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New York City Enjoys Record $50 Billion of Residential Sales in 2017

New York City Enjoys Record $50 Billion of Residential Sales in 2017


High-end sales slow, yet mid-priced sales from $1 to $3 million uptick

According to the Real Estate Board of New York's 2017 Residential Sales Report, New York City's residential real estate market rounded out a year of healthy home sales activity with a record $50 billion in transactions completed in 2017. This peak in consideration (monetary value for completed transactions) was driven by Brooklyn's all-time high annual consideration of $11 billion this year.

Sales activity in the fourth quarter of 2017 experienced a ten percent increase in the number of home sales (cooperatives, condominiums, and one-to-three-family dwellings) ranging from $1 million to less than $3 million, when compared to the fourth quarter of 2016. In comparison, the number of home sales recorded at $5 million or greater dropped 38 percent year-over-year.

"The high end of the New York City home sales market slowed this quarter in comparison to past quarters," said John H. Banks, REBNY President. "Average sales price growth in areas outside Manhattan offset this decline and led to year-over-year stability in the average sales price for a home in New York City."

The average sales price for a home in New York City decreased one percent year-over-year to $917,000 in the fourth quarter of 2017. The average sales price of a home in Manhattan declined seven percent from last year's fourth quarter average to $1,803,000. When compared to the fourth quarter of 2016, the average sales price of a home in Brooklyn rose five percent to $901,000; in Queens, grew eleven percent to $595,000; in the Bronx, increased seven percent to $422,000; and in Staten Island, rose eight percent to $524,000.

In the fourth quarter of 2017, the average sales price of a New York City: condominium unit decreased fourteen percent to $1,573,000; cooperative unit, increased five percent to $739,000; and one-to-three family dwelling, increased eight percent to $775,000 from last year's fourth quarter average.

Citywide home sales volume slipped two percent from the fourth quarter of 2016 to 11,631 in the fourth quarter of 2017. Year-over-year, the total number of home sales fell: five percent to 2,655 in Manhattan; one percent to 2,665 in Brooklyn; and eleven percent to 1,289 in Staten Island. Conversely, home sales increased one percent in the fourth quarter of 2017 to 3,943 in Queens and ten percent to 1,079 sales in the Bronx.

Additional Submarket Highlights Include:

The Bronx - The average sales price for a one-to-three family dwelling in the Bronx registered a record $515,000 in the fourth quarter of 2017, a 12 percent increase from last year's fourth quarter average. The previous peak of $507,000 was recorded in the fourth quarter of 2006.

Among the Bronx neighborhoods that contributed to this rise were Woodlawn / Williamsbridge where the average sales price of a one-to-three family dwelling was $482,000, an increase of 14 percent from the fourth quarter of 2016.

Brooklyn - The average sales price of a Williamsburg condo declined five percent this quarter to $1,138,000 compared to the fourth quarter of 2016. The number of condo sales in the neighborhood fell 54 percent this quarter to 65 from 140 in the fourth quarter of 2016.

The average sales price for a condo in Brooklyn during the fourth quarter of 2017 was $1,014,000, a three percent increase year-over-year.

Manhattan - In the fourth quarter of 2017, the average sales price of a condo in the Financial District/South Street Seaport ("Financial/Seaport") jumped 44 percent to $1,695,000 compared to the fourth quarter of 2016. There were 83 sales in Financial/Seaport during the fourth quarter of 2017, an increase of 48 percent from the fourth quarter of last year.

The average sales price of a condo in Manhattan was $2,405,000, a 19 percent decrease year-over-year. This was the lowest average sales price posted for a Manhattan condo since the fourth quarter of 2015.

Queens - The average sales price for a one-to-three family dwelling in Queens breached its previous all-time high rising six percent year-over-year to $710,000 in the fourth quarter of 2017.

High priced sales in Flushing and Long Island City pushed up the average sales price for a condo unit in Queens to $704,000, a 32 percent increase year-over-year.

Staten Island - The average sales price for a one-to-three family dwelling in Staten Island increased eight percent from the fourth quarter of 2016 to $551,000 in the fourth quarter of 2017. The total number of one-to-three dwelling sales in Staten Island declined 11 percent year-over-year to 1,139.

 
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