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New York City Home Sales Spike in Q2

New York City Home Sales Spike in Q2


According to the Real Estate Board of New York's latest Residential Sales Report, New York City residential sales market registered a 19 percent rise in citywide consideration (monetary value for completed transactions) totaling $13.4 billion in the second quarter of 2017, compared with the second quarter of 2016.

The average sales price for a home (cooperatives, condominiums, and one-to-three-family dwellings) in New York City rose three percent year-over-year to $1,050,000 in the second quarter of 2017.

New records were set for condo average sales prices in Brooklyn and Queens, for the coop average sales price in Queens, and for one-to-three family dwelling average sales prices in Brooklyn and Staten Island.

The average sales price for a condominium in Manhattan was $3,023,000 this quarter, a six percent increase year-over-year due to strong demand in the middle and lower third of the market. The median price of a New York City home increased eight percent to $630,000 in the second  quarter of 2017, signaling again that the demand for New York City homes is not only at the upper end of the market.

Home sales volume increased year-over-year citywide. The number of sales for all homes in the City rose a striking 15 percent from the second quarter of last year to 12,721.  The total number of home sales rose 17 percent to 3,984 in Queens; six percent to 3,268 in Manhattan; and 15 percent to 3,034 in Brooklyn.

Total residential sales consideration also increased in each borough, and with considerable increases outside of Manhattan.  Year-over-year, total consideration increased eight percent to $7.02 billion in Manhattan; 37 percent to $2.97 billion in Brooklyn; 28 percent to $2.24 billion in Queens; 25 percent to $426 million in the Bronx; and 54 percent to $703 million in Staten Island.

All Homes

The average sales price of a home in New York City during the second quarter of 2017 was $1,050,000, a three percent increase from the second quarter of 2016.  The average sales price of a home in Manhattan increased one percent from last year's second quarter to $2,149,000.  When compared to the second quarter of last year, the average sales price of a home in Brooklyn rose by 19 percent to $977,000; in Queens, grew by nine percent to $561,000; in the Bronx, increased nine percent to $416,000; and in Staten Island, rose by 12 percent to $498,000.

Condominiums

The average sales price of a condominium unit in New York City decreased three percent to $1,889,000 in the second quarter of 2017 from $1,945,000 in the second quarter of 2016.  This decline is not indicative of weakness in the market, but rather a larger share of home sales occurring outside of Manhattan, where prices are lower. The average sales price of a condo in Manhattan reached $3,023,000, a six percent increase year-over-year.

The average sales prices for a condo unit in Brooklyn and Queens reached new record highs in the second quarter of 2017.  The new $1,166,000 Brooklyn record average sales price for a condo, a 26 percent increase year-over-year, was largely driven by high-priced sales at the Pierhouse development at Brooklyn Bridge Park and The Boerum in Boerum Hill. 

The new record average sales price for a condo unit in Queens was $678,000 this quarter, a 27 percent increase from last year's second quarter average.  The average sales price for a condominium unit in Queens was boosted by the borough's strong residential market as well as high-priced sales at the Flushing Commons and Grand One developments.  The 548 condo sales in this borough was also a new record high.

Cooperatives

The average sales price of a cooperative unit in New York City during the second quarter of 2017 was $795,000, up seven percent from last year's second quarter average.  The average sales price of a coop in Queens rose ten percent to $288,000 year-over-year, a new record high.  When compared to the second quarter of 2016, the average sales price of a coop in Manhattan increased three percent to $1,276,000; in Brooklyn, increased ten percent to $510,000; and in the Bronx, increased nine percent to $257,000 from last year's second quarter.

One-to-Three Family Dwellings

The average sales price of a one-to-three family dwelling in New York City during the second quarter of 2017 was $757,000, an eight percent increase from last year's second quarter average.

The average sales prices for a one-to-three family dwelling in Brooklyn and Staten Island registered new record highs in the second quarter of 2017. Year-over-year, the average sales price for a one-to-three family dwelling increased 14 percent to $1,030,000 in Brooklyn and 11 percent to $526,000 in Staten Island.

The one-to-three family dwelling average sales price in Queens rose by five percent to $661,000, while increasing by ten percent to $488,000 in the Bronx.

Manhattan Neighborhood Highlights

In the second quarter of 2017, the average sales price of a condominium in Tribeca increased 41 percent to $6,500,000 compared to the second quarter of 2016.  This strong price performance was largely due to sales at 56 Leonard Street, Thirty Park Place, and 443 Greenwich Street.

Sales of cooperative units rose in Manhattan this quarter with sales on the Upper East Side increasing 30 percent to 479 compared to 368 sales in the second quarter of 2016. The average sales price of a coop unit on the Upper East Side decreased five percent year-over-year to $1,641,000.

Brooklyn Neighborhood Highlights

The average sales price of a Williamsburg condo increased 12 percent this quarter to $1,049,000 compared to the second quarter of 2016. The number of condo sales in the neighborhood increased 28 percent year-over-year to 153 sales.

In East New York/Spring Creek, the average sales price of a one-to-three family home increased 12 percent to $508,000 compared to the second quarter of last year.  Year-over-year, the number of sales in East New York/Spring Creek increased 23 percent to 137 sales.

Queens Neighborhood Highlights

Flushing recorded the most condominium activity in Queens this quarter with 294 sales, more than four times the number of condo sales recorded in the second quarter of 2016.  The average sales price of a condominium in Flushing was $766,000, a 41 percent increase year-over-year due to sales at Flushing Commons, The Grand, and Parkside Tower.

Rego Park / Forest Hills / Kew Gardens registered 299 cooperative unit sales in the second quarter of 2017, a 24 percent increase from the second quarter of last year.  The average sales price of a cooperative unit in Rego Park / Forest Hills / Kew Gardens was $314,000, a seven percent increase from the second quarter of last year.

The number of one-to-three family home sales in Richmond Hill/ South Ozone Park/Woodhaven increased 46 percent to 357 sales this quarter compared to last year. Year-over-year, the average sales price of a one-to-three family home in the area increased three percent to $505,000.

Bronx Neighborhood Highlights

Parkchester / Westchester Square / Castle Hill / Soundview had 126 one-to-three family dwelling sales this quarter, which is a 13 percent increase from the second quarter of 2016.  The average sales price of a one-to-three family dwelling in the area was $475,000, an increase of 11 percent year-over-year.

There were 117 one-to-three family home sales in City Island / Pelham Bay / Pelham Strip  / Country Club / Throgs Neck / Schuylerville this quarter, a 15 percent increase year-over-year. The average sales price of a one-to-three family dwelling in the area was $480,000, an increase of nine percent from the second quarter of 2016.

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