NYC Metro Condo prices UP 2% M/oM

By
Real Estate Sales Representative with Weichert Realtors

In the most recent report of the S&P / Case-Shiller Index, it shows that only 2 metro areas in the country showed gains.  Washington D.C area homes and New York area condos. New York area condos values rose almost 2% month over month. Values are rising at a speed last witnessed in late 2005.  New York area condos values stand 12% below the 2006 peak, however seemed to have leveled off.

Here is how the other major metro areas fared:  This is based off the S&P/Case-Schiller Home price Indices that have been calculated monthly using a three month moving average and published with a 2 month lag.

Metro Area MoM % Change YoY % Change
Los Angeles - 0.7% - 1.9%
San Francisco - 1.1% -0.3%
Chicago - 2.7% - 9.4%
Boston - 0.9% - 0.4%
New York + 1.7% + 2.8%

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For what it’s worth, we feel that the NY metro condo market is showing signs of improvement which is great for the local real estate and housing consumer confidence.  Indicative of the Case-Shiller report, condo prices are going up, and in our analysis of the Hudson County market, rents are going up as well.

We are seeing luxury buildings in Hoboken, Jersey City, and Weehawken holding on for their prices which continue to sell.

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