New York City real estate continues to blossom
The real estate market has stabilized nationwide, and increased sales have affected MLS listings in New York, NY. Renting and buying property in the Big Apple can be extremely difficult, and always has been, as vacant properties are snapped up quickly.
New York City averages home sales prices and sales volume remained steady in the first quarter of 2012 compared to 2011, while the number of sales citywide increased 16 percent compared to the fourth quarter of 2011, according to The Wall Street Journal's MarketWatch.
Prices have remained competitive while mortgage rates have stayed low and inventory has remained up, and all of these factors have influenced homebuyers to take advantage of favorable market conditions. The source reports that the number of sales in New York City rose to 9,033 in the first quarter of 2012, up from 7,796 last quarter and 8,999 a year ago.
Queens saw the most market action in the first quarter, with 2,919 transactions compared to 2,592 in 2011 - an uptick of 13 percent. The Bronx borough also had a solid start to 2012 with sales increasing by 14 percent to reach 549 transactions.
Whether looking to move into Manhattan, Queens or the Bronx, homebuyers need to act fast if they want to find a good deal. AG Beat reports that in many ways, the Big Apple has always acted independently from many other housing markets in the United States, as it draws an increasingly international crowd.