The current scenario of New York homes for sale

1. The New York homes for sale figures have touched a record of Six Year all time high sales market value with five boroughs of New York City that include Manhattan, Brooklyn, Bronx, Queens and Staten Island showing an increase and highest total sales considerations since 2007 as per the reports of Real Estate Board of New York (REBNY). This increase in the total consideration can be linked to the fact that the mortgage rates are continually increasing thus encouraging buyers in taking decisive actions quickly. The figures obtained from the REBNY states that the total consideration of residential sales in the real estate NYC has been the highest in the past six years. Manhattan recorded the total consideration of $6.6 billion for the last quarter, which is an increase of 32% above the third quarter of 2012 and is 38% higher than the consideration for the second quarter. The other borough to follow is Brooklyn with a total sales consideration of $2.2 billion, which is an increase of 31% and 43% for the third quarter of 2012 and for the last quarter respectively. The buyers are considering purchasing the available New York homes for sale with ownership turning to be the better option than living as a tenant in the available New York apartments for rent. The residential rents are very high showing no signs of receding and on the other hand, mortgage rates are still low as compared to other factors that are encouraging buyers to make a buying choice. The sales volume of New York homes for sale taking place in the five boroughs of this city (Manhattan, Brooklyn, Queens, Bronx and Staten Island) has increased to 14,073 transactions, which is an increase of 28% as compared to last year that is 2012. The current scenario of New York homes for sale

2. The median sale prices of homes were at $515,000 that is 4% higher than the third quarter of 2012 and the previous quarter. The increased activity in the New York real estate is not limited to the Manhattan and the prime Brooklyn real estate markets with one to three family dwellings in Brooklyn and Queens standing at 1,888 and 2,409 transactions respectively that showed an overall increase in the market activity. The increasing trend in New York properties for sale was particularly strong in the Upper East Side where the sale price of a cooperative unit was $1.5 million, which is an increase of 8%, compared with third quarter of 2012. In totality, the number of homes over the value of $10 million increased to 34 from 22 in the previous quarter and 27 in the third quarter of 2012. The other side of the story is that this city is experiencing a shortage of non-luxury apartments or units priced under $3 million. Previously, the non-luxury sector accounted for about 90% of the housing inventory in New York but that has declined by more than one-third during the last three quarters. On the other hand, the inventory of luxury apartments (the top ten percent) fell only by 3.9%. The prices of luxury apartments for sale are done to 8.9%.