
"The fourth quarter of 2012 performed better than the same time a year ago, and we're continuing to see improvement," REBNY president Steven Spinola said in a statement. "The anxiety about the fiscal cliff crisis at the end of the year and impending changes in tax law that would have impacted sales appears to have a stimulating effect on sales activity in Manhattan."
Manhattan finished the year with a strong fourth quarter, totaling $4.4 billion in sales. That statistic is a 49% increase compared to fourth quarter sales last year.
During the fourth quarter in Manhattan, the most homes, 754, were sold in the Upper East Side.
The Upper West Side ranked second with 574 home sales, and midtown west placed a distant third with 240 home sales.
In the fourth quarter, the average home in Manhattan sold for $1.383 million.
In Brooklyn, Bedford Stuyvesant had the most activity with 156 units sold. Park Slope came in second with 135 units sold and Williamsburg was third with 123.
Flushing had the most sales in Queens, with 333 homes sold, followed by Rego Park placing a close second at 325.
In the Bronx, the most residential homes sold in Riverdale and Fieldston (85 units) and the Pelham Bay area placed second with 80.