It’s December. Year-end lists are bound to be heading your way. So we thought we’d do something a little different: we’ve looked back at the past ten years, and added up all NYC property sales (commercial, residential, and industrial) collected by PropertyShark throughout the past decade, in order to determine the market size.
In case you’ve ever wondered how much the NYC real estate sales volume accounted for in terms of $ in each of the past ten years, here are the numbers, placed right next to the overall NYC City Budget, for a broader perspective:
After a 2007 peak, when the NYC real estate sales volume registered a striking $109.6 billion, recession years followed, bringing a steep drop in 2009. New York City property sales have gradually picked up over the next years, with nearly $83 billion in sales registered in 2012—a considerable jump from $66.8 billion in 2011.
The city budget experienced a slow but steady growth within the past decade, and no major changes have been credited to property sales. Sluggish real estate sales have, however, taken a toll on commissions received by agents. In 2009 alone, real estate agents have cashed in roughly $3.8 billion less than in the 2007 peak— if we are to rely on the national average commission of 5.36 percent calculated by Real Trends.
Methodology: For this research, we looked at all sales (commercial, residential, and industrial) recorded each year—sales data available to PropertyShark users—then added the numbers in order to get a yearly total and to determine the real estate market size. Package deals were included as well, and counted as a single transaction. Real property transfer tax data was also taken from our database. With only a few weeks left until 2013 ends, we were able to estimate the total sales volume for the past year, as well as the real property transfer tax. All NYC City Budget data was taken from official governmental records.