After free falling for the first three quarters of 2007, Queen's multifamily home sales are stabilizing around the 1,000 transaction mark
New York, NY (PRWEB) June 3, 2008
PropertyShark.com, the premier real estate data website, today released its quarterly investment property report covering multifamily property sales in New York City, Los Angeles, and San Francisco for the first quarter of 2008.
"The most telling market indicator for multifamily properties in New York City, Los Angles, and San Francisco is the 20-45% decrease in the number of sales compared to the same quarter last year. Transactions obviously just aren't happening like they were in 2006" stated Bill Staniford, CEO of PropertyShark.com.
Key high Level Findings (Request report for details and charts):
- Number of multifamily sales declined sharply compared to the first quarter of 2007 for San Francisco, New York City, and Los Angeles.
- Median sale price drops for multifamily properties in San Francisco and Los Angeles, but stays steady in New York City
- The median price per square foot for multifamily properties continued its downward trend compared to the first quarter of 2007 in San Francisco, New York City, and Los Angeles.
PropertyShark.com issues the quarterly Investment Property Report to provide real estate investors with quantitative market insight about multifamily buildings, defined as Two Family Dwellings, Three Family Dwellings, Four Family Dwellings, Five or More Family Dwellings, and Mixed Use Properties. It does not include single family homes, coop or condo units, or other commercial or industrial buildings.
- San Francisco County registered 251 sales, down 24.62% from the last quarter of 2007 and down 21.56% since Q1 2007.
- The median sale price in San Francisco was $935,000, down 3.61% from Q4 2007, and down 14.61% from the first quarter of 2007.
- The median price per square foot in San Francisco was $301, up 1.78% from Q4 2007, but down 10.58% since Q1 2007.
- Los Angeles recorded 1,525 closings in the first quarter of 2008, down 5.63% from Q4 2007 and down 31.17% from Q1 2007.
- The median sale price in Los Angeles County for Q1 2008 was $535,000, down 10.83% from Q4 2007 and down 17.72% from Q1 2007.
- The median price per square foot in Los Angeles was $236 for Q1 2008, down 6.79% from Q4 2007, and down 18.35% since Q1 2007.
- There were 2,991 closings in New York City, down 4.59% from Q4 2007 and down 41.41% from the first quarter of 2007.
- The median sale price in New York City was $625,000, unchanged from Q4 2007 and down 0.79% from Q1 2007.
- The median price per square foot in New York City was $242, down 3.01% from Q4 2007, and down 5.64% from Q1 2007. Of the five boroughs, Manhattan was the only borough which made a positive gain compared to Q4 2007, up 8.63%, but was still down 6.5% when compared to Q1 2007.
"After free falling for the first three quarters of 2007, Queen's multifamily home sales are stabilizing around the 1,000 transaction mark" said Paula Flonta, Product manager at PropertyShark.com. "However, the median sale price as well as the median price per square foot are still on the decline"
About PropertyShark.com: With over 25 million residential and commercial properties in twenty major markets, PropertyShark.com provides real estate professionals and investors with data and tools on all aspects of property, including building details, ownership information, recent sales prices, property values and comparable sales, sophisticated maps, listings, foreclosures and pre-foreclosures, mailing lists, photos, and more, available directly from the web. PropertyShark.com strives to level the playing field by offering independent real estate firms, investors, and savvy consumers the information transparency essential to evaluate real estate and make informed decisions. For more information go to: http://www.propertyshark.com.
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