As predicted, the spike in sales activity at the end of 2012 has led to a slowdown in activity thus far in 2013. However, the number of buildings sold and dollar volume has exceeded expectations, showing a positive sign for the market in the remainder of 2013.
The first quarter statistics for New York City are as follows:
Total Dollar Volume
$6.5 Billion, annualized: $26.1 Billion
Down 37% from 2012; down 7% from 2011
559, annualized: 2,236
Down 45% from 2012, up 0.2% from 2011
Avg. Price Per Property
Up 16% from 2012, 29% above the long-term average
The submarket of Queens has seen an increase in first quarter 2013 property sales activity compared to that of first quarter 2012. A total of 102 properties were sold in Queens this quarter, up 26% from the first quarter of 2012. Dominating the properties sold in Queens was the multi-family walk-ups with a total of 29 properties sold, followed by mixed-use, development and industrial properties (see link for a catalog of my current listings).
The dollar volume activity in Queens equated to $225 million — although below the long-term average, the activity is up 2.5% from the same period last year. The largest sale in the first quarter reached $40 million, recorded for an industrial property sold in Long Island City. Industrial proved to be the dominant property type in terms of dollar volume responsible for 28% of the overall sales volume, with the next largest sale comes in at $20 million for a hotel property sold in East Elmhurst.
Although it is evident that the market is not where it was at the end of 2012, with NYC metrics exceeding expectations so far in 2013 we are anticipating dollar volume to pick up as the year progresses.