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Strong residential sales across NYC’s five boroughs
February 10, 2014
The demand for housing in the five boroughs is strong, according to the Real Estate Board of New York’s (REBNY) Fourth Quarter New York City Residential Sales Report. This is great news, but hardly the end of the story. Consumers are showing a confidence in the New York City real estate market that’s hard to miss. And many existing homeowners are being rewarded for their investment in our great city by seeing their condos, coops and houses increase in value.
As with any report based on statistics, it’s important to remember these numbers represent the hard work and aspirations of real New Yorkers. The sale of each home marks the exciting culmination of an arduous process that stretches from initial bid to closing day.
Our most recent quarterly report also captures a potential shift in the residential real estate landscape, with more buyers looking in the boroughs outside Manhattan for better value. Not only were sales more brisk in Brooklyn and Queens, as well as accounting for a growing share of the market activity, compared to Manhattan, sale prices in these boroughs grew at higher rate as well.
Here’s how the sales break down: the purchase of 1-3 family homes and co-ops and condos in Brooklyn and Queens outpaced Manhattan in the last quarter of 2013 compared to the final quarter of 2012. Residential sales in Brooklyn shot up 31%, 40% in Queens and 19% in Manhattan.
Overall, sales across the city were up 31% compared to the same quarter the year before. A total of 12,677 units of housing were purchased in the 4th quarter of 2013.
At the same time, home ownership has remained a sound investment for individuals and families as home prices remain strong.
While residents snatched up inventory in all five boroughs at an increased average price, sale prices in Brooklyn and Queens grew at a faster pace than Manhattan the 4rd quarter of 2013 compared to the year before.
Compared to 2012, the cost of an average home in Brooklyn went up 5% to 621,000. In Queens, an average of $432,000 was spent for a home, a 3% increase.
Meanwhile, in Manhattan, the average sales price inched up 1% for an average of $1.4 million.
These numbers point to continued stability in the real estate market of New York City. Good news, spurred on by several factors: the steady pace of economic improvement and consistently low mortgage rates.
No doubt New York City continues to be a place where people want to live and raise a family. And as costs rise, they’re venturing outside of Manhattan to achieve their goal of home ownership. Neighborhoods like Bedford Stuyvesant and East New York in Brooklyn, and Forest Hills and Flushing in Queens are some of the most active markets. New York City is an expanding and diverse landscape for those looking for a place to call home.
For the complete report visit our newly redesigned website.
In other REBNY News:
The Commercial Division Sales Brokers Committee Luncheon will be held on Tuesday, February 4, 2013 at the Cornell Club from 12:00pm-2:00pm. Seth Pinsky, former President of the NYC Economic Development Corporation and current Executive Vice President and Fund Manager for RXR Realty, will be the guest speaker. Tickets are $65 per person. To register, or for more information, please contact Desiree Jones at firstname.lastname@example.org.
The Sales Brokers Committee has begun accepting nominations for the 2013 Most Ingenious Deal of Year Awards. There will be 3 awards for the Most Ingenious Deal of the Year to be announced at the Annual Sales Brokers Cocktail Party to be held at the 101 Club on May 6, 2014, at which time the winner(s) will receive a scroll. Each commercial discipline (Sales, Finance and Leasing) will compete to win the first place award which memorializes Henry Hart Rice, who won the Most Ingenious Deal of the Year Award and won the Robert T. Lawrence Award on five occasions; the second place Robert T. Lawrence and the third place Edward S. Gordon Awards commemorate the distinguished careers of two legendary commercial brokers and will be presented to entries the judges also deem worthy of recognition. Please direct your submissions to Ossie Shemtov at REBNY, 570 Lexington Avenue, New York NY, 10022 before end of business on 2/6/14. For more information, please contact Desiree Jones at email@example.com.
REBNY’s Commercial Brokerage Division Board of Directors has also begun accepting nominations for the 2013 REBNY Most Promising Commercial Salesperson of the Year Award. Please direct your submissions to Eileen Spinola at REBNY, 570 Lexington Avenue, New York NY, 10022 before end of business on 2/12/14. For more information, please contact Desiree Jones at firstname.lastname@example.org.